Anti Corrosion Coating Market Growth, Analysis and Forecast 2023
Anti-Corrosion Coatings Market Insights
Anti-corrosion coatings have a wide number of applications which make them indispensable in a variety of industries. Market Research Future (MRFR), has observed that the market is set to display a CAGR of 5.3% during the assessment period of 2016 to 2023. Coatings with corrosion resistance are highly useful in a variety of industries where metals are used extensively. Significant growth of the market is expected to generate a market value of approximately USD 33.27 Bn by the end of the forecast period.
Anticorrosion coating has applications in oil & gas, marine, automotive, transportation, and many other industries where metals are used extensively. Several of these industries are witnessing rapid growth which drives the demand for anti-corrosion coatings. Increased demand for energy has boosted the use of anti-corrosion coating in the oil & gas as well as the energy sector. The variety of metals and alloys for which specific anti-corrosion coatings must be produced is another factor which contributes to the growth of the global market. Another key driver of the market is the benefits that the use of anti-corrosion coatings offer. The durability of the surface and reducing the destructive effects of corrosion on metal are highly desirable properties as it is more cost effective. Moreover, infrastructure is updated on an ongoing basis which leads to consistent demand for anti-corrosion coatings. The growth of the marine and shipbuilding industry due to growing offshore activities is a key factor driving the anti-corrosion coatings market. Development of coatings with minimal environmental impact is expected to lead to opportunities for growth of the global anti-corrosion coatings market.
Anti-Corrosion Coatings Market Key Players
Prominent players in the global anti-corrosion coatings market trends include PPG Industries, Wacker Chemie AG, RPM International Inc., 3M, Hempel Group, Valspar, Kansai Paint Co. Ltd, Bluchem, BASF SE, The Dow Chemical Company and others. These players have been included in MRFR’s analysis of the competitive landscape of the global market.
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Anti-Corrosion Coatings Market Segmentation
The global anti-corrosion coatings market is segmented, in MRFR's report on the basis of types, application, end-users, and region. By types, the market is segmented into zinc, acrylic, epoxy, silicone, chlorinated rubber, polyurethane alkyd, and others.
By application, the market is categorized into powder coatings, water-based coatings, solvent-based coatings, and others.
By end-users, market segments include automotive, energy, marine, shipbuilding, oil & gas, energy, transport, and others. The others segment under end-users includes power plants, wastewater treatment plants, wind turbines, construction, and pipes & tanks.
Anti-Corrosion Coatings Market Regional Analysis
The Asia Pacific has the largest share of the global anti-corrosion coatings market with China and Japan leading regional market growth. The APAC market displays a high demand for water based and solvent based coatings, particularly in emerging economies such as India, Taiwan, and South Korea. Moreover, there is a high production of anti-corrosion coatings in the region due to the region's reputation as a manufacturing hub.
North America is the second largest market for the production of anti-corrosion water based and solvent based coatings. Led by the U.S, the North American region has a high concentration of leading market players.
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