Anti-Corrosion Coating Market Overview:
Anti-corrosion coatings offer robust level of protection against corrosion to various metals and alloys which are at high threat of corrosion. Prevention of metals is essential in environments where salt, water, high humidity, and mist are factors. Anti-corrosion coatings vary in composition depending upon the physical and chemical properties of different metals and alloys. The global anti-corrosion coating market is anticipated to reach USD 33.27 Bn at a CAGR of 5.3% over the forecast period of 2018-2023, predicts Market Research Future (MRFR) in its latest in-depth study.
The growth areas of the global anti-corrosion coating market include shipbuilding, marine, oil& gas, transport, automotive, industrial, and infrastructure. Metal components are extensively used in these areas which run in harsh offshore, or chemical environment and thus require protection against corrosion to maintain optimal performance. These end-use industries have witnessed significant expansion in recent years, and the global anti-corrosion coatings market is growing in tandem with these end-use industries.
The oil & gas industry is a key end user of the global anti-corrosion market. Anti-corrosion coatings are highly desirable for the maintenance of oil & gas components since they can cause significant economic loss above ground storage tanks and offshore oil platforms require extended protection against corrosion to withstand heavy performance activities.
The transport sector including transportation infrastructures such as highways and bridges is a key growth area for the anti-corrosion coating market. Moreover, expansion of the marine industry and increasing offshore production has generated substantial demand for anti-corrosion coatings. Moreover, infrastructural development across the globe is resulting in persistent demand for anti-corrosion coatings which is expected to take the market ahead in the coming years.
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Anti-Corrosion Coating Market Key Players:
RPM International Inc.(US),Wacker Chemie AG (Germany), Bluchem (South Africa), BASF SE (Germany), 3M (US), Valspar (US), Kansai Paint Co., Ltd (Japan), PPG Industries (US), Hempel Group (Europe), and The Dow Chemical Company (US) are the key players in the global anti-corrosion coatings market.
Anti-Corrosion Coating Market Segmentation:
The global anti-corrosion market has been segmented based on type, application, and end user.
By type, the global anti-corrosion coating market has been segmented into epoxy, zinc, acrylic, silicone, polyurethane alkyd, chlorinated rubber, and others. Other anti-corrosion coatings include fluorocarbons, co-polymers, graphene, ceramic, and glass flakes.
By application, the global anti-corrosion coating market has been segmented into Water-based coating, solvent-based coating, powder coating, and Others. Other applications of ant corrosion coatings include antifouling coatings, high-energy cure coatings, and Nano-coatings.
By end user, the global anti-corrosion coating market has been segmented into oil & gas, shipbuilding, marine, energy, transport, automotive, and others. The other segment has been further segmented into pipes & tanks, power plants, wastewater treatment plants, wind turbines, construction.
Anti-Corrosion Coating Market Regional Analysis:
By region, the global anti-corrosion coatings market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
APAC is the largest market for anticorrosion coatings and is driven by persistent demand from various end-use industries such as marine and shipbuilding. The emerging economies of India, South Korea, and Taiwan generate significant demand for water-based and solvent-based coatings as the region is a significant manufacturing hub. China and Japan are other key contributors to the APAC anti-corrosion market. Extensive infrastructural activities in the developing countries of the region also augur well for market growth.
North America is the second largest market for ant corrosion coatings. The region is the second largest producer of water-based and solvent-based coatings and is concentrated with key market players. Expanding marine industry is a key factor enhancing the growth of the market. The US is the key contributor to the North America market.
Europe follows North America closely and is the third largest market for anti-corrosion coatings.
Latin America anti-corrosion market is witnessing considerable expansion due to increasing application in end-use industries such as oil & gas, shipbuilding, marine, energy, transport, automotive, and others.
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