Corrosion of metals and metallic surfaces remains to be a perpetual problem for industries across the globe. Manufacturing and transportation of products in almost every industrial vertical has changed rapidly, registering a higher presence of chemicals factoring such corrosions. Companies continue to adopt innovative and effective corrosion control methods, wherein polymer coatings are an integral offering. High resistance against chemical corrosion and abrasion continues to propel the demand for such corrosion protection polymer coatings, while their manufacturing, which involves hazardous materials & volatile emissions, creates grave concern for the environment.
In the view of stringent regulations imposed by environmental protection agencies on manufacturing of such toxic products, the demand for corrosion protection polymer coating is less likely to witness high upturns in the future. A latest market study published by Future Market Insights anticipates that the global market for corrosion protection polymer coatings will soar at a steady CAGR of 5.1% during the forecast period, 2017-2022. According to this report, the global corrosion protection polymer coating market will be valued at more than US$ 19.5 Bn by the end of 2022. Despite the slew of factors devaluing the production of these industrially-essential materials, the demand for corrosion protection polymer coatings will incur steady growth, primarily due to its rising end-use in the oil & gas industry.
Corrosion Protection Polymer Coating Market: Upsurge in Oil & Gas End-use
The global oil & gas sector continues to attain stability in the times of highly-fluctuating oil prices. With respect to the changing landscape of this industry, companies are focusing towards prevention of industrial failures due to undue chemical corrosion. From oilfield pipelines to refiners, all key industrial surfaces in the oil & gas sector are likely to be coated with corrosion protective polymers. In the future as well, the demand for corrosion protection polymer coatings in oil & gas sector is anticipated to increase. While their contribution to the global market value of corrosion protection polymer coatings will be moderate, oil & gas companies will be observed as fast-grossing end-user during the forecast period. Towards the end of 2022, corrosion protection polymer coatings worth nearly US$ 3 Bn are anticipated to be used by oil & gas companies around the world.
Additional insights from the report:
In 2017, corrosion protection polymer coatings made of vinyl esters and flake-filled vinyl esters will contribute to less than 4% share on global revenues, albeit, their demand over the forecast period will grow vigorously
Through 2022, the demand for epoxies is slated to decline, registering a sluggish revenue growth at a CAGR of 4.2%
Between 2017 and 2022, powder-based corrosion protection polymer coatings are likely to create an incremental opportunity of a little over US$ 650 Mn
During the forecast period, the global demand for corrosion protection polymer coating in waterborne form will rise at a robust pace
Asia-Pacific excluding Japan (APEJ) region will be the largest market for corrosion protection polymer coating, and will be valued at US$ 7.1 Bn by 2022-end
Throughout the forecast period, Europe’s corrosion protection polymer coating market is assessed to record a sluggish growth
Companies to Watch
The report also anticipates that companies, namely BASF Coating GmbH, Polycorp Limited, STEULER – KCH GmbH, Koch Knight LLC, Akzo Nobel NV, Axalta Coating Systems, Jotun A/S, Ashland Global Holdings, Inc., PPG Industries, Inc., and The Sherwin Williams Company will remain active in the global market for corrosion protection polymer coatings through 2022.