Anti corrosion coatings are protective coatings applied to surfaces to prevent rusting and corrosion. They are primarily used to protect substrates such as metals from degradation. Some key applications of anti corrosion coatings include infrastructure, oil and gas, marine, automotive and construction. In infrastructure, anti corrosion coatings help safeguard infrastructure assets like bridges, pipelines, oil rigs from external corrosion that can compromise structural integrity over time. In the oil and gas industry, anti corrosion coatings play a critical role by protecting offshore and onshore assets exposed to corrosive environments.
The global anti corrosion coatings market is estimated to be valued at US$ 30 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from various end-use industries such as infrastructure, oil & gas, marine, automotive etc. is expected to drive the growth of the anti corrosion coatings market over the forecast period. Anti corrosion coatings find widespread application in protecting infrastructure assets exposed to corrosive environments. With growing investments in oil & gas exploration and infrastructure projects globally, the demand for anti corrosion coatings is estimated to increase significantly. Furthermore, stringent government regulations regarding corrosion prevention of offshore oil rigs and pipelines further fuel the market growth. Additionally, ongoing product innovation leading to development of advanced, environment-friendly and cost-effective anti corrosion coating solutions will also contribute to the anti corrosion coatings market expansion during the forecast period.
SWOT Analysis
Strength: Anti Corrosion Coatings have strong protective properties that help extend the lifespan of assets. They provide a durable barrier between surfaces and corrosive environments. Developing advanced coating materials that are more resistant to wear and chemicals will make corrosion protection stronger.
Weakness: Applying Anti Corrosion Coatings requires extensive surface preparation and proper application methods to avoid failures. Improper coating may peel or chip over time exposing the surface. These coatings also add initial costs for materials and labor during application.
Opportunity: Growing infrastructure construction in developing countries increases the need for Anti Corrosion Coatings on structures exposed to harsh outdoor conditions. Developing innovative eco-friendly coating solutions without toxic components will unlock new market opportunities.
Threats: Stringent environmental regulations around solvent-based coating products poses challenges. Alternatives like powder coatings have higher setup and training costs. Economic slowdowns can negatively impact industries relying on corrosion prevention.
Key Takeaways
The global Anti Corrosion Coatings market is expected to witness high growth. Driven by investments in oil and gas pipelines, power generation, construction industries the market is projected to grow at a CAGR of 3.8% until 2030.
Regional analysis - Asia Pacific currently dominates the market and is expected to remain the fastest growing region due to ongoing infrastructure development projects. China, India and other Southeast Asian countries are major consumers.
North America and Europe are established regional markets focusing on upgrades of aging infrastructure. Strict environmental norms drive innovations in these regions.
Key players - Key players operating in the Anti Corrosion Coatings market are AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Jotun, Kansai Paint Co., Ltd., Hempel A/S, Chugoku Marine Paints, Ltd. Axalta Coating Systems, NEI Corporation, and Nippon Paint Holdings Co., Ltd. Focus on developing bio-based and powder coating products positions them favorably in the future 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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Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
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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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