Anti-Corrosion Coating Market Growth of USD 33.27 Billion, CAGR of 5.3% to 2023

Posted by Moin Patni on October 20th, 2018

Anti-Corrosion Coating Market

Anti-Corrosion Coating Market Highlights: Anti-Corrosion Coating Market is expected to witness a significant growth of USD 33.27 Billion by 2023 with CAGR of 5.3% between by 2023.

Anti-Corrosion Coatings Industry is primarily being driven by a boom in residential construction activity in the world and growing automotive industry in the Asia Pacific region. In addition to this, increasing spending capacity of people in turn is expected to benefit the major applications in which Anti Corrosion Coatings and preservatives are used – namely metals like steel, aluminium, titanium among others.

Anti-Corrosion Coatings Market contest the destructive effects of corrosion on metal providing protection to the substance/equipment used in the various industries such as energy industry (oil, gas, coal, nuclear, hydro, biomass, and other renewable energy sources) Shipbuilding & Marine industry, Transport & Automotive industries that are constantly confronted to the extreme weather conditions and so to the threats of corrosion. Since weather conditions differ depending upon the various regional locations; Anti Corrosion Coatings are specially designed to match various expected conditions.

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Anti-Corrosion Coating Market Key Players: Anti-Corrosion Coating Market is driven by some of the leading players operating in the market including: 3M (US), BASF SE (Germany), Hempel Group (Europe), Kansai Paint Co., Ltd (Japan), PPG Industries (US), The Dow Chemical Company (US), Wacker Chemie AG (Germany), Valspar (US), Bluchem (South Africa), RPM International Inc. (US) With their sedulous work these fervent players are constantly bringing up novelties in Anti Corrosion Coating. Acknowledging their contribution, MRFR has profiled them in their Analysis.

Anti-Corrosion Coating Market Segment Analysis: Anti-Corrosion Coating Market has been segmented into type, application, and end use industries. On the basis of types, the market has been divided into epoxy, zinc, acrylic, silicone, polyurethane alkyd, chlorinated rubber, and others (fluorocarbons, co-polymers, grapheme, ceramic, and glass flakes). Above all the type’s epoxy anti-corrosion coating is highly in demand owing to its features such as water resistance, extensive corrosion protection, and adhesion to steel due to this it is extremely applicable in marine industry through numerous region. After epoxy anti-corrosion coating.

Segmentation by Type: Comprises Epoxy, Zinc, Acrylic, Silicone, Polyurethane Alkyd, Chlorinated Rubber, and Others (fluorocarbons, co-polymers, grapheme, ceramic, and glass flakes).

Segmentation by Application: Comprises Water-Based Coating, Solvent-Based Coating, Powder Coating, and others (antifouling coatings, high-energy cure coatings, Nano-coatings).

Segmentation by End User Industry: Comprises Oil & Gas, Shipbuilding, Marine, Energy, Transport, Automotive, and others (pipes & tanks, power plants, wastewater treatment plants, wind turbines, construction)

Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Anti-Corrosion Coating Market Synopsis: These are widely used in energy industry including oil, gas, coal, nuclear, hydro, biomass, and other renewable energy sources, as they provide protection to the equipment used in the industry from extreme weather conditions. For instance, equipment required in hydropower generation plants is in direct contact with water and atmospheric moisture, which makes them vulnerable to corrosion.

Anti-Corrosion Coating Market Application: Anti-Corrosion Coating has found numerous applications such as oil & gas, shipbuilding, marine, energy, transport, automotive, and others. Increasing demand of marine and shipbuilding industry is likely to drive the Anti-Corrosion Coating has found numerous applications such as oil & gas, shipbuilding, marine, energy, transport, automotive, and others. Increasing in demand of marine and shipbuilding industry is likely to drive the anti-corrosion coating market growth. Furthermore, rising offshore production, growing marine industry in Asia Pacific and North America region, and upgrading of infrastructure through various region has boosted the global Anti-Corrosion Coating market over the forecasted period.

Anti-Corrosion Coatings needs to be protected against mechanical, physical and chemical attack is the reason why we coat the Anti-Corrosion. There is verity of demands on Anti Corrosion coatings. The demand for materials for exterior application are different to those for products for interior applications. To fulfil this demand, several types of binders and additives are available. Furthermore, the application technology used depends on both the binder and the market. Improvement in sustainability, reduction of harmful substances and reduction of volatile organic compounds (VOC) are some of the general trends as per the requirement and regulations in global anti-coating market. The relative importance of the various trends in anti-corrosive market depends on the governmental regulations in regions and on consumer need.

Some metals and alloys, such as steel, Iron, aluminium, and magnesium, are extensively used in oil & gas, shipbuilding, marine, energy, transport, automotive, and others which are often at the threat of corrosion. Many techniques have been used to shield such metals from corrosion. The corrosion resistant coatings have concerned for many years due to its durability and efficiency. The various corrosion coatings have been produced and tried in an attempt to contest the destructive effects of corrosion on metal. Due to the variations in the physical and chemical properties of the different types of metals and alloys, each coating is dependent on the type of metal it is applied to and the application such as water-based coating, solvent-based coating, powder coating, and others in which it is exposed.

Owing to the rising demand for the sustainable/ alternative energy generation sources such as hydro, biomass etc. energy industry is booming fuelling the demand for Anti Corrosion Coatings which coupled with the demand from other burgeoning industries like Marine & Automotive industry, is driving the market growth of Anti Corrosion Coatings; which will further convert the market in to a vastly expanded place in the years to come.

Anti-Corrosion Coating Market Regional Analysis: Asia Pacific is the largest market of Anti-Corrosion Coating due to demand in various applications such as marine and shipbuilding industry in China region followed by Japan, and India. APAC has increasing demand for water-based coating and solvent-based coating specifically in India, Taiwan, and South Korea. On the other hand, North America region is the second highest production region for water-based coating and solvent-based coating. The third largest market of Anti Corrosion Coating is Europe followed by Latin America and Middle East. Latin America witnessed inclining growth of Anti Corrosion Coating market due to various applications such as oil & gas, shipbuilding, marine, energy, transport, automotive, and others.

Anti-Corrosion Coating Market Competitive Analysis: Anti-Corrosion Coating appears to be highly fragmented and competitive. Though the large companies have a great geographical presence, the entry of several new companies will pose a stiff competition to them.  Emphasising upon new product development initiatives, and geographical expansion; Marketers compete based upon price and brand reinforcement. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players strive to develop a wide range of diverse products each intended for a particular purpose.

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