Anti-Corrosion Coating Market Size is valued at USD 34.10 Bn in 2022 and is predicted to reach USD 47.41 Bn by the year 2031 at a 3.8% CAGR during the forecast period for 2023-2031.
Anti-corrosion coatings are applied to the metal to protect it against the effects of the environment, such as humidity and air temperature, which can cause rusting and pitting. Putting an anti-corrosion coating on a metal component is a great way to make it last longer in harsh environments. Coatings defend against corrosion and elements, mechanical damage, abrasion, and extreme temperatures. There will be a greater need for anti-corrosion coatings to shield materials from the damaging effects of water, chemicals, greases, and weather as the number of infrastructures grows.
In addition, one of the most frustrating issues in many final applications is corrosion. The jacketing, the insulating hardware, and even the underlying piping and equipment can all be attacked by corrosion. Corrosion can generate significant financial losses, endangering general property and human life. The government's increased spending on R&D for innovative coating solutions is also anticipated to push the prefabricated coating market soon, which is a major driver of the expansion of the anti-corrosion coating industry. As a result, demand for anti-corrosion coatings is expected to rise. In addition, key players increased focus on new product development and strategic collaborations led to the growth of the global anti-corrosion coating market. It drives expansion globally and is expected to boost market expansion in the coming years.
However, coatings' VOC emissions have been the focus of regulations regarding changeable prices and have slowed down the anti-corrosion coating market. Furthermore, increasing R&D activities and investments by prominent players are expected to create lucrative growth opportunities in revenue for players operating in the global anti-corrosion coating market over the forecast period.
Recent Developments:
- In March 2023, The marine coating SIGMAGLIDE® 2390 was introduced by PPG. The coating assisted ship owners in reducing their power consumption and carbon emissions, thereby meeting the demand for increased performance without negatively impacting the marine environment. The biocide-free fouling release coating was based on PPG HYDRORESETTM technology, which modified the coating when submerged in water to create a uniform surface that marine organisms did not recognize and, therefore, could not adhere to.
- In September 2022, A new study centre for electrophoretic dip coating was opened by BASF Coatings at its headquarters in Münster-Hiltrup, Germany. The electrophoretic or cathodic dip coat (e-coat) did two things: it protected the car body's surfaces, edges, and spaces from corrosion; it also smoothed out the rough metal surfaces so that the next paint layers would stick better.
Competitive Landscape
Some Major Key Players In The Anti-Corrosion Coating Market:
- PPG Industries, Inc.
- Akzonobel N.V.
- The Sherwin-Williams Company
- Jotun
- Kansai Paint Co., Ltd.
- Axalta Coating Systems Ltd.
- BASF Se
- Hempel A/S
- Rpm International Inc.
- Nippon Paint Joldings Co., Ltd.
- Nycote Laboratories, Inc.
- Diamond Vogel
- Eoncoat, Llc
- The Dow Chemical Company
- Advanced Nanotech Lab
- 3M
- Heubach Color
- The Magni Group, Inc.
- Wacker Chemie Ag
- 10 Sk Formulations India Pvt. Ltd.
- Noroo Paints & Coatings
- Ancatt Inc.
- Greenkote Plc
- Renner Herrmann Sa
- Secoa Metal Finishing
- Others
Market Segmentation:
Anti-Corrosion Coating Market is segmented into Type, Technology, End-User. The anti-corrosion coating market based on type is segmented as epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. The technology segment comprises solvent-borne, waterborne, powder-based coating, and others. By end-use industry, the market is segmented into marine, oil & gas, industrial, infrastructure, power generation, automotive & transportation, and others.
Based On The Type, The Acrylic Anti-Corrosion Coating Segment Is Accounted As A Major Contributor To The Anti-Corrosion Coating Market.
The acrylic anti-corrosion coating category is expected to hold a significant global market share due to the weatherproofing and oxidation resistance of acrylic materials contributing to their widespread use. Acrylic coatings, which are typically water-based, offer exceptional performance in various applications, including wall coating and roof coating, and are inexpensive compared to other materials.
Oil & Gas Segment Witnessed Rapid Growth.
The segment oil & gas is projected to grow rapidly in the global anti-corrosion coating market because the widespread application of corrosion protection coating in this industry is largely responsible for this significant market share. The microorganism risk is reduced, and the anti-corrosion coating enhances the abrasion resistance and surface finish. The anti-corrosion coating is used on the floors, handles, beds, walls, and ceilings of hospitals, care homes, and drop-in centers, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The Asia Pacific Anti-Corrosion Coating Market Holds A Significant Revenue Share.
The Asia Pacific anti-corrosion coating market is expected to record the maximum market share in revenue in the near future. The rising demand for anti-corrosion coating in sectors like as construction, energy production, and the oil and gas industry might be ascribed to this phenomenon. The increasing requirement for renewable energy sources in the region also contributes to the Asia Pacific region's rapid development. In addition, the presence of key market competitors and improvements in anti-corrosion coating technology fuel expansion in the region's industries.
Anti-Corrosion Coating Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 34.10 Bn |
|
Revenue Forecast In 2031 |
USD 47.41 Bn |
|
Growth Rate CAGR |
CAGR of 3.8% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Technology, End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
PPG Industries, Inc., Akzonobel N.V., The Sherwin-Williams Company, Jotun, Kansai Paint Co., Ltd., Axalta Coating Systems Ltd., BASF SE, Hempel A/S, RPM International Inc., Nippon Paint Holdings Co., Ltd., Nycote Laboratories, Inc., Diamond Vogel, Eoncoat, Llc, The Dow Chemical Company, Advanced Nanotech Lab, 3M, Heubach Color, The Magni Group, Inc., Wacker Chemie Ag, 10 SK Formulations India Pvt. Ltd., Noroo Paints & Coatings, Ancatt Inc., Greenkote Plc, Renner Herrmann SA, Secoa Metal Finishing, Others |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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