The global corrosion protective coatings market plays a vital role in shielding infrastructure from environmental damage caused by corrosion. Corrosion protective coatings provide a protective barrier on the surface of metals and alloys to prevent oxidation and degradation when exposed to air, water, chemicals and other corrosive mediums. Commonly used in various industries including oil & gas, marine, infrastructure, water treatment and mining, corrosion protective coatings shield assets and prolong their life by forming a protective film. With the growing investment in infrastructure development and construction activities worldwide, the need for anti-corrosion solutions has increased tremendously.
Corrosion protective coatings are applied on steel, iron and other substrates vulnerable to corrosion. They help maintain the integrity of pipelines, storage tanks, processing equipment, offshore platforms, ships and other metal structures by forming a protective barrier. Various types of corrosion protective coatings including epoxy, polyurethane, zinc and alkyd are used depending on the degree of protection required. Their easy applicability and high performance in severe environments make them suitable for wide-ranging industrial applications.
The global corrosion protective coatings market is estimated to be valued at US$ 25.25 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the infrastructure and construction industry is one of the major trends observed in the corrosion protective coatings market. Growing investments in development of roads, highways, bridges, buildings and other infrastructure is fueling the adoption of anti-corrosion solutions. According to estimates, the global construction industry is projected to grow at 5% annually till 2025. Additionally, stringent government regulations regarding use of eco-friendly coatings is widening product offerings in the market. Leading companies are focusing on developing water-based, low VOC and inorganic corrosion protective coatings to meet sustainability standards. Focus on performance improvement through advancements in coating technologies will further support the market growth over the coming years.
Threat of new entrants: Low due to high capital requirements and established brand loyalty of existing players.
Bargaining power of buyers: Moderate as corrosion protective coatings have substitutes and buyers can negotiate on pricing.
Bargaining power of suppliers: Moderate due to availability of substitutes and differentiated products.
Threat of new substitutes: Low as corrosion protective coatings have well-established applications and substitution would require change in materials.
Competitive rivalry: High among existing players to maintain or gain market share through product innovation.
The Global Corrosion Protective Coatings Market Size is expected to witness high growth. The global corrosion protective coatings market is estimated to be valued at US$ 25.25 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region is expected to dominate the market and witness the highest growth during the forecast period due to growth of end use industries in the region. Countries like China and India offer lucrative opportunities for players.
Key players: Key players operating in the corrosion protective coatings market are GTL, BI Incorporated (a subsidiary of GEO Group), Corrisoft, SuperCom Ltd., Spillman Technologies (a Motorola Solutions company), Tribridge (now DXC Technology), Appriss Inc., Northpointe Inc. (a subsidiary of Constellation Software), Tyler Technologies Inc., Capita PLC, IBM Corporation, Encartele Inc., Telmate LLC (a subsidiary of GTL), Keefe Group (a subsidiary of TKC Holdings Inc.), Securus Technologies Inc. (now part of Aventiv Technologies). GTL and BI Incorporated account for a major share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it