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Corrosion protective coatings are
surface coatings applied to metals and alloys in order to prevent corrosion
underthe influence of their environment such as acids, alkalis, salts or other
corrosive materials. These coatings provide a protective barrier between the
surface and the environment. Theyfind widespread applications in various
industry verticals such as marine, oil & gas, power generation,
transportation, infrastructure etc.
The global Corrosion Protective
Coatings Market is estimated to be valued at US$ 29.09 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Rising infrastructural
developments across developed and developing economies have been the key trends
driving the growth of corrosion protective coatings market. Governments across
the world are investing heavily in infrastructure projects like roadways,
bridges, tunnels, railways etc. which require extensive usage of metals and
alloys vulnerable to corrosion. Coatings play a vital role in protecting the
infrastructure from corrosion thereby increasing their service life. According
to the World Bank, global investment in infrastructure is expected to rise by
nearly 80% to USD 90 trillion between 2016 and 2040. This rising infrastructural
spending is anticipated to continue driving demand for corrosion protective
coatings globally over the forecast period.
Segment Analysis
The global corrosion protective
coatings market is segmented by type into epoxy, polyurethane, acrylic, alkyd
and others. The epoxy sub-segment dominates the market due to its exceptional
properties including excellent adhesion, moisture resistance and chemical
resistance. Epoxy coatings offer superior gloss retention and color stability,
which makes them suitable for protecting structures and pipes exposed to harsh
environmental conditions.
Key Takeaways
The Global
Corrosion Protective Coatings Market Size is expected to witness high
growth during the forecast period of 2024 to 2031. The global Corrosion
Protective Coatings Market is estimated to be valued at US$ 29.09 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Regional analysis - Asia Pacific
region currently dominates the market and is expected to continue its dominance
due to strong growth in end use industries like oil and gas, marine,
infrastructure etc. in countries like China and India.
Key players analysis - Key players operating in the corrosion
protective coatings market are AstraZeneca PLC/AB, Bayer AG, Pfizer Inc.,
Cadila Pharmaceuticals Limited, Eisai Pharmaceuticals India Pvt. Ltd, Santarus,
Inc., Wyeth, LLC, Janssen Pharmaceutica, Takeda Pharmaceutical Company Limited,
Sanofi S.A, Aurobindo Pharma, Perrigo Company plc, Dr. Reddy's Laboratories,
Aralez Pharmaceuticals Inc., RedHill Biopharma Ltd (ADR) and Cipla Limited.
Get More Insights Here
https://www.newsstatix.com/corrosion-protective-coatings-market-size-share-growth-outlook-2023/
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