WASHINGTON, Aug. 24, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, The Global Anti-Corrosion Coatings Market is projected to reach a value of USD 41 Billion by 2030 and is expected to exhibit a CAGR of 4.8% from 2023 to 2030. The global Anti-Corrosion Coatings Industry is valued at USD 29.6 Billion in 2022.
Anti-Corrosion Coatings play a pivotal role as high-performance protective layers, finding extensive application across diverse industries to safeguard metal substrates against the relentless forces of corrosion. The trajectory of the Global Anti-Corrosion Coatings Market foresees remarkable growth in the forthcoming years, propelled by a confluence of factors. Notable among these are the burgeoning requisites from the oil & gas and marine domains, the upward surge in infrastructure developmental pursuits, and the escalating cognizance surrounding the manifold virtues of Anti-Corrosion Coatings.
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Key Highlights:
- The Asia Pacific region is expected to be the fastest growing region in the anti-corrosion coatings market, with a CAGR of 5.8% during the forecast period.
- The marine industry is expected to be the largest end-use market for anti-corrosion coatings, followed by the oil and gas industry and the infrastructure industry.
- The largest segment of the anti-corrosion coatings market in 2022 was the material segment, with acrylic accounting for the largest revenue share of over 42%.
- The acrylic coatings segment is expected to be the largest material segment in the anti-corrosion coatings market, followed by the epoxy coatings segment.
- The second largest segment was the technology segment, with solvent-based coatings accounting for over 47% of the revenue share.
Top Companies in Global Anti-Corrosion Coatings Market
- PPG Industries Inc. (U.S.)
- Axalta Coating Systems LLC (U.S.)
- BASF SE (Germany)
- Akzo Nobel N.V. (Netherlands)
- The Sherwin-Williams Company (U.S.)
- Hempel A/S (Denmark)
- Ashland Chemicals (U.S.)
- RPM International Inc. (U.S.)
- Jotun (Norway)
- Kansai Paint Co. Ltd. (Japan)
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Market Dynamics: Anti-Corrosion Coatings Market
The specter of corrosion casts a shadow of substantial concern across a multitude of end-use industries. Its insidious reach extends to assail not only the jacketing and insulation hardware, but also the very sinews of underlying piping and equipment. The consequences of corrosion reverberate in terms of severe monetary implications, a ripple effect that directly menaces the welfare of physical assets and the lives intertwined with them.
The fiscal toll exacted by corrosion assumes formidable proportions, necessitating the allocation of significant resources. Rust's relentless advance, along with the inexorable march of corrosion, wear and tear, and unforeseen mishaps collectively contribute to the attrition of fixed capital. This enfeebling depletion precipitates economic depreciation, a phenomenon particularly conspicuous in the manufacturing and diverse industrial landscapes.
Top Trends in Anti-Corrosion Coatings Market
A prominent trajectory in the market's evolution is the escalating emphasis on products derived from bio-based sources, aligned with ecologically sound principles. A discernible current sweeping through the global anti-corrosion coatings landscape reveals a perceptible shift in consumer preferences towards offerings that harmonize with environmental equilibrium and sustainable paradigms. Pioneering research endeavors have cast a spotlight on the practical utility of bio-based resins and polymers within the realm of coatings. Within this evolving ethos, contemporary consumers champion considerations pertaining to ecological well-being and the ramifications for human health that resonate through their purchasing choices.
This transformative narrative finds bolstering reinforcement in the form of rigorous environmental mandates entrenched within developed quarters. These regulatory frameworks, characterized by their exacting stringency, lend an augmented impetus to the collective drive towards the utilization of anti-corrosion coatings. The echo of this impetus reverberates within a burgeoning demand for coating materials that encompass the virtues of biodegradability, recyclability, and renewable provenance, particularly within the geographical contours of the United States and Europe.
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Global Anti-Corrosion Coatings Market Segmentation
By Type
- Epoxy
- Acrylic
- Polyurethane
- Chlorinated Rubber
- Alkyd
- Zinc
- Other Types
By Technology
- Solvent-borne
- Waterborne
- Powder Coating
By End-User
- Oil & Gas
- Marine
- Infrastructure
- Power Generation
- Industrial
- Automotive & Transportation
- Other End-User Industries
Anti-Corrosion Coatings Market Segment & Revenue Share (2022)
- Material segment:
- Acrylic: 42.3%
- Epoxy: 27.5%
- Polyurethane: 13.4%
- Others: 16.8%
- Technology segment:
- Solvent-based: 47.2%
- Water-based: 37.8%
- Powder: 15%
- Others: 0.0%
Challenges:
A substantial hurdle in the trajectory of the anti-corrosion coatings market is the formidable barrier posed by rigorous regulatory frameworks, exerting a discernible impact on its expansion. The crux of this challenge emanates from the intricate interplay between the imperative to shield surfaces from the ravages of weather and chemicals and the intrinsic composition of these coatings, often imbued with additives that harbor toxicity.
This predicament is notably amplified within the precincts of Western Europe and North America, regions that are punctuated by regulatory standards of a stringent nature. The overarching goal of these regulations centers around the curtailment of the deleterious aftermath induced by solvent-borne coatings, propelling a paradigm shift towards the innovation and propagation of alternatives that embody the virtues of low volatile organic compounds (VOCs) and a salutary eco-footprint.
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Opportunities:
A dynamic shift in the operational landscape of key end-use sectors, notably oil and gas and marine industries, has galvanized a palpable demand for anti-corrosion coatings that exhibit enhanced attributes and heightened efficacy. This transformation is epitomized by the ascendant prevalence of refined techniques like enhanced oil recovery (EOR) within the oil and gas realm. This novel approach, while ushering gains, bestows the onus upon coatings to contend with the rigors of elevated temperatures and pressures, all the while assuring unwavering long-term structural preservation.
Recent Development
March 2023: PPG Industries launched the PPG ENVIROCRON Primeron primer powder, aiming to protect and provide superior corrosion resistance to metal substrates like aluminum, metalized steel, and hot-dip galvanized steel.
June 2023: Hempel launched a novel CUI coating known for its fast-drying properties and effectiveness in combating corrosion under insulation. This coating offers corrosion protection and enhances productivity in oil and gas and energy generation facilities.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Anti-Corrosion Coatings Market Forecast Report (2023-2030).
Key Questions Answered in Anti Corrosion Coatings Market Report
- What is the current size and projected growth of the Anti-Corrosion Coatings market?
- What are the primary drivers fostering the growth of the Anti-Corrosion Coatings market?
- What are the different types of Anti Corrosion Coatings available in the market?
- What are the industries or sectors where Anti Corrosion Coatings are predominantly used?
- What are the challenges faced by the Anti Corrosion Coatings market?
- What are the latest innovations and advancements in Anti Corrosion Coatings technology?
- How do regulations and environmental considerations impact the Anti Corrosion Coatings market?
- What is the competitive landscape within the Anti Corrosion Coatings market?
- What are the global distribution and regional trends within the Anti Corrosion Coatings market?
Regional Analysis
The Asia Pacific region emerged as the frontrunner, steering the anti-corrosion coatings market with a commanding share of more than 36% in global sales. This substantial dominance finds its roots in the escalating appetite for Electric Vehicles (EVs), a trend particularly palpable in nations such as China, India, and Japan. As the horizon unfolds, the construction sector in emerging economies like Brazil, China, India, and Mexico is poised to broaden, unfurling a tapestry of heightened product demand spanning diverse components - insulation, fixtures, structural lumber, windows, fences, and an array of others.
The momentum behind the surge in anti-corrosion coatings within the building & construction arena can be attributed to a confluence of factors. A notable catalyst is the surge in foreign investments cascading into these nations' construction domains, underpinned by a swell in the number of redevelopment ventures targeting public and industrial infrastructure. This infusion of capital fuels the propulsion of demand within this sector, fashioning a landscape rife with prospects and burgeoning avenues of growth.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 29.6 Billion |
| Revenue Forecast by 2030 | USD 41 Billion |
| CAGR | 4.8% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | PPG Industries Inc., Akzo Nobel N.V, The Sherwin-Williams Company, Axalta Coating Systems LLC, BASF SE, Hempel A/S, Ashland Chemicals, Jotun and Others. |
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