Anti-Rust Coating Market is projected to be worth USD 42.5 Billion by 2027, registering a CAGR of 8.40% during the forecast period (2020 - 2027).
Anti-rust Coating Market Overview
Anti-Rust Coating Market is projected to be worth USD 42.5 Billion by 2027, registering a CAGR of 8.40% during the forecast period (2020 - 2027). The anti-rust coating helps slow down or prevent the electrochemical reactions that adversely decorate metals' structural integrity and change their corrosion-induced appearance. The anti-corrosion coating property applies across diverse end-user industries such as marine, oil & gas, industrial, construction, energy like power plants, solar, wind turbines, automotive, etc. The discussion includes a detailed description of the different technologies used to produce anti-corrosion coating. Solvent-borne, waterborne, powder anti-corrosion coating, and high-energy cure coating are widely used technologies.
The global anti-rust coating market growth is expected to witness profitable opportunities during the forecast period, owing to an increase in demand for steel in the construction & automotive industry. In addition, an increase in offshore growth, a growing marine industry in Asia-Pacific and North America, and infrastructure upgrading across different regions boost the global demand for anti-corrosion coating during the forecasted period. However, the risks also led to increased government regulations that restrain the growth of anti-corrosion coatings. The ongoing research and development to produce bio-based anti-corrosion coatings are expected to provide lucrative growth opportunities.
Some of the prominent manufacturers in the global market of anti-rust coating are Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), Axalta Coating Systems Ltd. (U.S.), BASF SE (Germany), The Sherwin-Williams Company (U.S.), Ashland Inc. (U.S.), Kansai Paint Co., Ltd. (Japan), Hempel A/S (Denmark), Nippon Paints Co. Ltd (Japan), Jotun (Norway), RPM International Inc. (U.S.), DowDupont (U.S.), Bluechem (Africa), Chugoku Marine Paints Ltd. (Japan), and Clariant (Switzerland).Market Overview
Anti-Rust Coating Market is expected to witness healthy growth during the forecast period (2017-2023). Anti-rust coating is a preventive coating used for protecting metal components against degradation due to moisture, humidity, salt spray, and oxidation to a variety of environmental or industrial chemicals. Anti-rust coating inhibits the contact between chemical compounds or corrosive materials.
The global anti-rust coating market is majorly driven by its growing demand in various sectors such as marine, infrastructure, transportation, aerospace & defense, and others. Among these, the marine is the leading segment due to the high demand for anti-rust coating in shipbuilding and boat repairing. Additionally, the increasing demand for residential construction by the growing population is expected to propel the market growth further. The use of anti-rust coating for durable, scratch resistant, and finished appearance in an automobile is another driver of the market. The transportation of oil & gas through pipelines increases the demand for anti-rust coating, which is expected to drive the market growth during the review period. The increasing use of anti-rust coating in above mentioned end-use industries coupled with technological advances is likely to propel the market growth during the assessment period 2017-2023. However, fluctuating raw material price and stringent environmental regulations may hamper the market growth over the review period.
Global Anti-rust Coatings Share by the Technology (%)
The global anti-rust coating market is segmented into five key regions Asia Pacific, Latin America, North America, the Middle East & Africa and Europe.
The Asia Pacific is the leading region in the global anti-rust coating due to the increasing demand from end-use industries such as infrastructure, automotive, and transportation. Developing countries such as China, India, Japan, and Indonesia are expected to fuel the market growth on account of modernization of infrastructure, growing demand from end-use industries coupled with growing population. China is the largest market in the regional market, terms of value due to its rapidly growing building and construction industry in this region. China is followed by India, Japan, Thailand, Vietnam, and others due to the huge demand for the product in shipbuilding, marine, infrastructure, and automotive, sectors.
Latin America is expected to showcase positive growth owing to the increasing industrial activities in the marine and oil & gas industries, especially for on & offshore drilling machinery and the presence of a large number of oil deposits in Brazil and Venezuela.
The U.S. is the major contributor to the anti-rust coating market due to its expanding applications in the automotive industries in the North American region.
The Middle East & Africa is projected to witness a considerable market growth on account of the presence of abundant oil & gas reserves and petrochemical resources during the forecast period.
Europe is expected to experience slow growth owing to the stringent environmental regulations. For instance, under Directive 2004/42/CE of the European Parliament on the limitation of emissions of volatile organic compounds due to the use of organic solvents in certain paints and varnishes and vehicle refinishing products. These regulations are cited as European Union (Paints, Varnishes, Vehicle Refinishing Products and Activities) Regulations 2012. Nevertheless, Eastern Europe wherein Russia is the only driver of the anti-rust coating market due to the growing demand from industrial, decorative, and others applications.Recent Development
|Market Size||2030 : Significant Value|
|CAGR||2030: Significant Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Technology, End-use Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), Axalta Coating Systems Ltd. (U.S.), BASF SE (Germany), The Sherwin-Williams Company (U.S.), Ashland Inc. (U.S.), Kansai Paint Co., Ltd. (Japan), Hempel A/S (Denmark), Nippon Paints Co. Ltd (Japan), Jotun (Norway), RPM International Inc. (U.S.), DowDupont (U.S.), Bluechem (Africa), Chugoku Marine Paints Ltd. (Japan), and Clariant (Switzerland)|
|Key Market Opportunities||Increasing demand for residential construction by the growing population|
|Key Market Drivers||Growing demand in various sectors such as marine, infrastructure, transportation, aerospace & defense, and others|
The Asia Pacific market would lead the charge for the anti-rust coating market.
The marine segment would lead the global anti-rust coating market charge.
Dwindling raw material price and stringent measures to maintain safe environmental standards can hold back the anti-rust coating market from achieving normal growth?
Eminent players like Axalta Coating Systems Ltd. (U.S.), Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), BASF SE (Germany), Hempel A/S (Denmark), Ashland Inc. (U.S.), Kansai Paint Co., Ltd. (Japan), Jotun (Norway), RPM International Inc. (U.S.), Chugoku Marine Paints Ltd. (Japan), Nippon Paints Co. Ltd (Japan), Bluechem (Africa), DowDupont (U.S.), and Clariant (Switzerland) would take the global anti-rust coating market further ahead by implementing strategic changes.
The effective measures would be acquisition, bio-friendly product launch, collaboration, better innovation, merger, brand positioning, a surge in R&D investment, and others. These would help players to lead the market ahead.