Corrosion-Protection Coatings Expected to Reach $12.3 Billion by 2027
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.