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Corrosion Protection Coatings Market worth $12.4 billion by 2028 – At a CAGR of 3.5%

Published: August 12, 2023
Author: TEXTILE VALUE CHAIN

The According to a market research report, the Corrosion Protection Coatings Market by Resin Type (Epoxy, PU, Acrylic, Zinc, Chlorinated Rubber), Technology (Water, Solvent, Powder), End-use (Oil & Gas, Marine, Infrastructure, Power Generation, Water Treatment), & Region – Global Forecast to 2028″, is projected to grow from USD 10.4 billion in 2023 to USD 12.4 billion by 2028, at a CAGR of 3.5%. The increasing demand for corrosion protection coatings from end-use industries, such as marine, oil & gas, infrastructure, petrochemical, water treatment, power generation, and others, drives the market.

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  • 258 Market data Tables
  • 66 Figures
  • 299 Pages and in-depth TOC on “Corrosion Protection Coatings Market – Global Forecast to 2028”

This report also provides a comprehensive analysis of the companies listed below:

Major players in the global Corrosion Protection Coatings market have made many research breakthroughs across the value chain to focus on shifting client demands. Mergers and acquisitions, partnerships and agreements, and new product launches have all occurred at the companies. Some of the prominent market participants include Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), and Kansai Paint Co., Ltd. (Japan) and others.

Recent Developments in Corrosion Protection Coatings Market

  • In April 2022, AkzoNobel completed the acquisition of Colombia-based paints and coatings company, Grupo Orbis. The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins, emulsions, adhesives and specialty chemicals), Mundial (paints and related product distribution services) and Centro de Servicios Mundial (shared services center).
  • In June 2021, Hempel acquired a unique technology developed by Das Lack Enertherm (DLE). The company is expected to now be able to penetrate the insulation coatings market and bring new business opportunities for Hempel.
  • In April 2021, The Sherwin-Williams Company acquired the business and assets of the European industrial coatings business of Sika AG which will help the company to enhance their corrosion protection coatings business.

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AkzoNobel N.V. is a a diversified chemical company operating its business through two major segments, namely, Decorative Coatings and Performance Coatings. Corrosion protection coating is produced under both segments. AkzoNobel N.V. has a strong customer base and operates in countries in Europe, North America, Asia Pacific, South America, and the Middle East. The company has over 28 manufacturing facilities and sales activities in more than 150 countries across the globe. It has a wide product portfolio which includes brands such as Dulux, Sikkens, Butanox, Elotex, International, and Interpon.

PPG Industries Inc. 
is a global manufacturer and supplier of paints, coatings, optical products, and specialty materials. It serves customers in the industrial, consumer products, transportation, and construction markets. PPG provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food & beverage container manufacturers. The company also delivers protective coating solutions for a wide range of industries. It has 156 manufacturing facilities worldwide. The company operates through two major segments, namely, Performance Coatings and Industrial Coatings. The company offers corrosion protection coatings through the Performance Coatings segment.

The company offers advanced coating systems that provide proven protection from corrosion, high temperatures, and fire; ensure durability and esthetic performance which protect valuable assets and meet the specific needs of any environment.

In February 2021, the company launched a PPG HI-TEMP 1027 HD corrosion protection coating in North America. The product is used in various sectors including oil & gas, chemical processing, power generation, and industries such as paper mills and steel mills that rely on insulated pipelines.

The global market for corrosion protection coatings is expanding at the quickest rate in Asia Pacific. Economic growth, followed by significant investment in a variety of sectors, including petrochemical, oil & gas, infrastructure, power generation, and industrial, are primarily responsible for this. The most potential market is in Asia Pacific, and it is likely to be the case in the foreseeable future. Additionally, to take advantage of the cheap labor and meet local market demand, international businesses are moving their production plants to Asia Pacific.

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