At 4.7% CAGR, Anti-Corrosion Coatings Market to hit USD 40.71 Billion in 2028, Says Brandessence Market Research

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Jun 15, 2022, 09:00 ET

LONDON, June 15, 2022 /PRNewswire/ -- Rising investments in the construction sector and growth in the automotive and aerospace industry are some of the major factors driving the growth. Anti-Corrosion Coatings Market Size, Share, Companies & Trends Analysis Report By Technology (Solvent-Based, Water-Based, Powder), By Material (Acrylic, Alkyd, Polyurethane, Epoxy, Zinc), By Application (Oil & Gas, Marine, Building & Construction, Automotive & Rail, Aerospace And Defence), Based On Region And Segment Forecasts, 2022 – 2028, Market Research Report Published by Brandessence Market Research.

Key Highlights

Anti-Corrosion Coatings Market is valued at USD 29.51 Billion in 2021.
Anti-Corrosion Coatings Market Size is expected to reach USD 40.71 Billion by 2028.
Anti-Corrosion Coatings Market is Growing at CAGR of 4.7% over the forecast period.

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Anti-corrosion Coatings Market: Market Scope

The global anti-corrosion coatings market has been seeing a continuous amount of growth in the recent past and we can expect the market to grow continuously in the coming years too. The reason for the growth is the growing demand for anti-corrosion coatings in the label and tag application which is going to augment the growth of a market in the coming years. The anti-corrosion coatings are a particular class of materials which are categorized by its impact resistance being excellent. This along with the abrasion resistance and corrosion resistance is a big factor on how the global anti-corrosion coatings market is going to growth. These coatings may be epoxy based, water based or in the powder form. The coatings also aid in the creation of a barrier in between the metal surfaces. This way it protects the substrate from any sort of corrosion.

Anti-corrosion Coatings Market: Key Drivers

Anti-corrosion coatings can also be used for the protection of metal components from the structural failure which is caused by corrosion. This is a product which is consumed heavily where the metals are in larger quantities like in the automotive and infrastructure and oil and gas. The biggest challenge for the end-user industries is to choose the coatings that are anti-corrosion which have little impact on the environment. Hence, the demand for the waterborne anti-corrosion coatings is going to rise significantly in the coming years.

The anti-corrosion coatings are going to exhibit dependence on the industrial production and the spending on construction. The anti-corrosion coatings demand has been rising rapidly in the emerging countries. The rapid growth can be attributed to the large domestic markets and strong growth in the regional economies.

Anti-corrosion Coatings Market: Competitive Analysis

In the global anti-corrosion coatings market, a few companies are going to lead the pack. AnCatt, Valspar, Sokema, AICA Kogyo, Nippon Paints , Chugoku Marine, Tnemec, The Sherwin-Williams Company, Kansai Paints, RPM International, PPG Industries, Axalta Coating, Jotun, Hempel, Akzonobel, Ashland among others. These companies try to make their products environment friendly to make them more acceptable and comply with the laws of the different governments in relation to the market.

Key Players for Global Anti-Corrosion Coatings Market Report:

Some of the key players for global anti-corrosion coatings market are

Akzo Nobel N.V.
Ashland
Axalta Coating Systems, LLC
BASF SE
Hempel A/S
Jotun
Kansai Paint Co., Ltd.
PPG Industries, Inc.
RPM International Inc.
The Sherwin-Williams Company
Others

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Moreover, the consumption per capita of metal has been rising in many of these regions because of the strong economic push and the rise in per capita income all over the world. In many matured markets like the European and North American markets, the Anti corrosion coatings demand has been tied with the end user industry growth and consumption of metals. Therefore, the rise in consumption of metals is going to drive the overall growth of the market in the years to come. Anti-corrosion coatings also provide protection the equipment which is used in the energy industry from different weather conditions. Furthermore, the developing nations are going to depend more on the conventional source of energy generation like coal power and derivatives of crude oil.

Anti-corrosion Coatings Market: Key Trends

The moisture protection in the ambience and the application offshore will be likely to grow in the coming years. Though, the volatility of price of petrochemical feedstock in addition to the stringent regulations related to the use of anti-corrosion coatings will be a few factors that are going to restrain the share of the market. There is significant investment being made in the research and development of the different aspects of the market and many public and private players are still investing heavily in it. They are therefore looking at a situation where they can make their product better and overcome all hindrances which exist for the market.

Anti-corrosion Coatings Market: Segmentation Analysis

In terms of segmentation, the epoxy segment has been expected to be the biggest segment. The reason for it to give the biggest amount of revenue is how widely it is used due to their excellent resistance to the chemicals in varied environments. The epoxy coatings possess great protection when they're exposed to a harsh environment and are therefore used widely in the marine industries.

Polyurethane was the segment which trailed epoxy and it is also going to continue to grow because it has the great abilities of fast cure and durability. The coatings have been used widely near the marine areas. They are mainly used for preventing the corrosion of substrates and avoiding the metal loss. These are resins that have enhanced solvent and chemical resistive properties which are superior to the conventional epoxies in the acid resistance.

Polyurethane finish coats are durable with the gloss retention ability being effective and its nature being non-yellowing. Further, the water-based coatings have been also made non-flammable making it desirable in the environments which are combustible. The water-based segment is also growing fast because of the environment regulations on the usage of solvent-based coatings has led to the increase in use of the coatings which are water based and in turn, it adds to the revenue.

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Global Anti-Corrosion Coatings Market Segmentation:

By Technology

Solvent-based
Water-based
Powder
Others

By Material

Acrylic
Alkyd
Polyurethane
Epoxy
Zinc
Others

By Application

Oil & Gas
Marine
Building & Construction
Automotive & Rail
Aerospace and Defence
Others

Anti-corrosion Coatings Market: Regional Analysis

The largest market in terms of region was the Asia Pacific market and it is also the fastest growing region. the reason for the growth is the population and consumption which is happening particularly in China. The production increases with increased consumption. The biggest giants in the multinational arena and the manufacturing ships have many production bases in China which makes it among the biggest exporter to the other part of the world. the anti-corrosion coatings have great demand in the Asia Pacific. The demand comes from the shipping industry primarily and from the infrastructure arena where the investment keeps increasing in this region. Growing population in countries like China, India and South Korea has created a need for increasing housing and public infrastructure.

The European and North American regions are also expected to gain decent amount of growth in the coming years. What leads the presence is the shipping sector. Trade activities elsewhere in the Latin American region is going to also grow the market particularly in Brazil and Mexico where growth will be significant.

On Special Requirement Anti-Corrosion Coatings Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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