The Corrosion Protective Coatings Market is Trending with Increasing Infrastructure Spending

The Corrosion Protective Coatings Market is Trending with Increasing Infrastructure Spending

The corrosion protective coatings market forms an integral part of infrastructure development and industrial production across industries due to its function in safeguarding materials, equipment, structures, and infrastructure assets from corrosion. Corrosion protective coatings provide a barrier between the substrate material and the corrosive environment, thus shielding assets and materials from corrosion damage.

The Global corrosion protective coatings market is estimated to be valued at US$ 29.09 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the corrosion protective coatings 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. The demand for corrosion protective coatings is growing owing to rising infrastructure development activities globally. The market is witnessing expansion into newer geographies and applications to leverage the increasing demand.

Market Key Trends

One key trend garnering attention in the Corrosion Protective Coatings Market Demand is the development of environment-friendly, low VOC coatings. Environmental regulations are becoming increasingly stringent towards VOC emissions from coatings globally. This has prompted manufacturers to invest in eco-friendly coating formulations using bio-based and water-based polymer chemistries. Renewable, plant-oil based additives are gaining popularity as a sustainable alternative to petroleum-based coating ingredients. These green coating technologies help brands adhere to environmental standards while addressing the performance needs of end-use segments.

Porter's Analysis
Threat of new entrants: The corrosion protective coatings market has high investment costs which limits new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials.
Threat of new substitutes: Threat of substitutes like thermal spray coatings and galvanizing is moderate.
Competitive rivalry: Market has several key players competing for market share.

Geographical Regions - Value
North America accounts for the largest share of the corrosion protective coatings market in terms of value. Presence of key end use industries like oil & gas, marine, infrastructure and automotive drives the demand.

Geographical Regions - Growth

Asia Pacific is projected to be the fastest growing region for the corrosion protective coatings market during the forecast period. Presence of emerging economies like China and India coupled with rapid industrialization will fuel the demand.

Get more insights on – Corrosion Protective Coatings Market

​About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)