Corrosion Protection Coatings Market worth $8.9 billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, Nov. 23, 2020 /PRNewswire/ -- According to the new market research report "Corrosion Protection Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure), And Region – Global Forecast to 2025", published by MarketsandMarkets, the global Corrosion Protection Coatings Market size is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%.
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Worldwide, corrosion causes huge financial losses in many industries. It also gradually weakens structures posing a threat to property and life. Corrosion protection coating is one of the most effective and economical solutions for tackling corrosion. They act as a barrier between the surface and the corrosion agent and prolong the life of the structure as well as enhance its efficiency.
The epoxy based corrosion protection coatings to lead the market, by type, during the forecast period.
Epoxy is estimated to lead the market during the forecast period. It is widely used in corrosion protection coating because of its excellent adhesion, corrosion protection, and chemical resistance properties. The properties of epoxy-based coatings can be enhanced by the suitable addition of additives and modifiers to meet the required specifications. They are hard and offer resistance to humidity, abrasion, water, acid, alkali, and seawater. They possess low volatility and are water cleanable. These properties make them ideal for use in metallic surfaces such as cast iron and aluminum.
Shipbuilding and maintenance & repair in the marine sector are the major applications of epoxy corrosion protection coating. Infrastructure, oil & gas, and petrochemical are the other significant end-use industries of epoxy corrosion protection coatings. Fusion bonded epoxy powder coatings are used for corrosion protection in steel pipes and fittings in the oil & gas industry and water transmission lines.