Anti Corrosion Coating Market Research Report-Forecast to 2030

Anti Corrosion Coating Market Information- by Type (Epoxy, Zinc, Acrylic, Silicone, Polyurethane Alkyd, Chlorinated Rubber, and Others), Application (Water-Based Coating, Solvent-Based Coating, Powder Coating, and Others), End User Industry (Oil & Gas, Shipbuilding, Marine, Energy, Transport, Automotive, and Others) and Region Forecast till 2030

ID: MRFR/CnM/2219-HCR | February 2021 | Region: Global | 140 pages

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Anti Corrosion Coating Market Overview


The  Anti Corrosion Coating Market is projected to be worth USD 45 Billion by 2030, registering a CAGR of 11% during the forecast period (2022 - 2030), The market was valued at USD 28.17 billion in 2021.


Anti-corrosion coatings are of prime importance as almost every industry has metal components. These coatings prevent the degradation of metal surfaces from moisture, salt, and corrosive chemicals.


Anti-corrosion coating forms a barrier to prevent contact of degrading agents with metal surfaces. There is a huge demand for these chemicals in various end-user industries namely marine, oil & gas, automotive, etc.These coatings reduce about 60-70 % of corrosion losses to such industries.


With rapid infrastructure development and the growth of the automotive sector, the demand for anti-corrosion coating has risen


Covid 19 Analysis


Covid 19 had a severe impact on the global coatings market. The poor performance of major end-user industries like automobile, oil & gas, power generation during the period led to falling in overall market demand for anti-corrosion coatings. The restrictions on travel and movement of goods were the major cause of losses in the coatings market. These restrictions also disrupted the supply chain causing widespread irregularities in demand fulfillment. 


The halt in the production process to curb the virus spread decreased production of anti-corrosion coating materials causing a shortage in the market. However, the market has shown a significant uprising after the relaxation of restrictions globally. The market is expected to surpass the pre covid growth rate within a short span.


Competitive Landscape


The major global companies playing a key role in the anti-corrosion coating market are :



  • 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)


Market Dynamics


Drivers


The rapid growth of major end-user industries like automotive, marine, oil & gas, and construction is the major growth driving factor for the global anti-corrosion coating market. Growing infrastructure development in developing economies is generating huge demand for metals and so for anti-corrosion coating. The significant growth of the automotive and transportation industry is also helping the market to expand.


The technological advancements in coating technology are propelling the market growth. Newer and efficient technologies such as spray coating reduce resource wastage and are more efficient in the coating.


Restraints


Harmful environmental effects and risks of health hazards for some chemicals used as anti-corrosion coating are the major hindrances to the growth of the global anti-corrosion coating market. Moreover, high coating cost for other methods of coating except surface painting is a potential restraining factor. Furthermore, volatile prices of raw materials used for manufacturing coating chemicals will also hamper the market growth. 


Technology Analysis


Anti-corrosion coatings are compounds used for protecting metal surfaces against natural degradation. These coatings form a barrier between corrosive agents and metal surfaces thereby preventing degradation reaction. Anti-corrosion coatings provide additional benefits of abrasion resistance, protection from degrading chemicals, non-stickiness, etc. These coatings are the cheapest and the most used method to prevent huge losses due to corrosion.


Metal Corrosion is a destructive natural hazard that causes annual losses of around USD 2.5 trillion globally. Therefore, to prevent such gigantic losses different anti-corrosion methods are employed out of which anti-corrosion coatings are most effective. These coatings find extensive use in & gas, shipbuilding, marine, energy, transport, and automotive industry. Anti-corrosion coatings enhance the service life of metal objects and make their maintenance easier.


Study Objectives


The specific objectives of this market report on the global anti-corrosion coating market are given below:



  • To provide a complete overview of the anti-corrosion coating market.

  • To analyze and forecast the anti-corrosion coating market in terms of value and volume.

  • To provide information about the impact of covid 19 on the market.

  • To identify the problems and prospects of the anti-corrosion coating market.

  • To give details about the technological know-how of the product.

  • To provide information about the regional market and potentially growing segments.

  • To identify the key players of the anti-corrosion coating industry.


Anti Corrosion Coating Market (2016-2023) (USD Billion) Anti Corrosion Coating MarketSource: MRFR Report


Segment Analysis


Segmentation of the global anti-corrosion coating market, by type



  • Epoxy

  • Polyurethane

  • Acrylic

  • Alkyd

  • Zinc

  • Chlorinated Rubber

  • Others


Epoxy coatings are cost-effective and are resistant to a wide number of chemicals. These coatings dominate the market due to their favorable properties. The epoxy coating gives a smooth finish and is resistant to heat and water. These coatings have wide application in various end-user industries including building and construction, automobile, and oil & gas industry. 


Segmentation of the global anti-corrosion coating market, by the end-user Industries



  • Marine

  • Oil & Gas

  • Industrial

  • Infrastructure

  • Power Generation


The oil and gas segment dominates the global anti-corrosion coating market by occupying about 40 % of the global market share. This dominance is due to the extensive use of corrosion protectants in this industry.  There is a constant demand for anti-corrosion coating for preventing corrosion in transportation and drilling pipes. The need to work in saltwater multiplies the demand for anti-corrosion coating for this industry.  According to a study by NACE the oil and gas industry has to suffer an annual loss of around USD 1.3  billion due to corrosion.   


Segmentation of the global anti-corrosion coating market, by application



  • Water-Based Coating

  • Solvent-Based Coating

  • Powder Coating

  • Others


The solvent-based coating segment leads the global anti-corrosion coating market by application. This coating method uses organic compounds as solvents which dry up while reacting with oxygen. This is a quick method of coating that requires less drying time. However, with growing concern about the health hazards of VOCs ( Volatile Organic Compounds), it is slowly being phased out of the market. The Powder Coating segment is estimated to grow at a faster rate over the forecast period owing to its advantages of less resource wastage and uniform coating. 


Regional analysis


The different regional markets for the global anti-corrosion coating market are:



  • North America

    • US

    • Canada

    • Mexico





  • Latin America

    • Brazil

    • Argentina





  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe





  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Rest of Asia-Pacific





  • Rest of the world ( RoW )

    • The Middle East

    •  




The Asia Pacific is the largest regional market for the global anti-corrosion coating market. This dominance is due to rising industrialization and rapid economic development in this region. The greater prevalence of the automobile manufacturing and power industry is fuelling market growth. Moreover, investments in the development of the oil and gas industry by government and private companies are likely to create better market prospects.


The North American segment is the second-largest contributor to the global anti-corrosion coating market. The good presence of the oil and gas industry, power generation industry, automotive, and aerospace industry make this region one of the leading segments.


Europe is a significant market for anti-corrosion coating. The European anti-corrosion coating market share is increasing at a CAGR of 4.2 % annually over the forecast period. The demand from the automotive and construction industry is fueling the market growth here.


The Middle East segment is also showing exponential growth in the anti-corrosion coating market share owing to the widespread presence of the oil and gas industry. The Latin American segment and the Middle East region are also expected to show moderate growth over the forecast period. 


Recent Developments



  • January 28, 2020 - Milliken & Company (the US), a diversified industrial manufacturer, announced the acquisition of a US-based global specialty chemicals company Borchers Group Limited from Jordan Company, L.P. Borchers is, known for its innovative high-performance coating additives & specialty catalyst solutions. The acquisition will accelerate the solution range of the Company.

  • January 14, 2020 - Micro Powders, Inc. (the US), a leading paints & coating company launched its new product - GraphShield 730, a next-generation anti-corrosion additive for powder coating applications. GraphShield 730 is developed in collaboration with Garmor, Inc. (the US), a leading manufacturer of low-cost graphene oxide and technology solutions developer.

  • October 19, 2019 - Alltimes Coatings Ltd. (the UK), an importer, distributor, and agent of waterproof coatings, launched its Advantage Graphene liquid coatings roofing system. Developed by the incorporation of AGM’s graphene technology, the new The Advantage Graphene system is equipped with enhanced anti-corrosion performance.


Intended Audience


This report will be beneficial for every stakeholder of the anti-corrosion coating market such as :



  • Manufacturers of anti-corrosion coating materials

  • Chemical Industries

  • Corrosion prevention Research and Development Institutes

  • Raw material suppliers for the coatings industry

  • Traders and Distributors

  • Potential Investors

  • End users


Report Overview


This report provides an in-depth analysis of the anti-corrosion coating market in terms of current value and future forecast. We have also identified the problems and prospects of the given market.


Moreover, technological analysis of the product will greatly help in knowing the product better and in decision making.


This report contains a detailed analysis of every segment of the anti-corrosion coating market for the current forecast period. Furthermore, this report has also highlighted the key players and the current developments in the anti-corrosion coating market. 



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2021: USD 28.17 Billion
  • 2030: USD 45 Billion
  •   CAGR   11%(2022–2030)
      Base Year   2019
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   By Type, By Application, By End Use and By Region
      Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   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), and Others.
      Key Market Opportunities   The corrosion resistant coatings have concerned for many years due to its durability and efficiency.
      Key Market Drivers   Increasing in demand of marine and shipbuilding industry


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    Frequently Asked Questions (FAQ) :

    The rapid growth of major end-user industries like automotive, marine, oil & gas, and construction is the major growth driving factor for the global anti-corrosion coatings market.

    The Asia Pacific is the largest regional market for the global anti-corrosion coating market. This dominance is due to rising industrialization and rapid economic development in this region.

    Epoxy coatings are cost-effective and are resistant to a wide number of chemicals, therefore, are expected to have the highest market value over the forecast period.

    The major global companies playing a key role in the anti-corrosion coating market are : ● 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) ● BlBlucherSouth Africa) ● RPM International Inc.(US) ● Others.