Anticorrosion Coatings Market size is forecast to reach $ 23,263.19 million by 2025, after growing at a CAGR of 5.54% during 2020-2025. Major factors driving anticorrosion coatings demand includes growth in construction project, expansion of oil and gas activities in Asia pacific and North America and growth in automotive production. According to OICA in 2018, global light commercial vehicles production increased from 19,482,394 to 20, 635,799 i.e., 5.9% higher from 2017. Asia Pacific road projects such as the Bharathmala project, in India, and the ongoing Belt and Road project, in China are also increasing the consumption of anti-corrosion coatings. Furthermore, increasing government regulations on VOC emission is creating need to develop coatings with low VOC emission and enhanced corrosion properties which is expected to influence the global anticorrosion coatings market growth in the coming year. However fluctuation in raw materials prices is expected hinder market growth. 
 
Raw Material - Segment Analysis
 
Resin Type segment held the largest share in the anticorrosion coatings market in 2019. The Epoxy resin is the widely used resin in the anticorrosion coatings market, owning to its extensive properties such as excellent chemical resistance, low porosity, anti-sagging, strong adhesion, durability and bond strength. Epoxy resins have distinct advantages such as low shrink during cure, excellent moisture, good electrical property, augmented mechanical and fatigue strength, no VOCs, long shelf life and more which provide them an edge over the other thermoset or thermoplastic resins. Epoxy anticorrosion coatings derive their use in various applications pertaining to steel industry as well which include plash zones, refineries, power plants, bridges, buildings and mining equipment and more. Furthermore, epoxy paint systems also deliver advanced corrosion resistance for crucial oil and gas components and structures operating in corrosive environments. 
 
Technology - Segment Analysis
 
Solvent-borne technology held the largest share in the anticorrosion coatings market in 2019, as these coatings are widely used in several applications and exhibit more toughness among others. These coatings have one major advantage over water-based coatings, i.e., they are less susceptible to environmental conditions such as temperature and humidity during the curing phase. However, solvent borne technology may witness a downturn due to the stringent volatile organic compounds (VOC) regulations imposed by government bodies such as Environmental Protection Agency (EPA) and Registration Evaluation Authorization and Restriction of Chemicals (REARC). Waterborne technology is gaining popularity during the forecast period, as it possess low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).
 
Application - Segment Analysis
 
Oil & Gas is the dominant application for anticorrosion coatings market and is anticipated to grow at a CAGR of 3.86% through the forecast period.  The applications for anticorrosion coatings for the oil & gas includes drilling, wellhead, sub-sea equipment, pipelines and others. In oil & gas industry, corrosion in the pipelines or storage system due to reactive chemicals or organic salt in the oil can eventually cause a loss of containment of process fluids or can lead to serious accident affecting workers, environment and economy. Therefore, to reduce the risk of corrosion and safe guard the equipment containing crude oil and protect the whole refinery process, anticorrosion coatings are widely used in this industry. However, oil & gas industry is facing huge crisis due to COVID-19 outbreak, as most of countries have issued “stay at home guidance” i.e., lockdown, which is impacting oil & gas industry operations. Thus, limiting anticorrosion coatings market growth. 
 
Request for Sample of the Report @ https://www.industryarc.com/pdfdownload.php?id=11671

Report Price: $ 4500 (Single User License) 

Geography - Segment Analysis
 
Asia Pacific held the largest share in the Anticorrosion Coatings market in 2019, up to 56%, owning to growth in construction projects and rising automotive production in countries such as India, Malaysia and others. Surge in economic losses owning to corrosion of structure has increased the usage of anticorrosion coatings in construction and infrastructure sector. These coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion. Construction projects and investments in Asia Pacific region is significantly increasing, which is driving Anticorrosion coating market. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. In addition, in February 2020, the Asian Development Bank approved a loan of $631 million to develop the Vishakhapatnam-Chennai industrial corridor. Furthermore, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing Anticorrosion coating market growth. In addition, according to OICA, automotive production in countries such as India, Indonesia, and Malaysia has increased by 8%, 10.3% and 12.2% up to 5,174,645, 1,343,714 and 402,085 from 2017. Therefore, the growth in construction projects and automotive production is supporting anticorrosion coatings market growth in the region.
 
Drivers – Anticorrosion Coatings Market
 
Growth in automotive and aerospace industry   
 
According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 35 million by 2025. According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs and commercial vehicles were sold in the Australian market, an increase of 0.9% from 2016.  According to according to OICA, in 2018 the production of light commercial vehicles and heavy trucks increased by 5.9% and 3.5% up to 20,635,799 and 4,227,815 from 2017. Due to the increasing expectations of consumers, the automotive manufacturing industries are required to extend vehicle warranties. Thus improvements in corrosion protection are becoming increasingly important, which is driving anticorrosion coatings usage. Therefore, the growth in automotive production is supporting anticorrosion coating market growth. In addition, according to Boeing, 44,000 new jetliners are required over the next two decades owning to rise in passenger traffic, which is expected to grow at an average annual rate of 4.6% over the next 20 years. Between 2012 and 2018, the world added a net 176 airports. Most of these (165) were in the Asia-Pacific region. According to Boeing, in Asia Pacific region the construction of 17 new airports and 17 additional runways are planned by 2030. This will drive the demand for anticorrosion coatings.  
 
Challenges – Anticorrosion Coatings Market 
 
The fluctuating raw material cost
 
Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global anticorrosion coatings market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices, as most of the raw materials are petroleum-based. According to BP statistics, in 2018, average crude oil price increased to $71/ bbl from $54/bbl in 2017.  Fluctuations in crude oil prices impact the cost of raw materials such as acrylic, epoxies, polyurethanes, and alkyds which are used in the production of anti-corrosion coatings. Therefore, the fluctuation in raw materials prices is affecting anticorrosion coatings price which is limiting its market growth. 
 

Talk to one of our sales representative about the full report by providing your details in the link below:

https://www.industryarc.com/support.php?id=11671

Market Landscape
 
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Anticorrosion Coatings Market. In 2019, the market of Anticorrosion Coatings Market has been consolidated by the top five players accounting for 34% of the share. Major players in the Anticorrosion Coatings market are BASF SE, Hempel A/S, Kansai Paint Co., Ltd., PPG Industries, AkzoNobel N.V., The Sherwin Williams Company, RPM International Inc., Nippon Paint Holdings Co. Ltd., Jotun and Axalta Coating Systems, among others. 
 
Acquisitions/Technology Launches
 
In February 2020, PPG industries acquired Alpha Coating Technologies, LLC a manufacturer of powder coatings for metal and light industrial applications.
 
In April 2020, AkzoNobel N.V. acquired Mauvilac Industries Ltd., to strengthen its position in Sub Saharan Africa. The transaction includes a local production facility, four concept stores and access to strong distribution networks.
 
In March 2020, AkzoNobel launched a water-based paint “Hammerite Ultima” which is suitable for all types of metal and provide supreme protective barrier. It can be applied directly onto metal as well as rust without applying primer.
 
In January 2020, BASF announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow BASF to increase its production capacity by 30 percent.
 
Key Takeaways
 
Asia-Pacific dominates the global Anticorrosion coating market, owing to increased construction activities and various government initiatives such as 100 smart cities and Housing for all by 2022 in the region.
 
According to the Interstate Natural Gas Association of America, in U.S and Canada, a total $791 billion investments in new oil and gas infrastructure will be made from 2018 to 2035. As, anticorrosion coatings are extensively used in oil & gas industry for coating various equipment’s including oil storage tanks, drill bits and drill pipes, the growth in oil & gas industry will  drive anticorrosion coatings market growth.
 
However, operations in various industries such as automotive, aerospace, oil & gas and others is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is expected to limit anticorrosion coatings market growth for the next two years. 
 
Related Reports :
 
1.Antifouling Paints and Coatings Market
 
2.Abrasion Resistant Coatings Market
Media Contact:

Mr. Venkat Reddy

Sales Manager

Email: [email protected]

Contact Sales: +1-614-588-8538 (Ext-101)
 
About IndustryARC : IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.