The Global Corrosion Protective Coatings Market Growth Accelerated By Rising Infrastructural Developments

 

Corrosion Protective Coatings Market

Corrosion protective coatings are coatings applied to metallic surfaces to prevent rusting and corrosion. They typically consist of polyurethanes, epoxies, and acrylics. These coatings prevent corrosion through a barrier between the metal surface and the environment. They protect commercial buildings, pipelines, oil rigs, offshore platforms, and ships.

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 Dynamics:

Increasing usage of corrosion protective coatings in oil and gas industry is estimated to drive the growth of corrosion protective coatings market over the forecast period. Oil and gas industry requires extensive use of corrosion protective coatings on pipelines, rigs, offshore platforms, storage tanks and other equipment exposed to harsh conditions to prevent corrosion and increase longevity. As per the report by the International Energy Agency, global oil demand is expected to rise by 3.3 million barrels per day by 2024. This rising demand for oil is expected to boost investments in exploration and production activities, pipeline infrastructure development which in turn is expected to drive the demand for corrosion protective coatings. Additionally, stringent government regulations regarding corrosion control and prevention is also expected to support market growth over the forecast period.

 

SWOT Analysis

 

Strength: Corrosion protective coatings have high durability and effectiveness in protecting substrates from corrosion for extended periods of time. They provide strong barriers against corrosive elements like water, chemicals, and weathering. Corrosion protective coatings also enhance the aesthetic appeal and functionality of substrates.

 

Weakness: Stringent environmental regulations on VOC emissions during coating application poses challenges for industry players. High costs associated with specialized application equipment and skilled labor also affects the corrosion protective coatings market negatively.

 

Opportunity: Increasing investments in infrastructure development and growing oil and gas industry in Middle East and Asia Pacific present lucrative opportunities. Rapid industrialization in developing nations of Africa and South America boosts demand.

 

Threats: Availability of inexpensive alternatives like galvanization limits the market scope. Economic slowdowns can negatively impact the coating consumption. Fluctuations in raw material prices is also a concern.

 

Key Takeaways

 

The Global Corrosion Protective Coatings Market Size is expected to witness high growth. 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 related content comprises The Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period owing to rapid industrialization and infrastructure development activities in major countries like China and India. North America and Europe are other prominent markets attributed to robust construction and manufacturing industries.

 

Key players related content comprises 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.newswirestats.com/corrosion-protective-coatings-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

Uninterruptible Power Supply Market Poised for Significant Growth Accelerated by Adoption of Renewable Energy Sources

Image
  Uninterruptible Power Supply Market  An uninterruptible power supply (UPS) is a power supply system designed to provide emergency power to a load when the input power source fails. UPS systems provide transient voltage protection from power surges and spikes and consistent power even under brownout conditions. They are most commonly used in data centers, telecommunication systems, medical equipment, industrial processes that require continuous operation, and other critical applications where power disruptions cannot be tolerated. The global uninterruptible power supply market is estimated to be valued at US$ 9.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The uninterruptible power supply market is expected to witness significant growth over the forecast period. This is mainly attributed to the rising focus on improving power reliability acro
Read more

Yacht Charter Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Recreational Boating

Image
  Yacht Charter Market Yacht charter is the business of renting or leasing yachts and sailing boats for pleasure and touring. Yachts are primarily used for entertainment of guests, luxury experience, and recreational enjoyment. Large yachts come equipped with various amenities such as ocean-view staterooms, gourmet galley kitchens, lavish lounges and sundecks. Some of the popular uses include dinners, parties, family trips, weekend getaways, and corporate events. The global yacht charter market is estimated to be valued at US$ 68809.83 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The global yacht charter market is witnessing high growth owing to the rising popularity of luxury yachts among high-net-worth individuals as a preferred leisure activity. Yacht charters allow individuals to experience the luxury lifestyle without the steep costs associ
Read more

The Global Switchgear Market Growth Accelerated By Increased Demand For Switchgear From Renewable Energy Sector

Image
Switchgear Market   Switchgear equipment are devices consisting of circuit breakers, fuses or any other associated equipment used for operating, isolating, protecting and managing electricity distribution in an electrical power system. These equipment are used in transmission and distribution systems to control the flow of power and limit electrical currents. They protect circuits and equipment in the system by limiting electrical currents to safe levels in the event of a short circuit or any sudden overloading. The growing demand for ensured power supply across manufacturing industries and commercial spaces has been driving increased adoption of switchgear.   The global switchgear market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: One of the key drivers for the growth of the switchgear market has be
Read more