Global Corrosion Protective Coatings (CPC) Market Overview
The Corrosion Protective Coatings (CPC) Market Size was estimated at 173.52 (USD Billion) in 2022. The Corrosion Protective Coatings (CPC) Indystry is expected to grow from 185.11 (USD Billion) in 2023 to 331.4 (USD Billion) by 2032. The Corrosion Protective Coatings (CPC) Market CAGR (growth rate) is expected to be around 6.68% during the forecast period (2024 - 2032).
Key Corrosion Protective Coatings (CPC) Market Trends Highlighted
The most important market trends for Corrosion Protective Coatings (CPC) include the growing demand for infrastructure renewal and maintenance, rising emphasis on environmental sustainability, and advancements in coating technologies.
Infrastructure projects in emerging economies, aging structures, and harsh operating environments drive demand for CPC. Additionally, the focus on reducing carbon emissions and protecting the environment has fueled the adoption of eco-friendly coatings.
Furthermore, technological advancements such as the development of self-healing coatings, nanotechnology-based coatings, and bio-sourced coatings are enhancing the performance and durability of CPC. These trends are expected to continue shaping the market in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Protective Coatings (CPC) Market Drivers
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Corrosion Protection in Infrastructure
There is an increased demand for corrosion-protective coatings in the infrastructure sector as the need to protect critical infrastructure assets from the effects of corrosion continues to grow.
Corrosion is a very dangerous natural process that causes very expensive damage to infrastructure and almost always results in reduced safety, increased maintenance and operational costs, and even collapse.
Protective coatings extend the lifespan of infrastructure assets, as such, replacing and repairs of damages will be minimized.
Infrastructure is one of the industries that make use of corrosion protective coatings. Infrastructure assets such as bridges, roads, vessels, tubings, and buildings are being protected using this technology.
The use of this technology on this infrastructure is expected to increase because most of them are aging, and we also have new ones that must be constructed.
Increased need to protect critical infrastructure assets from corrosion will lead the rise in demand for corrosion protective coatings in the infrastructure sector.
It is expected that future demand will also be driven by an increasing awareness of the environmental and economic benefits of these coatings.
The use of corrosion protective coatings reduces the environmental as well as the economic impact of the completion of infrastructural projects.
In addition to that, it also assists the lifespan of the infrastructure itself. The Corrosion Protective Coatings (CPC) Market is expected to grow by USD 146.29 billion.
It is now worth 185.11 billion, and by 2032 the values of the market should be 331.4 billion according to Research and Markets. The market is expected to stand at a CAGR of 6.68% during this period.
Growing Demand for Corrosion Protection in the Oil and Gas Industry
The oil and gas industry is another major end-user of corrosion-protective coatings. These coatings are used to protect pipelines, storage tanks, and other equipment from the corrosive effects of oil and gas.
The demand for corrosion-protective coatings in the oil and gas industry is expected to grow in the coming years due to the increasing need to protect aging infrastructure and the growing demand for new oil and gas projects. Corrosion is a major problem in the oil and gas industry.
It can lead to leaks, spills, and even explosions. Corrosion protective coatings can help to prevent these problems by protecting metal surfaces from the corrosive effects of oil and gas.
The Corrosion Protective Coatings (CPC) Market is expected to grow from USD 185.11 billion in 2023 to USD 331.4 billion by 2032, at a CAGR of 6.68%.
The growth of this market is attributed to the increasing demand for corrosion protective coatings in the oil and gas industry.
Rising Demand for Corrosion Protection in Marine Applications
Yet another, end-user of corrosion protective coatings is the marine industry. Corrosion protective coatings are employed to safeguard ships, boats, and other equipment used in the marine industry against the degraded impact of salt water.
Most importantly, the demand for these coatings would increase over the next period because of the rise of requirements of new ships and boats as well as the growing necessity to protect obsolete marine infrastructure.
In fact, corrosion represents a major issue because it could deteriorate ships and boats thus creating safety issues and expensive repairs.
Indeed, corrosion protective coatings can be used to combat both problems because they can help to protect the surface of metal gadgets and equipment from the harsh impact of salty water.
Additionally, the growth of this market is expected to increase from USD 185.11 billion in 2023 to USD 331.4 billion in 2032.
The growth annual growth rate is 6.68%. The growth of this market is mainly driven by the growing necessity of using corrosion-protective coatings in the marine industry.
Corrosion Protective Coatings (CPC) Market Segment Insights
Corrosion Protective Coatings (CPC) Market Resin Type Insights
The Corrosion Protective Coatings (CPC) market is expected to reach USD 220.42 billion by 2024. Resin type is a key segment of the CPC market, with different types of resins offering unique properties and applications.
Epoxy resins are widely used in CPCs due to their excellent adhesion, chemical resistance, and mechanical strength. They are commonly used in industrial, marine, and automotive applications.
The epoxy resin market is projected to grow at a CAGR of 4.5% from 2024 to 2032, reaching a market size of USD 27.49 billion by 2032.
Polyurethane: Polyurethane resins provide excellent flexibility, abrasion resistance, and weatherability. They are used in a wide range of applications, including automotive, construction, and aerospace.
The polyurethane resin market is expected to grow at a CAGR of 5.2% from 2024 to 2032, reaching a market size of USD 30.12 billion by 2032. Acrylic resins offer good UV resistance, clarity, and adhesion.
They are commonly used in architectural, automotive, and consumer electronics applications. The acrylic resin market is projected to grow at a CAGR of 4.8% from 2024 to 2032, reaching a market size of USD 24.36 billion by 2032.
PVC resins are known for their low cost, fire resistance, and chemical resistance. They are primarily used in construction and industrial applications. The PVC resin market is expected to grow at a CAGR of 3.8% from 2024 to 2032, reaching a market size of USD 65.41 billion by 2032.
Fluoropolymer resins provide exceptional chemical resistance, temperature resistance, and low friction. They are used in demanding applications such as aerospace, chemical processing, and pharmaceuticals. The fluoropolymer resin market is projected to grow at a CAGR of 5.6% from 2024 to 2032, reaching a market size of USD 15.29 billion by 2032.
Other resin types used in CPCs include alkyd, silicone, and phenolic resins. These resins offer specific properties and are used in niche applications.
The market size for other resin types is expected to grow at a CAGR of 4.2% from 2024 to 2032, reaching a market size of USD 11.23 billion by 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Protective Coatings (CPC) Market Substrate Type Insights
The Corrosion Protective Coatings (CPC) Market is categorized based on Substrate Type as Metal, Concrete, Plastic, Wood, and Other Substrates. The market share of Metal is estimated to be 42.6% and is assumed to be the highest during the year 2024.
The Metal substrate has huge applications in various industries, such as the construction industry, automotive sector, and marine sector, owing to which the demand for the Metal segment is expected to be dominant throughout the forecast period.
Further, the concrete substrate segment has the potential to grow with the highest CAGR of 7.2% and a relatively large market share, followed by Plastic and Wood type, because the need for corrosion protection in the infrastructure sector is rising.
Plastic and Wood subtype growth is also rapid since the rate of usage in the automotive, packaging, and construction industries is high. The other substrate type, which includes glass, ceramic, and composites, is expected to grow during the forecast period, and the market share is also moderate.
Corrosion Protective Coatings (CPC) Market Application Method Insights
The Corrosion Protective Coatings (CPC) Market Segmentation by Application Method comprises Brush, Roller, Spray, Dip, and Other Application Methods.
Among these, the Spray segment held the largest market share in 2023, accounting for nearly half of the Corrosion Protective Coatings (CPC) Market revenue.
Spray application provides uniform coverage and high efficiency and is suitable for large-scale applications. The Roller segment is projected to exhibit significant growth during the forecast period, owing to its ease of use, affordability, and suitability for smaller surfaces.
The Brush segment is expected to hold a steady market share, primarily due to its usage in touch-up and repair applications.
Dip application, while less common, is preferred for coating complex shapes and achieving a smooth, consistent finish.
Other Application Methods, including airless spray, airbrush, and electrostatic spraying, are expected to witness moderate growth, driven by advancements in technology and increased demand for specialized coatings.
Corrosion Protective Coatings (CPC) Market Performance Property Insights
The Performance Property segment is a crucial aspect of the Corrosion Protective Coatings (CPC) Market, influencing market growth and industry dynamics.
Among key performance properties, Corrosion Resistance holds a significant share of the market, attributed to the rising demand for protective coatings in industries such as oil and gas, marine, and infrastructure.
Abrasion Resistance is another notable performance property driven by the increasing need for durable coatings in automotive, aerospace, and construction applications.
Chemical Resistance is also gaining traction due to the growing demand for coatings that can withstand harsh chemical environments in industries like chemical processing and manufacturing.
Heat Resistance is another important performance property, particularly in sectors such as power generation and automotive, where high-temperature resistance is critical.
Other Performance Properties, including anti-fouling, antimicrobial, and UV resistance, are also gaining prominence in specific niche applications.
Corrosion Protective Coatings (CPC) Market End-Use Industry Insights
The end-use industry segment of the Corrosion Protective Coatings (CPC) Market plays a crucial role in shaping market dynamics.
Oil Gas is projected to dominate the market, accounting for a significant share of the revenue. The industry's reliance on infrastructure exposed to harsh environments drives the demand for protective coatings.
Construction follows closely, with increasing urbanization and infrastructure development fueling market growth. Automotive and Marine industries also contribute to the demand for corrosion protection, as vehicles and ships are susceptible to environmental factors.
Other end-use industries, including chemical processing, power generation, and manufacturing, contribute to the market's growth, highlighting the wide range of applications for corrosion protective coatings across various sectors.
Corrosion Protective Coatings (CPC) Market Regional Insights
The Corrosion Protective Coatings (CPC) Market is segmented into North America, Europe, APAC, South America, and MEA.
Among these regions, APAC is expected to hold the largest share of the market in 2023 and is projected to continue to grow at the highest CAGR during the forecast period.
The growth of the APAC market is attributed to the increasing demand for corrosion protection in the region's rapidly growing infrastructure and industrial sectors.
The MEA region is also expected to witness significant growth in the Corrosion Protective Coatings (CPC) Market, driven by the increasing demand for corrosion protection in the region's oil and gas industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Protective Coatings (CPC) Market Key Players and Competitive Insights
To get their positions in the Corrosion Protective Coatings (CPC) Market stronger, major players take advantage of a wide range of strategies and initiatives.
At this point, the tendency is observed among leading Corrosion Protective Coatings (CPC) Market players to enhance their competitive positions by investing heavily in the domain of research and development, creating innovative and advanced products and solutions.
Moreover, major players enhance their presence in the target market by creating manufacturing facilities and distribution channels in new emerging markets.
Finally, players in Corrosion Protective Coatings (CPC) Market are currently focusing on expanding it through a range of mergers and acquisitions aimed at adding new products to the range of offers and new customer segments.
As far as the industry is concerned, Sherwin-Williams is a leading provider of a wide range of protective and marine coatings. The company operates internationally, so it might offer a diverse range of corrosion protective coatings and services in various industries, such as oil and gas, marine, and infrastructure.
Since the company attaches a great value to innovation, the advanced coatings products and solutions prove to be environmentally friendly and sustainable.
At the same time, the company aims to meet the highest quality standards to make its customers satisfied. As a result, Sherwin-Williams is among the leading players in Corrosion Protective Coatings (CPC) Market.
Another large player in the Corrosion Protective Coatings (CPC) Market is AkzoNobel. The range of products and solutions offered by this company is outstanding, ranging from marine and oil and gas to automotive.
Furthermore, the business is known for its strong focus on research and development; therefore, it produces innovative and sustainable products.
Additionally, the company serves many customers in various markets around the world, making it the Corrosion Protective Coatings (CPC) Market preferred supplier for most customers.
Key Companies in the Corrosion Protective Coatings (CPC) Market Include
- Covestro
- PPG
- AkzoNobel
- DuPont
- Nippon Paint
- Hempel
- 3M
- Sherwin-Williams
- Jotun
- Kansai Paint
- BASF
- Axalta Coating Systems
- Wacker Chemie
- RPM International
- Henkel
Corrosion Protective Coatings (CPC) Market Developments
Recent news and current affairs in the Corrosion Protective Coatings Market include advancements in materials and technologies.
For instance, in 2023, AkzoNobel introduced a new water-based epoxy coating that provides superior corrosion protection for offshore wind turbines.
Additionally, companies are focusing on sustainability and eco-friendliness, with a growing demand for low-VOC and solvent-free coatings.
Market players are also expanding their geographical presence through acquisitions and partnerships. For example, in 2022, PPG acquired Tikkurila, a leading Nordic paint and coatings company, to strengthen its position in the European market.
Mergers and acquisitions are expected to continue as companies seek to gain market share and enhance their product offerings.
Corrosion Protective Coatings (CPC) Market Segmentation Insights
Corrosion Protective Coatings (CPC) Market Resin Type Outlook
- Epoxy
- Polyurethane
- Acrylic
- Polyvinyl Chloride
- Fluoropolymer
- Other Resin Types
Corrosion Protective Coatings (CPC) Market Substrate Type Outlook
- Metal
- Concrete
- Plastic
- Wood
- Other Substrates
Corrosion Protective Coatings (CPC) Market Application Method Outlook
- Brush
- Roller
- Spray
- Dip
- Other Application Methods
Corrosion Protective Coatings (CPC) Market Performance Property Outlook
- Corrosion Resistance
- Abrasion Resistance
- Chemical Resistance
- Heat Resistance
- Other Performance Properties
Corrosion Protective Coatings (CPC) Market End-Use Industry Outlook
- Oil Gas
- Construction
- Automotive
- Marine
- Other End-Use Industries
Corrosion Protective Coatings (CPC) Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
173.52(USD Billion) |
| Market Size 2023 |
185.11(USD Billion) |
| Market Size 2032 |
331.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.68% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Covestro, PPG, AkzoNobel, DuPont, Nippon Paint, Hempel, 3M, SherwinWilliams, Jotun, Kansai Paint, BASF, Axalta Coating Systems, Wacker Chemie, RPM International, Henkel |
| Segments Covered |
Resin Type, Substrate Type, Application Method, Performance Property, End-Use Industry, Regional |
| Key Market Opportunities |
Renewable energy infrastructure Industrial automation Emerging economies Green initiatives Nanotechnology advancements |
| Key Market Dynamics |
Infrastructure Expansion Industrialization Growth Technological Advancements Green Regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Corrosion Protective Coatings (CPC) market is expected to reach a valuation of USD 331.4 billion by 2032, expanding at a CAGR of 6.68% from 2024 to 2032.
Asia-Pacific is anticipated to dominate the CPC market throughout the forecast period due to rapid industrialization and infrastructure development in countries like China, India, and South Korea.
The oil and gas industry is the largest consumer of CPCs, followed by the infrastructure and construction sectors.
Major players in the CPC market include AkzoNobel, PPG Industries, Sherwin-Williams, BASF, and Jotun.
The growing demand for lightweight and durable materials, coupled with advancements in nanotechnology and green chemistry, is driving innovation in the CPC market.
Fluctuating raw material prices, stringent environmental regulations, and the emergence of alternative corrosion protection methods pose challenges to the CPC industry.
The CPC market is projected to grow at a CAGR of approximately 6.5% over the next five years.
The increasing demand for corrosion protection in renewable energy, automotive, and marine applications presents new opportunities for CPC manufacturers.
Businesses can leverage the opportunities in the CPC market by investing in research and development, expanding into new markets, and forming strategic partnerships.
The rising cost of corrosion-related damage, growing awareness of corrosion prevention, and increasing infrastructure investment are key factors driving the demand for CPCs.
