Anti-Corrosion Coatings Market size to increase by USD 7.82 billion between 2022 to 2027, Market Segmentation by Product and Geography, Technavio
NEW YORK, April 17, 2024 /PRNewswire/ -- The global anti-corrosion coatings market size is estimated to grow by USD 7827.04 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.66% during the forecast period. Anti-corrosion coatings are essential for protecting structures from harsh conditions and chemicals. They contain toxic additives like silica, lead, and volatile organic compounds, posing environmental and health risks. Key industries include oil and gas, railways, bridges, roads, and construction. Coating types include water-borne epoxy (WEP), solvent-based, powder, and zinc. Health and environmental concerns drive the shift towards low-carbon, natural gas, and water-borne alternatives. Industries like aerospace, defense, EVs, and renewable energy also utilize these coatings. Raw materials include acrylic, alkyd, polyurethane, and metals.
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The Product segment emerges as the fastest-growing segment in the anti-corrosion coatings market
The Anti-Corrosion Coatings market encompasses various industries, including Oil and Gas, Railways, Bridges, Roads, and Buildings and Construction. With population growth and expanding industrialization, the demand for corrosion-resistant coatings increases. In the Oil and Gas sector, crude oil and natural gas infrastructure are protected from rust, salt spray, moisture, and oxidation using industrial chemicals. Low carbon alternatives, such as waterborne epoxy (WEP), solvent-borne, and powder coatings, are gaining popularity. Acrylic and epoxy materials, zinc coatings, and chlorinated rubber are common raw materials. Other sectors, like Aerospace and Defense, Electric Vehicles (EVs), Maritime, Power Plants, Solar, and Wind Turbines, also rely on anti-corrosion coatings for metal components and architectural metals. Steel demand and offshore expansion drive market growth in the marine sector. Solvent-borne and waterborne anti-corrosion coatings are essential for infrastructure durability in corrosive environments.
The Anti-Corrosion Coatings Market in APAC is experiencing significant growth due to the prevalence of corrosive environments and the extensive use of metal components in buildings and construction, architectural metals, aerospace and defense, electric vehicles (EVs), and various industries such as marine, power plants, solar, wind turbines, and offshore expansion. Key technologies include waterborne epoxy (WEP), solvent-based technology, powder coatings, acrylic material, and epoxy material. Raw materials like acrylic, alkyd, polyurethane, metals, zinc, chlorinated rubber, and oil and gas are in high demand. Epoxy coatings offer mechanical qualities, water resistance, and chemical resistance. The automobile and ink printing industries also utilize anti-corrosion coatings. However, it is essential to consider the environmental impact, with VOC emissions a critical concern. Marine coatings require high abrasion resistance, while the energy sector focuses on petroleum and polyurethanes. Overall, the market is driven by steel demand, infrastructure development, and the maritime sector.
Commenting on the market trends, a Senior Analyst of Technavio, stated," The anti-corrosion coatings market is driven by consumer preference for eco-friendly, bio-based solutions. Developed regions enforce regulations promoting sustainable coatings, particularly in shipbuilding, automobile, and marine industries. Bio-based materials, such as epoxy, polyurethanes, and alkyds, are in demand for their water and chemical resistance. Food packaging, consumer goods, and infrastructure sectors also utilize bio-based coatings due to increasing environmental and regulatory pressures. Key players include PPG and major industries like oil and gas, energy, and railways."
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Analyst Review
The Anti-Corrosion Coatings Market encompasses a range of protective coatings designed to prevent rust, oxidation, and other forms of degradation in various industries. Key sectors include Oil and Gas, where waterborne coatings, such as Waterborne Epoxy (WEP), are commonly used to safeguard infrastructure from salt spray and moisture. In the Railways and Construction industries, epoxy materials and zinc coatings are widely employed to protect against industrial chemicals and corrosive environments. The demand for low carbon and natural gas solutions is driving innovation in this market, with solvent-based technology and powder coatings made from acrylic materials gaining popularity. Buildings and construction, particularly architectural metals, also benefit from these advanced coatings, ensuring durability and longevity in the face of population growth and increasing infrastructure needs.
Market Overview
The Anti-Corrosion Coatings market is a significant sector in the Power and Oil industry. These coatings are essential for protecting against rust and other corrosive elements in various applications. The market consists of various types of coatings, including Acrylic, Epoxy, and Polyurethane. Raw materials used in the production of these coatings include Alkylds, Carbonates, and Silicones. The demand for anti-corrosion coatings is driven by the need to extend asset life and reduce maintenance costs in industries such as Oil and Gas, Power Generation, and Water Treatment. The market is expected to grow due to increasing infrastructure investments and the rising awareness of the importance of asset protection. The market is competitive, with key players including Axalta Coating Systems, PPG Industries, and AkzoNobel. These companies invest in research and development to produce innovative and high-performance coatings. The use of advanced technologies such as Nanotechnology and Self-Healing Coatings is also increasing in the market. In conclusion, the Anti-Corrosion Coatings market is a vital sector in the Power and Oil industry, providing essential protection against corrosion. The market is driven by increasing infrastructure investments and the need to reduce maintenance costs. Key players invest in research and development to produce innovative and high-performance coatings.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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