ID: MRFR/CnM/2219-HCR | February 2021 | Region: Global | 140 pages
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 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.
The major global companies playing a key role in the anti-corrosion coating market are :
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.
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.
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.
The specific objectives of this market report on the global anti-corrosion coating market are given below:
Anti Corrosion Coating Market (2016-2023) (USD Billion) Source: MRFR Report
Segmentation of the global anti-corrosion coating market, by type
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
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
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.
The different regional markets for the global anti-corrosion coating market are:
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.
This report will be beneficial for every stakeholder of the anti-corrosion coating market such as :
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.
|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|
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.