The answer for this is possibly! Selecting a suitable coating and proper preparation and application are all important. Coating selection depends on the specific constituents that are present in the water. For example, are corrosion inhibitors present in the cooling tower water?  Durability and susceptibility to permeation are important considerations as well. If the coating is breached, rapid corrosion of the carbon steel could occur. The coating manufacturers should always be consulted for advice on selecting the proper coating for a given application as well preparation and application instructions. The best coating available will not work if it not properly applied to a suitably prepared surface. The tank itself must also be designed to accept a coating which usually involves attention to construction details like smooth and flush welds, radius corners, etc.