MRO Protective Coatings Market worth $7.0 billion by 2027

 The report "MRO Protective Coatings Market by Product Type (Abrasion Resistant, Low Friction, Corrosion Resistance, Intumescent), Application (Marine, Oil & Gas, Petrochemicals, Infrastructure, Power Generation) and Region - Global Forecast to 2027" size is expected to grow from USD 5.4 billion in 2022 to USD 7.0 billion by 2027, at a CAGR of 5.5% during the forecast period. MRO protective coatings is being used in the marine, oil & gas, petrochemical, infrastructure, power generation, water treatment, and other applications. The increasing demand for extended product lifetime and reduced maintenance and increasing renovation activities support the demand for MRO protective coatings in the industrial and infrastructure end-use industry.

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Corrosion resistance coatings to lead the MRO protective coatings market.

The corrosion resistance coatings is estimated to be the dominant segment in the MRO protective coatings market. In many sectors, corrosion is viewed as one of the major issues. The underlying piping or equipment, insulation devices, or jacketing may all be targets of corrosion. Corrosion can result in significant financial losses and directly jeopardize both the safety of public property and human life. The World Corrosion Organization estimates that corrosion costs the world economy USD 2.2 trillion annually and that corrosion under insulation accounts for around 50% of pipe maintenance expenses.

Governments across the world have recently enacted strict restrictions regarding the operation and safety of plants. Many industries, including oil & gas, petrochemicals, chemicals, and energy, among others, focused their efforts on minimizing corrosion-related losses in order to maintain maximum plant and labor safety. As a result, corrosion protection coatings are frequently used in a variety of industries to ensure the highest level of corrosion protection, which will support the market's expansion.



Marine segment accounts for the largest market share in the global MRO protective coatings market during the forecasted period in terms of value

The marine & shipping industry has widely accepted this protection practice with the cost included in the process. The IMO (International Maritime Organization) set out the coating standards (IMO Resolution MSC. 215(82); IMO Resolution MSC. 288(87)) and are mandatory, known as the IMO's Performance Standards for Protective Coatings (IMO PSPC), for all ships' ballast tanks and crude-oil tanks. The IMO PSPC is expected to achieve a 15-year target coating life over which the coating system is intended to remain in "good" condition. The IMO PSPC practice has influenced the wider adoption of better coating systems with reduced maintenance and promoted better coating practices and technologies in shipyards.

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APAC is expected to account for the largest market share in the MRO protective coatings market during the forecast period.

Asia Pacific is the fastest-growing MRO protective coatings market globally. This is mainly attributed to the presence of raw material suppliers in the MRO protective coatings market, economic development, followed by heavy investment across industries such as petrochemical, oil & gas, infrastructure, power generation, and industrial. Asia Pacific is the most promising market and is expected to be the same in the future. Additionally, global manufacturers are shifting their production facilities to Asia Pacific to take advantage of the low labor cost and cater to the demand in the local market.

The major players active in the market are The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Henkel (Netherlands), BASF SE (Germany), H.B. Fuller (US), PPG Industries US), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (UK), Axalta Coatings Systems (US), and Hempel A/S (Denmark). These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the MRO protective coatings market.

Recent Developments

  • In April 2022, The Sherwin-Williams Company signed an agreement to acquire European Industrial Coatings Business of Sika AG and the transaction was closed in April 2022. The company hopes that this acquisition will fit its strategy of acquiring complementary, high quality, differentiated business that would add to their profitable growth momentum.
  • In June 2022, Akzo Nobel expanded its business in South and Central America after signing an agreement to acquire Grupo Orbis, a Columbia-based paints and coatings company. Grupo Orbis is present in ten countries in South America, Central America, and Antilles.
  • In January 2022, H.B. Fuller completed the acquisition of Apollo, the UK’s largest independent manufacturer of liquid adhesives, coatings, and primers for the roofing, industrial, and construction markets in the beginning of 2022. The addition of this business will expand the company’s share in key construction markets in the UK and across Europe and enable global expansion of its leading position in the roofing industry.
  • In June 2021, Hempel A/S acquired a unique technology developed by Das Lack Enertherm (DLE), a German-English company. The acquisition is a part of Hempel's double impact strategy that is expected to double the company revenue to USD 3.51 billion by 2025. The company considers it important to support its journey towards segment leadership with Corrosion Under Insulation (CUI), high heat, and insulation.
  • In November 2021, Henkel and Nexa3D signed a material development agreement for next-generation functional polymer. Henkel and Nexa3D are working on a new industrial metal casting material that will be used in applications like automotive, robotics, heavy machinery, and hydraulics. Manufacturers can employ the material to create complicated shapes that reduce weight and consolidate pieces, resulting in cost-effective lightweight parts that can be produced in large quantities.

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