Corrosion Protection Coatings: The Importance of Protecting
Surfaces
Corrosion is a natural process that occurs when metal
surfaces are exposed to the environment. The oxidation of metal surfaces
results in a loss of material and can lead to structural failure. Corrosion can
occur in a variety of environments, including wet, humid, and salty
environments, which can be especially damaging to metal structures. One
effective method for protecting metal surfaces from corrosion is the use of
corrosion protection coatings.
Corrosion protection coatings are designed to provide a barrier
between the metal surface and the environment, preventing the oxidation process
from occurring. These coatings are available in a variety of formulations,
including epoxy, polyurethane, and zinc-rich coatings. Each of these
formulations offers unique benefits and can be applied in different ways to
suit the needs of the specific application.
Epoxy coatings are often used in industrial applications
because of their excellent chemical resistance and durability. These coatings
can be applied to a variety of surfaces, including concrete, metal, and wood.
Polyurethane coatings are also commonly used in industrial applications because
of their excellent abrasion resistance and UV stability. These coatings are
often used in outdoor applications where exposure to sunlight is a concern.
Zinc-rich coatings are a type of corrosion protection
coating that provides sacrificial protection to metal surfaces. These coatings
contain a high concentration of zinc particles that act as an anode,
sacrificing themselves to protect the metal substrate. Zinc-rich coatings are
often used in marine and offshore applications where exposure to saltwater can
lead to rapid corrosion.
In addition to protecting metal surfaces from corrosion,
corrosion protection coatings can also improve the aesthetic appearance of the
surface. Coatings can be formulated to provide a smooth, glossy finish or a
rough, textured finish depending on the application. This can be especially
important in architectural applications where the appearance of the surface is
a key consideration.
In conclusion, the use of corrosion protection coatings is
essential in protecting metal surfaces from the damaging effects of corrosion.
The right coating can be selected based on the specific application, providing
long-lasting protection and improving the appearance of the surface. By
investing in corrosion protection coatings, businesses can save money on
maintenance and repair costs and extend the lifespan of their structures.
Corrosion Protection Coatings Market Dynamics
DRIVERS in Corrosion
Protection Coatings Market
The Corrosion Protection Coatings Market is driven by the
need for efficient processes and longer equipment life in the oil & gas and
industrial sectors. These industries deal with hazardous and corrosive
chemicals and processes, exposing equipment, pipelines, reactors, and storage
tanks to various climatic conditions. The application of heavy-duty corrosion
protection coatings can prevent or reduce the impact of the environment and
other factors on reactor surfaces, leading to an extended working life of the
equipment.
RESTRAINTs in
Corrosion Protection Coatings Market
On the other hand, the market is restrained by the high
prices of raw materials and energy. Corrosion protection coatings are
relatively expensive compared to general coatings, and the manufacturing cost
is also rising due to the increase in energy prices. The fluctuating crude oil
prices and foreign currency fluctuations have led to higher raw material
prices. Moreover, the economic slowdown in China, one of the largest markets
for manufacturing coatings, has impacted the market. In addition to the raw
material prices, manufacturers are also facing the additional cost of increased
taxes on energy, which results in higher operating costs and lower profit
margins.
OPPORTUNITIES in
Corrosion Protection Coatings Market
The markets for corrosion protection coatings in emerging
countries, including China, India, Thailand, and Brazil, present significant
opportunities for growth. These countries currently have the lowest per-capita
consumption of coatings globally, indicating a substantial potential for
expansion. Additionally, the development of domestic industries in these
nations has led to a significant increase in demand for corrosion protection
coatings, further driving growth opportunities. Leading players in the
industry, such as PPG Industries and AkzoNobel, have recognized the potential
and restructured their strategies to penetrate and establish bases in these
emerging markets.
CHALLENGES in
Corrosion Protection Coatings Market
Despite the growth potential in emerging markets, the
corrosion protection coatings market faces challenges from local players. A few
major global players, including PPG Industries, AkzoNobel, and Jotun A/S,
dominate the market in terms of revenue and product development. However,
several small local players, including Diamond Vogel Paints and SK Formulations
India Pvt. Ltd., have identified the needs and demands of the local market and
focus on developing application-specific products. Although these local players
may lack the financial or technological resources of the global majors, they
are gradually gaining an edge through increased R&D initiatives and a focus
on limited geographic regions. Emerging competitors such as AnCatt and
Greenkote PLC are also challenging the current leading market players.
In 2021, the market for corrosion protection coatings was
dominated by epoxy resin coatings, both in terms of volume and value. The
market share of epoxy corrosion protection coatings is expected to continue to
dominate during the forecast period due to their compatibility with other
coating materials. This dominance can be attributed to the excellent properties
of epoxy-based coatings, including water resistance, low cost, and exceptional
corrosion protection. The increasing demand for these coatings from end-use
industries such as oil & gas, marine, and infrastructure is expected to
fuel the growth of the epoxy segment.
General Insights of Corrosion Protection Coatings Market
Among the different types of corrosion protection coatings,
solvent-based coatings are the most commonly used and held the largest market
share in 2021. However, due to their non-environment-friendly nature and
volatility, this segment is expected to lose a significant share of the market.
The rising demand for solvent-free and water-based coatings is expected to
impact the market share of solvent-based coatings.
During the forecast period, the infrastructure sector is
expected to exhibit the highest compound annual growth rate (CAGR) due to the
increasing need for corrosion protection coatings in heavy civil structures
such as bridges, dams, airports, ports, and electric power utilities. The
selection of the appropriate type of coating for infrastructure projects
depends on the climatic conditions of the specific region. Water-based
corrosion protection coatings are preferred in the infrastructure sector due to
their low VOC emissions. This technology is increasingly being utilized in
North America and Europe for the construction of buildings.
According to the forecast period, Asia Pacific is
anticipated to be the fastest-growing region in the global corrosion protection
coatings market. The dominance of the Asia Pacific region is attributed to the
presence of major end-use industries in the region. The demand for corrosion
protection coatings is increasing, especially in Asia Pacific, and the market
in the region is expected to witness a high growth rate compared to other
regions. The demand is due to the development of new infrastructure and
construction projects and the continuous maintenance of existing industrial
systems.
Innovation in modern structures is also driving the market.
Damage and losses in old structures have created awareness of the harmful
effects of corrosion. Current projects in heavy infrastructure consider
corrosion as a severe problem and potential threat to the quality and life of
the structures being constructed. To avoid the costs of corrosion, measures are
taken to prevent it, including selecting corrosive-resistant materials and
applying corrosion protection coatings on structures.
The growth of the corrosion protection coatings market is
driven by the increasing demand for the process from manufacturing industries
worldwide. This is primarily due to the rise in adoption of coating
applications in end-user industries such as oil and gas, manufacturing,
infrastructure, and automotive. The durability and toughness of the coatings
have accelerated market growth. The need for efficient processes and longer
equipment life, as well as the demand for coatings with features such as
chemicals and heat resistance, UV light, abrasion, improved toughness, and
dimensional stability, have also contributed to market growth. Strict
government rules and regulations, the expansion of end-user industries,
innovation in modern structures, and concerns regarding losses and damage due
to corrosion are additional factors that positively influence the corrosion
protection coatings market. Additionally, the advent of eco-friendly coatings
presents profitable opportunities for market players in the forecast period.
Moreover, the development of environmentally friendly
coating products such as waterborne epoxy (WEP) coatings is expected to act as
a growth opportunity in the future. The lower VOC emission of WEP coatings is
receiving significant attention, and it improves the barrier property of WEP
coatings, further increasing their anti-corrosion ability and supporting market
growth.
The infrastructure industry, including roads, rails,
bridges, and buildings, is witnessing rapid expansions and renovations,
resulting in a significant boost in the market. Developing regions such as the
Asia Pacific and Africa are experiencing fast industrial production and
construction activities, contributing to the industry's growth. The demand for
architectural metals like lead, tin, zinc, copper, aluminum, and iron, along
with metal alloys such as brass, bronze, and nickel silver, is increasing
globally, driven by various construction activities. However, as most of these
metals are prone to corrosion, there is a significant need for anti-corrosion
products to mitigate corrosion, which is driving the demand for the market.
The market growth is being hindered by regulations imposed
for Volatile Organic Compounds (VOC). VOC emissions originate from various
sources, including industrial coating operations, paints, gasoline-powered lawn
and garden equipment, and others. Therefore, anti-corrosion coating products
must comply with stringent regulations. The U.S. EPA (Environmental Protection
Agency), for example, regulates VOCs at the federal level for product segments
such as aerosol coatings, architectural coatings, automobile refinish coatings,
and consumer products.
The solvent-based technology segment held the largest market
share, accounting for over 46% of the global revenue in 2019. The high share is
attributed to the increasing demand for corrosion protection coatings in
industrial tanks, manufacturing machines, pipes, ballast tanks, chemical
storage tanks, gas ducts, cooling towers, and smokestacks. Furthermore,
solvent-based coatings have a shorter drying time and offer improved
temperature, humidity, and abrasion resistance.
Water-based coatings are gaining popularity due to the
growing stringency of environmental regulations. These coatings are commonly
used in household appliances to reduce VOC emissions and provide excellent
chemical resistance, cold-resistance, non-flammability, non-explosiveness, and
non-toxicity. Water-based coatings are also used in metal components, machinery
equipment, axles, transmission shafts, and gearboxes.
Zinc coatings, which are comprised of zinc metal pigment
ranging from 85 to 92%, offer cathodic protection and have thickness ranging
from 6 to 125 microns. Zinc-based corrosion protection coatings are widely used
in building & construction and marine applications for pipelines, bridges,
containers, and other metallic products.
The oil & gas application segment led the market,
accounting for over 36% of the global revenue in 2019. This is due to the
extensive use of corrosion protection coatings in this sector, as it minimizes
the risk of microbes and improves abrasion resistance and surface finish.
Anti-corrosion coatings are also used in hospitals, care homes, and drop-in
centers for products including floors, handles, beds, walls, and ceiling
paints.
Key Companies in Corrosion Protection Coatings Market
- AKZONOBEL N.V.
- PPG INDUSTRIES INC.
- JOTUN GROUP
- THE SHERWIN-WILLIAMS COMPANY
- KANSAI PAINT CO., LTD.
- HEMPEL GROUP
- CHUGOKU MARINE PAINTS LTD.
- AXALTA COATING SYSTEMS
- NIPPON PAINT HOLDINGS CO., LTD.
- TEKNOS
- NOROO PAINTS & COATINGS
- DIAMOND VOGEL
- GREENKOTE PLC
- RENNER HERRMANN S.A.
- NYCOTE LABORATORIES CORPORATION
- O3 GROUP
- THE MAGNI GROUP, INC.
- SECOA METAL FINISHING
- EONCOAT, LLC
- DAI NIPPON TORYO CO., LTD.
- ADVANCED NANOTECH LAB
- HUISINS NEW MATERIAL TECHNOLOGY CO.
- BLUCHEM
- SK FORMULATIONS INDIA PVT. LTD.
- ANCATT INC
Recent Developments in Corrosion Protection Coatings Market
The corrosion protection coatings market has seen recent
developments in 2021. In June 2021, AkzoNobel acquired the paints and coatings
company Grupo Orbis based in Colombia. Similarly, in April 2021, The
Sherwin-Williams Company acquired the European industrial coatings business of
Sika AG. These acquisitions are expected to help these companies expand their
reach in the market and offer better products to their customers.
In February 2021, PPG Industries launched a new corrosion
protection coating called PPG HI-TEMP 1027 HD in North America. The product is
designed for use in various sectors, including oil & gas, chemical
processing, power generation, and industries such as paper mills and steel
mills that rely on insulated pipelines. This launch is expected to further
strengthen PPG Industries' position in the market and help them cater to the
specific needs of their customers.
Overall, these recent developments in the corrosion
protection coatings market demonstrate the increasing competition among key
players and their efforts to expand their product portfolios and reach in the
market.
In recent years, the corrosion protection coatings market
has witnessed significant developments in terms of product innovation,
partnerships, and strategic collaborations.
One of the major developments is the growing demand for
eco-friendly and sustainable coatings due to the increasing awareness about
environmental concerns. This has led to the development of water-based and
other low-VOC (volatile organic compound) coatings that are environmentally
friendly and comply with regulatory standards.
Partnerships and collaborations between manufacturers and
end-users have also been increasing in the market. This has led to the
development of customized solutions that cater to the specific needs of the
end-users. For instance, in 2021, a leading coatings manufacturer, AkzoNobel,
partnered with a global wind turbine manufacturer, Vestas, to develop
sustainable coatings for wind turbine blades.
The market has also witnessed a surge in research and
development activities to develop innovative products that offer improved
performance and longer durability. For instance, in 2020, PPG Industries
launched a new range of corrosion-resistant coatings that are specifically
designed to protect against aggressive chemical environments.
The use of nanotechnology in corrosion protection coatings
has also been gaining traction in the market. Nanocoatings offer enhanced
corrosion protection and improved durability. In 2021, researchers from the
University of Arkansas developed a nanocoating that can provide long-term
corrosion protection for metals exposed to extreme environments.
Overall, the corrosion protection coatings market is
witnessing significant developments in terms of product innovation,
partnerships, and strategic collaborations, driven by the increasing demand for
eco-friendly and sustainable coatings and the growing need for customized
solutions that cater to the specific needs of end-users.