Corrosion protective coatings are surface coatings applied to metals and alloys in order to protect them from corrosion in various atmospheres and operating conditions. They provide long-lasting protection against corrosion for infrastructure such as bridges, pipelines, offshore oil rigs, and steel structures. The global corrosion protective coatings market demand has increased due to rapid industrialization and infrastructure development activities.

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, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity to protect infrastructure from corrosion has been a major market driver. Critical infrastructure such as roads, bridges, pipelines require protection from environmental factors such as moisture, salts, acids and bases. Left unprotected, corrosion can significantly reduce the lifespan of infrastructure and necessitate expensive repairs or reconstruction. Corrosion protective coatings provide a cost-effective solution by forming a protective barrier between the structure and the corrosive environment. They minimize damage to infrastructure and reduce maintenance and replacement costs over the lifetime of the structure. This factor is expected to strongly contribute to the demand for corrosion protective coatings over the forecast period.

Porter’s Analysis

Threat of new entrants: High capital requirements for R&D and manufacturing act as a barrier for new companies to enter the corrosion protective coatings market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and emphasis on price.

Bargaining power of suppliers: Major raw material suppliers have moderate bargaining power due to availability of substitute materials.

Threat of new substitutes: Threat from substitutes is low as coating formulations are customized for specific end-use requirements.

Competitive rivalry: Intense due to presence of many global and regional players differentiating based on product quality and service.

SWOT Analysis

Strengths: Demand from end-use industries drives growth. Technology innovations aid product development.

Weaknesses: Strict environmental regulations increase production costs. Supply chain disruptions impacted sales during pandemic.

Opportunities: Emerging economies offer high market potential. Growing infrastructure and construction sectors create opportunities.

Threats: Volatility in raw material prices and global trade policies pose threats. Shift to powder and UV-cured coatings is a challenge.

Key Takeaways

The Global Corrosion Protective Coatings Market Size is expected to witness high growth over the forecast period supported by rising construction activities in Asia Pacific and Middle East regions. 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.

Regional analysis:

The Asia Pacific region currently accounts for the largest share in the global corrosion protective coatings market owing to extensive infrastructure development and expanding construction industry in countries such as China, India, Indonesia, Malaysia and Thailand. Continuous investments by governments towards development of roads, bridges, ports, airports and buildings are driving the demand for corrosion protective coatings in the region. Stringent regulatory environment regarding protection of national assets and infrastructure also accelerates the coatings market growth. If the regional consumption maintains the current pace, Asia Pacific is likely to continue dominating the global market over the forecast period from 2024 to 2031.

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. These companies are focusing on new product launches and capacity expansions to strengthen their market position.

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