Anti-corrosion Coatings market to Eyewitness Huge Marginal Growth by 2027

Posted by Mrudula Anil Karmarkar on May 2nd, 2022

The global anti-corrosion coatings market size is anticipated to reach USD 38.6 billion by 2027, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.6% over the forecast period. Rising demand for anti-corrosion coatings in industries, such as oil & gas, building & construction, and marine, is expected to drive the market over the forecast period. The primary purpose of the anti-corrosion coating is to protect the metal substrates from environmental exposures, such as humidity, moisture, and oxidation.

High performance anti-corrosion coatings refer to advanced materials which are used on concrete and metal components in several manufacturing plants which are unprotected from severe corrosive environments, including acid rain. The key segments of the products of the global high performance anti-corrosion coatings market include acrylic coatings, urethane coatings, and epoxy coatings. These coatings are majorly used up in vital industries. The main end-use segments of the high performance anti-corrosion coatings market consist of tanks & pipes, marine, oil & gas, power generation, and construction. In addition, these coatings are employed in oil refineries, pulp & paper mills, chemical plants, public utility works. Anti-corrosion coatings aid in offshore oil drilling rigs & production platforms, protecting ships, and other assemblies used in the marine environments.

The increasing demand for these type of coatings in various industries is expected to benefit the growth of the global market over the next few years. High performance anti-corrosion coatings act as an obstruction from corrosion for substrates which are often exposed to harsh, corrosive settings and high temperatures. The oil & gas business witnessed the maximum demand in 2014 and is projected to be the largest end-use segment of the global high performance anti-corrosion coatings market at the end of the year 2024.

The anti-corrosion coatings find large applications in the oil & gas business, particularly in drilling equipment & machinery, transmission pipelines, surface uses for oil rig modules, and offshore vessels. However, power generation and tanks & pipes are other rapidly emerging segments in the global high performance anti-corrosion coatings market. The utilization of waterborne process technology is forecasted to emerge as one of the feasible alternatives for solvent-borne coatings systems in the anti-corrosion coatings market over the forecast period.This is owing to various factors, such as government initiatives like Make in India, construction of a silk route project connecting Xian, China to Trieste, Italy through both road and marine transportation. In addition, various companies in clean energy production and aerospace are planning to establish manufacturing facilities in India post COVID-19 pandemic, which will support market growth. With the rising number of building & construction projects in North America, particularly in the U.S., demand for electric automotive, and R&D investments for developing advanced, environmentally-friendly anti-corrosion coatings will boost the market growth in North America.

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The rise in disposable incomes and population levels of the buyers in the developing nations, which include, India and China are anticipated to fuel the growth of marine, power generation, and oil & gas segments. As a result, the high performance anti-corrosion coatings market demand will increase on account of their broad application in these segments. Another key driving factor boosting the demand for high performance anti-corrosion coatings include its consumption in the main downstream markets of Asia-Pacific, specifically in the construction of metal and steel infrastructure for transport. However, the volatile prices of raw materials and crude oil which are a derivative of primary petrochemicals are projected to hinder the growth of the global high performance anti-corrosion coatings market over the next few years. Severe regulations by the governmental bodies regarding VOC emissions in the developed countries are also expected to impact the global market adversely.

Anti-corrosion Coatings Market Report Highlights

• The global market was valued at USD 27.2 million in 2020 and is estimated to register a CAGR of 4.6% from 2020 to 2027
• The marine application segment is expected to witness the fastest CAGR of 5.3% over the forecast period in terms of revenue
• The high CAGR is attributed to the rising spending on navy defense infrastructure across developed and developing countries and rising cross border trade through marine transportation
• The oil & gas application segment accounted for the largest share of over 36% in 2020 and will retain the dominant position throughout the forecast years
• This is credited to rising product demand in the oil & gas sector due to the presence of Sulphur in the crude oil, which causes corrosion in pipelines, vessels, and containers
• The Asia Pacific accounted for the maximum market share of over 36% in 2020. India, in particular, is estimated to witness the fastest CAGR 5.8% from 2020 to 2027

In 2014, epoxy coatings witnessed the maximum demand among all the product segments, holding more than 55% stake of the overall high performance anti-corrosion coatings market. While over the next few years, acrylic coatings product segment will be the most rapidly growing segment and has been estimated to fuel the global market growth. Furthermore, Asia-Pacific was observed to be the largest regional market for the high performance anti-corrosion coatings in 2014. The region is additionally forecasted to continue the trend and be the local market leader over the next few years.

The rise of the major application segments such as construction, power generation, oil & gas, and marine is predicted to increase the demand for high performance anti-corrosion coatings market over the forecast period. Europe and North America are expected to witness a stabilization of the application for these surfaces owing to end-user market getting saturated as well as the strict governmental regulations in these regions. This stabilization in the market growth can be attributed to the power generation industry by the end of the year 2024. The Middle East & Africa is likely to be the fastest growing market while Latin Africa is projected to observe a moderate growth rate. The major companies operating in the global high performance anti-corrosion market includes AkzoNobel, The 3M Company, DuPont, Chugoku Marine Paints, Ltd., Jotun A/S, Nippon Paint Co. Ltd., COSCO Kansai Paints, Hempel A/S, PPG Industries, BASF, and Sherwin-Williams.