Corrosion Protection Polymer Coating Market - Forecast(2024 - 2030)
Corrosion Protection Polymer Coatings Market Overview
The Corrosion Protection Polymer Coatings Market is estimated
to grow at a CAGR of 4.9% in
COVID-19 Impact
During the COVID-19 Pandemic, many industries had suffered a
tumultuous time, and it was no different for the Corrosion Protection Polymer
Coatings Market. Many governments across the globe implemented lockdown
regulations and factories & production facilities in many sectors came to a
halt. The supply chain was greatly disrupted as many businesses followed the
lockdown protocols. The primary end-use industries of corrosion protection
polymer coatings, such as the oil & gas industry and the marine transport
industry, saw a substantial decrease in demand. According to the Organisation
of Petroleum Exporting Countries (OPEC), the global oil demand had decreased by
9.8 mb/d in 2020. According to the United Nations Conference on Trade and
Development (UNCTAD), within the first 5 months of 2020, the global ship calls
diminished by 8.7% while in the second quarter, the number fell to 17%. However,
the global COVID-19 situation is looking to improve as the world population is
increasingly getting vaccinated and governments are lifting lockdowns now. As
such, the industry has picked up its pace and is looking to grow substantially
within the forecast period of
Report Coverage
The report: “Corrosion
Protection Polymer Coatings Market – Forecast (2022-2027)”, by IndustryARC,
covers an in-depth analysis of the following segments of the Corrosion
Protection Polymer Coatings Industry.
By Type: Epoxy, Polyurethane, Fluoropolymer, Polytetrafluoroethylene (PTFE),
Polyvinylidene fluoride (PVDF), Phenolic, Others.
By Technology: Solvent-borne, Water-borne, Powder-based, Others.
By End Use Industry: Oil & Gas, Marine, Building & Construction, Power
& Energy, Automotive, Aerospace & Defense, Industrial, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany,
France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe),
Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand,
Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil,
Argentina, Colombia, Chile, and Rest of South America), Rest of the World
(Middle East, and Africa).
Key Takeaways
- The Asia-Pacific region holds the
largest share by geography in the Corrosion Protection Polymer Coatings Market
within the forecast period of
2022-2027. - The most common type of corrosion protection polymer coating is epoxy coatings that provide excellent resistance to corrosion and heat.
- One of the key drivers for the market
is the growing oil & gas sector and marine transport sector within the
forecast period of
2022-2027. - The key players in the Corrosion Protection Polymer Coatings Market are AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems, and Kansai Paint Co., Ltd.
Figure: Asia-Pacific Corrosion Protection Polymer Coatings Market
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Corrosion Protection Polymer Coatings Market Analysis – By Type
Epoxy segment held the largest share of 38% in
the Corrosion Protection Polymer Coatings Market in 2021
Corrosion Protection Polymer Coatings Market Analysis – By End-Use Industry
The oil & gas industry held the largest share of 35% by
end-use industry in the Corrosion Protection Polymer Coatings
Market in 2021
Corrosion Protection Polymer Coatings Market Analysis – By Geography
Asia-Pacific (APAC) region held the largest share of 41% by
geography in the Corrosion Protection Polymer Coatings Market in 2021
Corrosion Protection Polymer Coatings Market Drivers
The increase in demand for Corrosion Protection in the Oil & Gas and Marine sectors:
The demand for corrosion protection
polymer coatings is primarily being driven by the oil & gas and marine
sectors because these industries suffer from a high level of corrosion. Deep
offshore installations, transportation through pipelines, refinery equipment in
the oil & gas sector, and seawater corrosion in the marine transport sector
are some of the most common problems that are solved by corrosion protection
polymer coatings. According to the International Energy Agency (IEA), the total
oil production in the United States is expected to increase by around 3.5 mb/d
by 2030, reaching 20 mb/d while production in Canada increases by 0.7 mb/d. The
Organisation of Petroleum Exporting Countries (OPEC) oil production is also
expected to grow by 6 mb/d by 2030. According
to the United Nations Conference on Trade and Development (UNCTAD), the global
shipping fleet grew by 3% in 2020. As such, this proves to be a great driver
for the Corrosion Protection Polymer Coatings Market within the forecast period
of
Corrosion Protection Polymer Coatings Market Challenges
High Volatile Organic Compound (VOC) content of Solvent-based Corrosion Protection Polymer Coatings and Stringent Regulations:
Solvent-based corrosion protection
polymer coatings possess a high amount of VOC content which has led to many
governments limiting the production and sale of solvent-based coatings by
companies. It not only causes air pollution but can also have adverse effects
on employees involved in the manufacturing process. An example of such a
regulation is the Clean Air Act Guidelines and Standards for Solvent Use and
Surface Coating Industry by the United States Environmental Protection Agency.
This act puts many different control measures and guidelines for controlling
the pollution brought about by solvents, among which are corrosion protection
polymer coatings. They regulate emission limits and work practices on additives
and cleaning materials in manufacturing facilities. There are many such
regulations implemented by various countries to control the emission of VOC
through various types of coatings.
Corrosion Protection Polymer Coatings Industry Outlook
Technology launches, acquisitions, and R&D activities are
key strategies adopted by players in this market. Corrosion Protection Polymer Coatings
top 10 companies include:
- PPG Industries, Inc.
- AkzoNobel N.V.
- The Sherwin-Williams Company
- Kansai Paint Co., Ltd.
- Axalta Coating Systems
- Chugoku Marine Paints
- Jotun A/S
- BASF Coatings GmBH
- Ashland Inc.
- Koch Knight LLC
Recent Developments
On September 16, 2020, Hempel, a
world-leading supplier of coating solutions, and Vestas, a global leader in
energy solutions, enter into a strategic partnership to develop surface
protection solutions for wind turbines, including corrosion protection polymer
coatings.
On November 30, 2021, AkzoNobel
N.V., launched a new line of Interpon products, named the Interpon W, that is
specifically designed for furniture, kitchen, and bathroom products as well as
building and construction materials. They are designed to be fast-acting protective
coatings that work well with heat-sensitive substrates.
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