According to a new market report published by Credence Research “Corrosion Protective Coatings (CPC) Market – Growth, Future Prospects & Competitive Analysis, and Forecast 2016 – 2023,” the Corrosion Protective Coatings (CPC) market is expected to reach US$ 27.9 Bn by 2023, expanding at a CAGR of 7.1% from 2016 to 2023.
Corrosion protective coatings are widely used to protect metal components against degradation due to salt spray, moisture, oxidation or exposure to variety of industrial or environmental chemicals. These coatings create a thin film which avoids moisture to come in contact with the metal surface thereby preventing corrosion. Hence, coatings are used on large scale in almost all the end-user industries around the globe.
Based on materials, corrosion protective coatings are segmented into alkyd, acrylic, epoxy, polyurethane and zinc. Among these, epoxy accounted for more than 50% share of global corrosion protective coatings and is expected to increase in the near future. High demand is reported for epoxy coatings over other materials due to the advantages it provide for most of the applications in the end-user industries. Polyurethane followed epoxy in terms of demand and is expected to gain market share in the near future. Other materials are also expected to fuel growth of global corrosion protective coatings in the market. Growing construction activities in the emerging economies has led to high demand for corrosion protective coatings in the market. Shipbuilding is one among the major consumer of corrosion protective coatings as major corrosion is reported in commercial ships. Therefore, marine industry is expected to boost high demand for corrosion protective coatings in the global market.
Construction industry accounted for major share of global corrosion protective coatings in the market. Corrosion protective coatings are not only used to prevent corrosion but also improve the strength of steel structures used in the construction industry. They provide strength along with corrosion protection from environment as well as industrial chemicals. Therefore, construction industry is expected to boost high demand for corrosion protective coatings in the market. Marine industry accounted as the second largest market in 2015. Corrosion takes place in moist places or when exposed to water for longer duration. Commercial ships are the primary host for corrosion. Corrosion protective coatings are therefore used on a large scale during shipbuilding to protect it from corrosion, thereby preventing accidents. Automotives are gaining strong demand in the market and therefore leading to high demand for corrosion protective in the market. Other end-users such as oil & gas, industrial and others are also expected to boost growth of global corrosion protective coatings market.
Browse the full Corrosion Protective Coatings (CPC) Market by Materials (Alkyd, Acrylic, Epoxy, Polyurethane and Zinc), End-Users (Construction, Marine, Automotive, Oil & Gas, Industrial and Others) and Technology (Water-Borne, Solvent-Borne and Powder Based) – Growth, Future Prospects & Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/corrosion-protective-coatings-cpc-market
Asia Pacific dominated the global corrosion protective coatings market in 2015 and is expected to drive the growth of global corrosion protective coatings market in the near future. Growing construction activities and increasing shipbuilding industries in the region is the major factor driving the growth of global corrosion protective coatings market. North America accounted as the second largest market for corrosion protective coatings market in 2015. Increasing demand for corrosion protective coatings from automotive sector in the region is expected to fuel growth of corrosion protective coatings in the region. Rising research and development activities in shipbuilding and other end-user industries in Europe has led to high growth of Europe corrosion protective coatings market. Other regions such as Latin America and Middle East & Africa are also projected to fuel growth of corrosion protective coatings market in the near future.
- Corrosion protection
- Improves performance of steel structures used in construction industry
- Reduce maintenance cost
- Opportunities from research & development activities for additional applications of corrosion protective coatings
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