Anti-Corrosion Coating Market Overview:
Global anti-corrosion coating market was valued at $14,276 million in 2015, and is expected to grow at a CAGR of 9.7% to reach $ 26,627 million by 2022. An anti-corrosion coating protects the metal substrate from humidity, moisture, salt water, oxidation, and exposure to a variety of environmental or industrial chemicals.
The global anti-corrosion coating market is segmented based on type, technology, end-user industry, and geography. By type, the market is divided into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others (silicates, fluorocarbons, co-polymers, graphene, ceramic, and glass flakes). Technology-based classification includes solvent-borne, waterborne, powder, and other anti-corrosion coatings. By end-user industry, the market is classified into marine, oil & gas, industrial, construction, energy, automotive, and others. The energy segment is further subsegmented into power plants, solar energy, and wind turbines. The epoxy anti-corrosion coating segment generated the highest revenue in 2015, accounting for 45.1% share, owing to its characteristics such as high corrosion resistance, water resistance, adhesiveness to steel, and compatibility with other coating materials.
Anti-Corrosion Coating Market Segmentation
Top Investment Pocket
The epoxy segment possesses high market potential, as it has large number of applications in marine, automobile, and construction industries. It is expected to grow at a CAGR of 9.7% from 2016 to 2022. However, acrylic anti-corrosion coating is expected to register the highest CAGR of 10.4%, being a lucrative investment opportunity for new entrants. Currently, these two segments account for more than half of the anti-corrosion coating market share, in terms of revenue.
Anti-Corrosion Coating Market Top Investment Pockets, By Type
Powder anti-corrosion coating is expected to be grow at the highest rate, owing to its zero volatile organic compounds (VOCs) emission and ecofriendly nature. This coating adheres to the American Architectural Manufacturers Association (AAMA) specifications for an ecofriendly process. In addition, it offers benefits such as superior durability, scratch resistance, gloss retention, and resistance to chalking, which make them suitable for use in automotive, construction, and oil & gas industries. Moreover, powder coatings not only maximize production, but they also improve coating efficiency and reduce coating costs, as over-sprayed powder coating can be retrieved and re-used.
Middle East countries, including Saudi Arabia, UAE, Qatar, and Iraq, are the major revenue generators for the anti-corrosion coating market in LAMEA. Middle East accounted for approximately 30% of the global oil production in 2014. Oil & gas upstream and downstream operation system equipment are subject to corrosion and degradation due to water, oxygen, carbon dioxide, and hydrogen sulfide (H2S), and microbiological activity. Thus, anti-corrosion coatings play a significant role in the Middle East oil & gas sector. The region has also witnessed surge in investments in construction industry, owing to increase in population, which supplements the market growth.
Qatar Anti-Corrosion Coating Market, 2014-2022 ($Million)
The key players operating in the global anti-corrosion coating market are 3M Co., AkzoNobel N.V., BASF SE, Hempel A/S, Kansai Paints Co., Ltd, Nippon Paints Co. Ltd., PPG Industries, Inc., The Sherwin-Williams Company, The Dow Chemical Company, and Wacker Chemie AG.
Other players (not profiled in the report) operating in this market are Axalta Coating System Ltd., Ashland Inc., Clariant International Ltd., Diamond Vogel Paints, Jotun A/S, RPM International, Inc., Royal DSM N.V., Solvay S.A., and Sono-Tek Corporation.
Anti-Corrosion Coating Market Key Benefits
- This report provides an extensive analysis of the current trends, future estimations, and dynamics from 2014 to 2022 of the global anti-corrosion coating market, which assist to identify the prevailing opportunities.
- Geographically, the market is analyzed based on various regions, such as North America, Europe, Asia-Pacific, and LAMEA.
- Extensive market analysis predicts the applications that are currently used along with the variants that are expected to gain prominence in the future.
- Detailed analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled and their strategies are analyzed thoroughly to portray the competitive market outlook.
Anti-Corrosion Coating Market Key Segments
- Chlorinated Rubber
- Others (Silicates, Fluorocarbons, Copolymers, Graphene, Ceramic, and Glass Flakes)
- Water Borne
- Others (High-Energy Cure Coatings and Nanocoatings)
By End-User Industry
- Oil & Gas
- Power Plants
- Solar Energy
- Wind Turbines
- Others (Pipes & Tanks and Wastewater Treatment Plants)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of LAMEA