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Corrosion Protection Polymer Coatings Market Size Forecast to Reach $9.79 Billion by 2027

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Corrosion Protection Polymer Coatings Market Size Forecast to Reach $9.79 Billion by 2027

May 05
22:52 2022
Corrosion Protection Polymer Coatings Market Size Forecast to Reach $9.79 Billion by 2027
Corrosion Protection Polymer Coatings Market | IndustryARC
The Demand for the Oil & Gas and Marine Sectors Is a Major Driving Factor for the Growth of the Corrosion Protection Polymer Coatings Market

The Corrosion Protection Polymer Coatings Market is estimated to grow at a CAGR of 4.9% in 2022-2027 and is valued at USD $ 9.79 billion in the year 2027. Polymeric coatings that are used in the prevention of corrosion of metallic surfaces are called corrosion protection polymer coatings. A common example of corrosion protection polymer coating material is hexamethyldisilazane which forms thin films on metallic implants to promote corrosion protection. Corrosion protection polymer coatings are applied mainly through the thermal spray (TS) as it is ideal for coating large components with complex geometries. Corrosion protection polymer coatings often provide additional advantages like UV-shielding and abrasion resistance as well. Some common applications of corrosion protection polymer coatings are in industrial equipment, aircraft, conveyor equipment, various types of machinery, automotive parts, and so on.

COVID-19 Impact

During the COVID-19 Pandemic, many industries had suffered a tumultuous time, and it was no different for the Corrosion Protection Polymer Coatings Market. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed the lockdown protocols. The primary end-use industries of corrosion protection polymer coatings, such as the oil & gas industry and the marine transport industry, saw a substantial decrease in demand. According to the Organisation of Petroleum Exporting Countries (OPEC), the global oil demand had decreased by 9.8 mb/d in 2020. According to the United Nations Conference on Trade and Development (UNCTAD), within the first 5 months of 2020, the global ship calls diminished by 8.7% while in the second quarter, the number fell to 17%. However, the global COVID-19 situation is looking to improve as the world population is increasingly getting vaccinated and governments are lifting lockdowns now. As such, the industry has picked up its pace and is looking to grow substantially within the forecast period of 2022-2027.

Corrosion Protection Polymer Coatings Market Analysis – By Type

Epoxy segment held the largest share of 38% in the Corrosion Protection Polymer Coatings Market in 2021. Epoxy coatings provide excellent resistance to corrosion and heat and are quick to dry, tough, and protective for metal surfaces. Unlike traditional powder coatings, epoxy coatings are quick and easy to apply. According to ITC Trademap, the total export quantity of epoxy resins, in primary forms, in 2020 was 1.68 million tons. Other than epoxy resins, polyurethane is also commonly used in corrosion protection polymer coatings. Polyurethane is relatively more durable, softer, and more elastic than epoxy coatings. This makes polyurethane coatings more abrasion-resistant and less prone to dents and scratches.

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Corrosion Protection Polymer Coatings Market Analysis – By End-Use Industry

The oil & gas industry held the largest share of 35% by end-use industry in the Corrosion Protection Polymer Coatings Market in 2021. The oil & gas sector faces many challenges that can corrode the materials used in the industry like deep offshore installations, transportation through pipelines, and refinery equipment processing amongst other processes. As such, corrosion protection is of prime importance in the industry. According to the International Energy Agency (IEA), passenger cars have the highest demand for oil & gas with an increase in demand by 2mb/d in passenger cars in 2021 which is due to the gradual relaxation of Covid-19 restrictions. This is also because the production of global automotive vehicles has increased in 2021. According to the Organisation Internationale des Cosntructeurs d’Automobiles (OICA), the total production of vehicles increased to 57.3 million in 2021 from 52.1 million in 2020 which was a 9.1% increase in production values. Corrosion Protection Polymer Coatings are also used in automotive parts to prevent corrosion. As such, the increase in demand for oil & gas proves to be a great driver for the Corrosion Protection Polymer Coatings Market within the forecast period of 2022-2027.

Corrosion Protection Polymer Coatings Market Analysis – By Geography

Asia-Pacific (APAC) region held the largest share of 41% by geography in the Corrosion Protection Polymer Coatings Market in 2021. This is because the APAC region heavily dominates global maritime transport and ownership. According to the United Nations Conference on Trade and Development (UNCTAD), China has the largest number of maritime transport vessels in the world with a total count of 7,318 vessels, excluding deadweight tonnage, as of 2021. Alongside that, Japan, Singapore, and the Republic of Korea own a majority share of 11.4%, 6.6%, and 4.1% of the world fleet, respectively. Since 2015, China, Japan, the Republic of Korea, and the Philippines hold the largest share of shipbuilding and ship recycling orders. In 2020, their combined global share was 96%. Alongside that, the demand for oil & gas is also very high due to the increase in demand for automotive as well. The marine transport sector and the oil & gas sector are the primary end-users of the corrosion protection polymer coatings and as such, the APAC region is driving the demand for the Corrosion Protection Polymer Coatings Market within 2022-2027.

Corrosion Protection Polymer Coatings Market Drivers

The increase in demand for Corrosion Protection in the Oil & Gas and Marine sectors:

The demand for corrosion protection polymer coatings is primarily being driven by the oil & gas and marine sectors because these industries suffer from a high level of corrosion. Deep offshore installations, transportation through pipelines, refinery equipment in the oil & gas sector, and seawater corrosion in the marine transport sector are some of the most common problems that are solved by corrosion protection polymer coatings. According to the International Energy Agency (IEA), the total oil production in the United States is expected to increase by around 3.5 mb/d by 2030, reaching 20 mb/d while production in Canada increases by 0.7 mb/d. The Organisation of Petroleum Exporting Countries (OPEC) oil production is also expected to grow by 6 mb/d by 2030. According to the United Nations Conference on Trade and Development (UNCTAD), the global shipping fleet grew by 3% in 2020. As such, this proves to be a great driver for the Corrosion Protection Polymer Coatings Market within the forecast period of 2022-2027.

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Corrosion Protection Polymer Coatings Market Challenges

High Volatile Organic Compound (VOC) content of Solvent-based Corrosion Protection Polymer Coatings and Stringent Regulations:

Solvent-based corrosion protection polymer coatings possess a high amount of VOC content which has led to many governments limiting the production and sale of solvent-based coatings by companies. It not only causes air pollution but can also have adverse effects on employees involved in the manufacturing process. An example of such a regulation is the Clean Air Act Guidelines and Standards for Solvent Use and Surface Coating Industry by the United States Environmental Protection Agency. This act puts many different control measures and guidelines for controlling the pollution brought about by solvents, among which are corrosion protection polymer coatings. They regulate emission limits and work practices on additives and cleaning materials in manufacturing facilities. There are many such regulations implemented by various countries to control the emission of VOC through various types of coatings.

Corrosion Protection Polymer Coatings Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Corrosion Protection Polymer Coatings top 10 companies include:

PPG Industries, Inc.

AkzoNobel N.V.

The Sherwin-Williams Company

Kansai Paint Co., Ltd.

Axalta Coating Systems

Chugoku Marine Paints

Jotun A/S

BASF Coatings GmBH

Ashland Inc.

Koch Knight LLC

Recent Developments

On September 16, 2020, Hempel, a world-leading supplier of coating solutions, and Vestas, a global leader in energy solutions, enter into a strategic partnership to develop surface protection solutions for wind turbines, including corrosion protection polymer coatings.

On November 30, 2021, AkzoNobel N.V., launched a new line of Interpon products, named the Interpon W, that is specifically designed for furniture, kitchen, and bathroom products as well as building and construction materials. They are designed to be fast-acting protective coatings that work well with heat-sensitive substrates.

Key Takeaways

The Asia-Pacific region holds the largest share by geography in the Corrosion Protection Polymer Coatings Market within the forecast period of 2022-2027.

The most common type of corrosion protection polymer coating is epoxy coatings that provide excellent resistance to corrosion and heat.

One of the key drivers for the market is the growing oil & gas sector and marine transport sector within the forecast period of 2022-2027.

The key players in the Corrosion Protection Polymer Coatings Market are AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems, and Kansai Paint Co., Ltd.

Relevant Reports

Anticorrosion Coatings Market

https://www.industryarc.com/Report/11671/anticorrosion-coatings-market.html

For more Chemicals and Materials related reports, please click here

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