May 18, 2024
Corrosion Protective Coatings Market

Corrosion Protective Coatings Market is expected to be flourished by its increasing application in oil and gas industry

Corrosion protective coatings are surface coatings or paints that offer protection to metals and alloys from corrosion and degradation caused by exposure to moisture and oxygen. They are applied to both ferrous and non-ferrous metals and offer robust corrosion resistance and long-term barrier protection for steel structures and concrete in various end-use industries. Some common applications of corrosion protective coatings include infrastructure such as pipes, tanks, ships and bridges. They are also used in oil and gas industry to protect offshore platforms, refineries, and pipelines. Increased investment in oil and gas projects is expected to drive the demand for corrosion protective coatings to safeguard infrastructure and equipment from corrosion caused by harsh environmental conditions such as water, salt and chemicals.

The global corrosion protective coatings market is estimated to be valued at US$ 25.25 Bn 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 Dynamics:
Increased investment in oil and gas industry presents a key driver for corrosion protective coatings market. Rising energy demand along with discovery of new oilfields has prompted many countries to invest substantially in development of oil and gas infrastructure. According to International Energy Agency, over US$ 11 trillion is expected to be invested globally in oil and gas fields and related infrastructure between 2018 to 2030. This rise in capital expenditure for oil and gas projects will augment the demand for high performance corrosion protective coatings to protect steel assets from corrosion in offshore and onshore environments. Another driver is growing building and construction industry worldwide. Rapid urbanization and infrastructure development is increasing the requirement for steel structures and concrete which drives the need for protective coatings to ensure durability and elongated lifespan of assets.

Segment Analysis
The corrosion protective coatings market is dominated by the oil and gas sub segment. Oil and gas industry heavily relies on corrosion protective coatings for protection of equipment and pipelines from corrosion under harsh conditions such as high temperatures and pressures. The need for maintenance and repair of existing infrastructure also drives the demand for corrosion protective coatings in oil and gas industry.

PEST Analysis
Political: Government regulations regarding workplace safety and emission control standards promote the use of advanced corrosion protective coatings.

Economic: Growth of end use industries such as oil & gas, marine, infrastructure boosts the demand for corrosion protective coatings.

Social: Rising awareness about asset protection and operational efficiency favors the adoption of corrosion protective coatings.

Technological: Developments in powder and waterborne coating technologies help manufacturers to provide environmental-friendly and advanced performance coating solutions.

Key Takeaways
The Global Corrosion Protective Coatings Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.

Regionally, the market in Asia Pacific region is projected to be the fastest growing market during the forecast period driven by increasing industrialization and infrastructure development activities in countries such as China and India.

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).

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it