Anti-Corrosion Coating Market to expand at a healthy 9.41% CAGR from 2020 to 20

Posted by omkar on October 11th, 2019

The Global Anti-corrosion Coatings market held USD 17.8 billion in 2018 and is predicted to reach USD 39.7 billion by 2027 with a CAGR of 9.41% from 2020-2027.  

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Anti-corrosion coatings are used to protect industrial equipment’s against degradation owing to salt spray, humidity, exposure, or oxidation from industrial chemicals. The anti-corrosion coatings ensure the durability and efficiency of the equipment by providing continuous protecting layers to prevent the, form corrosion and abrasion. Currently, this coatings is the most reliable corrosion avoidance methods used by industries.

The anti-corrosion coatings is being widely used in shipbuilding, marine, oil & gas, energy, automotive, and other industries. The increasing use of powder and waterborne anti corrosion coatings has increased the global anti corrosion coatings market share over the years. Also the swelling demand of epoxy coatings from marine, oil & gas, and infrastructure industries has driven the industry size of the market.

The factors including modernization of infrastructure, increasing losses due to corrosion, rising awareness about ecofriendly products, and growing in the end-use industries majorly driven the anti-corrosion coating market. Further, increasing investment by end user industries, superior performance of anti-corrosion powder coating, and developing marine industry in Asia-Pacific has led to rise in the demand of anti-corrosion coating, thereby spurring the anti-corrosion coating market size during the forecast period of 2018 to 2030.  However, environmental regulations, limitations of epoxy anti-corrosion coating, and high cost of raw materials may limit the growth the anti-corrosion coating market. The growing use of anti-corrosion coating in solar and wind energy industry and demand for high-efficiency anti-corrosion coatings will create new opportunities for the market growth in future.

The anti-corrosion coating market is segmented on the basis of technology, type, end user industry, and geography. On the basis of technology, the market is segmented into solvent-borne, water-borne, powder coating, and UV-cured. On the basis of type, the market covers epoxy, acrylic, chlorinated rubber, alkyd, polyurethane, zinc, and others. On the basis of end user industry, the market is classified into aerospace & defense, industrial, marine, oil & gas, infrastructure, automotive & transportation, power generation, and others. Geographic breakdown and analysis of each of the aforesaid segments is included for the regions including North America, Europe, Asia-Pacific, and ROW.

Asia-Pacific region is anticipated to grow with highest growth rate during the forecast period. This is attributable to the factors including growing demand for anti-corrosion coating from the power generation, demand for high-quality infrastructure, demand of the need for maintenance in automotive & transportation industries, and stringent government rules & regulation.

North America is the second leading region in the global aluminum market owing to adoption of solvent-borne & water-borne coatings and demand in power generation industries.

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Comprehensive competitive analysis and profiles of the major market players such as BASF SE, 3M Co., Wacker Chemie AG, AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, The Dow Chemical Company, Hempel A/S, Kansai Paints Co., Ltd, Nippon Paints Co. Ltd., and among others are provided in the anti-corrosion coating market report.