The global anti-corrosion coating market was valued at $22.8 billion in 2019, and is projected to reach $41.2 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.
Corrosion leads to spontaneous reaction between a material and its environment, resulting in deterioration of mechanical properties of the material. Anticorrosion coatings prevent this deterioration of materials such as composites, alloys, metals, polymers, and ceramics, which occurs due to oxidation, moisture, salt spray, industrial chemicals, or exposure to various environmental conditions. These coatings possess properties including abrasion resistance, gloss retention, and are lightweight; thus, improving the lifespan and performance of the materials. Use of these coatings results in increased efficiency of industrial operations, conservation of scarce material resources, cost reduction, and reduction in pollutant emissions. An anticorrosion coating functions by forming a barrier between the substrate material and environment, inhibiting the corrosion processes.
Growing investment in construction activities across emerging economies, such as India, China, and Brazil, and development of the automotive market drive the growth of this market. Emergence of China as a global manufacturing hub is also offering profitable growth opportunities to anti-corrosion coating market. However, usage of solvent-borne anti-corrosion coatings containing other toxic heavy metals has declined progressively in the last decade due to stringent environmental regulations. This factor is hampering the growth of this to some extent and the similar trends are anticipated during the forecast period.
The global anticorrosion coating market is segmented on the basis of type, technology, end-user industry, and region. By type, the market is classified into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others (silicates, fluorocarbons, co-polymers, graphene, ceramic, and glass flakes). On the basis of technology, it is categorized into solvent-borne, waterborne, powder, and other anticorrosion coatings. According to end-user industry, it is divided into marine, oil & gas, industrial, construction, energy, automotive, and others. The energy end-user industry is sub segmented into power plants, solar energy, and wind turbines. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global anti-corrosion coatings market are AkzoNobel N.V., BASF SE, Hempel Holdings A/S, Kansai Paints Co. Ltd., NIPPON PAINT HOLDINGS CO. LTD., PPG Industries Inc., The Dow Chemical Company, The Sherwin-Williams Company, WackerChemie AG, and 3M.
KEY BENEFITS FOR STAKEHOLDERS
_ The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global anti-corrosion coating market from 2018 to 2026 to determine the prevailing opportunities
_ A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
_ Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume
_ Profiles of leading players operating in the market are provided to understand the global competitive scenario
_ The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
KEY MARKET SEGMENTS
- By Type
_ Chlorinated Rubber
- By Technology
_ Others (High-Energy Cure Coatings and Nanocoatings)
- By End-User Industry
_ Oil & Gas
- By Region
- ·North America
_ Rest of Europe
_ South Korea
_ Rest of Asia-Pacific
_ Rest of LAMEA
Key Market Players
- AkzoNobel N.V.
- BASF SE
- Hempel Holdings A/S
- Kansai Paints Co. Ltd.
- NIPPON PAINT HOLDINGS CO. LTD.
- PPG Industries Inc.
- The Dow Chemical Company
- The Sherwin-Williams Company
- WackerChemie AG