MarketsandMarkets announced the release of a new report that predicts the market for corrosion-protection coatings will grow from approximately $10 billion in 2023 to approximately $12.3 billion by 2027. A compound annual growth rate (CAGR) of 4.1% is expected over the forecast period.
Based on resin type, epoxy-based corrosion-protection coatings are expected to lead the market during the forecast period. The study found that this segment accounted for the largest share of the market in 2021. The higher demand for epoxy is mainly attributed to its superior corrosion protection, water resistance, and varied applications.
Based on technology, the water-based segment is estimated to exhibit a high rate of growth during the forecast period. Growth is expected due to increasing demand from industrial and infrastructure sectors.
In terms of end-use industry, oil and gas is expected to account for the largest market share during the forecast period. Corrosion-protection coatings are used in oil and gas pipelines, for new pipes and for pipe repair. The development of oil fields in the South China Sea and investments in oil and gas infrastructure in China, Japan, Indonesia, India, and other countries are projected to increase the demand for corrosion-protection coatings.
The market for corrosion-protection coatings in Asia-Pacific is expected to register the highest CAGR during the forecast period. Growth is mainly due to economic expansion, followed by large investments across all industries, including petrochemical, oil and gas, infrastructure, power generation, and general industrial. Rapid industrialization and improved living standards in APAC are also driving the market. The high growth of emerging economies in the region makes Asia-Pacific an attractive market for corrosion-protection coatings manufacturers.
To learn more about the report, Corrosion Protection Coating Market by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure) & Region - Global Forecast to 2027, visit https://www.marketsandmarkets.com/Market-Reports/corrosion-protection-coating-market-150815310.html.