The global anti-corrosion coatings market is estimated to be valued at US$34.8 Billion In 2022 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Anti-corrosion coatings are protective coatings that are applied to metal surfaces to prevent corrosion. These coatings provide excellent adhesion, impact resistance, and durability, thereby extending the lifespan of the metal substrates. The need for anti-corrosion coatings arises from the increasing use of metal products in various industries such as automotive, construction, marine, and oil and gas. These coatings provide a cost-effective solution to protect metal surfaces from the damaging effects of corrosion, which can result in significant financial losses.
Market Key Trends:
One key trend in the anti-corrosion coatings market is the growing demand for eco-friendly coatings. With increasing environmental concerns and regulations, there is a shift towards the use of coatings that have lower levels of volatile organic compounds (VOCs) and are less harmful to human health and the environment. Manufacturers are investing in the development of water-based and powder coatings that offer high levels of corrosion protection while being sustainable and safe to use. This trend is expected to drive the growth of the anti-corrosion coatings market in the coming years.
Segment Analysis:
The anti-corrosion coatings market can be segmented based on type, technology, end-use industry, and region. Based on type, the market can be further classified into epoxy, polyurethane, zinc, acrylic, chlorinated rubber, and others. Among these, epoxy coatings dominate the market due to their excellent adhesion, chemical resistance, and corrosion protection properties.
In terms of technology, the market is segmented into solvent-borne, waterborne, and powder coatings. Waterborne coatings have gained significant popularity in recent years due to their environmentally friendly nature and low VOC emissions. They are increasingly being used in various end-use industries.
On the basis of end-use industry, the market is categorized into oil & gas, marine, power generation, automotive, construction, and others. The oil & gas industry holds a dominant position due to the high need for corrosion protection in pipelines, tanks, and offshore structures. Furthermore, the construction industry is also a key segment, driven by the growing infrastructure development activities worldwide.
Key Takeaways:
The global Anti-Corrosion Coatings Market is expected to witness high growth, exhibiting a CAGR of 3.6% over the forecast period from 2023 to 2028. This growth can be attributed to increasing infrastructure development activities, rising demand from the oil & gas industry, and expanding automotive and marine sectors.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the global anti-corrosion coatings market. The rapid industrialization, increasing infrastructure spending, and growing automotive and construction sectors in countries like China, India, Japan, and South Korea are fueling the demand for anti-corrosion coatings in the region.
Key players operating in the anti-corrosion coatings market include BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc., and Hempel A/S. These companies are focusing on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market position and expand their product portfolios.
Overall, the global anti-corrosion coatings market is poised for steady growth, driven by increasing infrastructure development activities, growing demand from various end-use industries, and advancements in coating technologies. Asia Pacific is expected to be the key region contributing to market growth, while key players continue to invest in research and development activities to stay competitive in the market.
The total market for anticorrosion protection in Europe was $673.04 million in 2018 and is estimated to grow with a CAGR of 4.03% to reach $842.93 million during the forecast period of 2018-2023.Research activities are beingcarried out to innovate and are responsible to drive the anti-corrosion protection market.Selected Base Material Analysis done in the full Report:The global market for anticorrosion coating by base material was $18.79 billion in 2018 and is anticipated to see a surge during the prediction.The market will grow at a CAGR of 4.74% and to reach $24.40 billion till 2023.
Thistype of material possesses properties likehardness, flexibility, abrasion resistance, alkali and adhesion resistance.
The material used in services has shown abetter functionality, thus playinga very important role in the coating formulation.
The upsurge of these activities has led to an urgent need for maintenance inthe industrialequipment.This has spurred the demand for protective coatings that improve the lifespan of metal surfaces and prevent it from corroding or getting damaged due to weathering and harsh climatic conditions.• Recent developments in raw materials for these coatings might automate the product differentiation process, which going further will act as a serious threat for the current providers.
Aqaupon, Speedhide, PITT-TECH, 8340/2320 are some of its products thatare utilized across the globe.
Nippon Paint Holdings Co., Ltd. 6.
The Global Anti-Corrosion Coatings Market size valued to USD 27.39 billion in 2019 is predicted to reach USD 63.72 billion by 2030, witnessing a CAGR of 7.9% from 2020-2030.The anti-corrosion coatings help protect the metal substrates from getting corroded due to extreme atmospheric conditions like humidity, moisture, saline water, oxidation, as well as exposure to a variety of aggressive chemicals.
Anti-corrosion coatings ensure durability and efficiency of the equipment by providing continuous protecting layers to prevent it from corrosion and abrasion.
These coatings hold wide applications in aerospace & defense sector, building & construction sector, maritime industries, oil & gas industries, automotive & transportation sector, power generation industries and other industry verticals; as it offers superior structural strength, high heat resistance, protection against harmful UV radiations, lower coating costs as well as absolute ease-of-application.Access Full Description of this report at:-https://www.nextmsc.com/report/anti-corrosion-coatings Top Companies: BASF SE, 3M Co., Wacker Chemie AG, AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, The Dow Chemical Company, Hempel A/S, Kansai Paints Co., Ltd, Nippon Paints Co. Ltd. and others.The anti-corrosion coating market share analysis is based on technology, type, end user industry, and geography.
Based on type, the market covers epoxy, acrylic, chlorinated rubber, alkyd, polyurethane, zinc, and others.
Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.Request sample copy of this report at:-https://www.nextmsc.com/Anti-corrosion-Coatings/request-sample Asia-Pacific region is anticipated to grow with highest CAGR throughout the forecast period, owing to growing demand for anti-corrosion coating from the power generation industries, increasing demand for high-quality infrastructures, higher requirements for maintenance in automotive & transportation industries, as well as stringent government rules & regulations in this region.
Moreover, factors such as easily accessible anti-corrosion solutions, lower labor costs and high shipping traffic in the region are fostering the maritime contribution of Asia-Pacific region, hence supplementing the growth of anti-corrosion coating market.
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Region-wise Analysis Global Anti-corrosion and Corrosion Resistant Coatings Market covers: • North America• Europe• China• Japan• Southeast Asia• India The Report covers in-depth analysis as follows: • Chapter 1 Anti-corrosion and Corrosion Resistant Coatings Market Overview• Chapter 2 Global Economic Impact on Anti-corrosion and Corrosion Resistant Coatings Industry• Chapter 3 Global Anti-corrosion and Corrosion Resistant Coatings Market Competition by Manufacturers• Chapter 4 Global Anti-corrosion and Corrosion Resistant Coatings Production, Revenue (Value) by Region (2013-2018)• Chapter 5 Global Anti-corrosion and Corrosion Resistant Coatings Supply (Production), Consumption, Export, Import by Regions (2013-2018)• Chapter 6 Global Anti-corrosion and Corrosion Resistant Coatings Production, Revenue (Value), Price Trend by Type• Chapter 7 Global Anti-corrosion and Corrosion Resistant Coatings Market Analysis by Application• Chapter 8 Global Anti-corrosion and Corrosion Resistant Coatings Manufacturers Analysis• Chapter 9 Anti-corrosion and Corrosion Resistant Coatings Manufacturing Cost Analysis• Chapter 10 Industrial Chain, Sourcing Strategy and Downstream Buyers• Chapter 11 Marketing Strategy Analysis, Distributors/Traders• Chapter 12 Market Effect Factors Analysis• Chapter 13 Global Anti-corrosion and Corrosion Resistant Coatings Market Forecast (2018-2023) Gain Full Access of Anti-corrosion and Corrosion Resistant Coatings market industry analysis & forecast 2018-2023 along with complete TOC @ https://www.upmarketresearch.com/reports/Global-Anti-corrosion-and-Corrosion-Resistant-Coatings-Industry-Market-Analysis-Forecast-2018-2023“Global Anti-corrosion and Corrosion Resistant Coatings Market Industry Analysis and Forecast 2018-2023” report helps the clients to take business decisions and to understand strategies of major players in the industry.
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