Anti-corrosion Coating Market Outlook - 2027
The global anti-corrosion coating market size valued at $22.8 billion in 2019, and is projected to reach $41.2 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.
Anti-corrosion coating slowdowns or prevents the electrochemical reactions that adversely decorate metals’ structural integrity and change their corrosion-induced appearance. This anti-corrosion coating property makes them applicable across diverse end-user industries such as marine, oil & gas, industrial, construction, energy (power plants, solar, wind turbines), automotive, and others. In addition, the report includes a detailed description of the different technologies used to produce anti-corrosion coating. Solvent borne, water borne, powder anti-corrosion coating, and high-energy cure coating are widely used technologies.
The global anti-corrosion coating market growth is expected to witness profitable opportunities during the forecast period, owing to factors such as increase is demand for steel in the construction & automotive industry. In addition, increase in offshore growth, growing marine industry in Asia-Pacific and North America, and infrastructure upgrading across different regions boost the global demand for anti-corrosion coating during the forecasted period. However, the risks also led to increase in government regulations which restrain the growth of anti corrosion coatings. Furthermore, research and development to produce bio-based anti-corrosion coatings are expected to provide lucrative growth opportunities for the market.
The global anti-corrosion coating market is segmented on the basis of type, technology, end-user industry, and region. By type, the market is classified into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others (silicates, fluorocarbons, co-polymers, graphene, ceramic, and glass flakes). On the basis of technology, it is categorized into solvent-borne, waterborne, powder, and other anticorrosion coatings. According to end-user industry, it is divided into marine, oil & gas, industrial, construction, energy, automotive, and others. The energy end-user industry is sub segmented into power plants, solar energy, and wind turbines. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global anti-corrosion coating market are AkzoNobel N.V., BASF SE, Hempel Holdings A/S, Kansai Paints Co. Ltd., NIPPON PAINT HOLDINGS CO. LTD., PPG Industries Inc., The Dow Chemical Company, The Sherwin-Williams Company, WackerChemie AG, and 3M.
Global Anti-corrosion Coating market, by type
Based on type, epoxy accounted for highest anti-corrosion coatings market share in 2019, owing to increase in demand for epoxy coatings from oil & gas, marine, and infrastructure industries. Epoxy-based anti-corrosion coating has strong mechanical properties, high abrasion, high water resistance, and high temperature and chemical resistance. These properties make it ideal for chemical industries such as fertilizers, paper & pulp, textiles, and food industries. The reformulation of epoxy using water as solvent, which is environmentally safe, is expected to offer high opportunity for the players in the anti-corrosion coating market. These factors are expected to drive the demand for epoxy anti-corrosion coating forecast.
By Type
Epoxy is projected as the most lucrative segment.
Global Anti-corrosion Coating Market, by technology
By technology, the solvent-borne segment is expected to lead the global market for anti-corrosion coating during the forecast period. Increasingly, solvent-borne formulations are used in automotive coatings, industrial coatings, and ink printing. Thus, the growing use of solvent-borne technology for the production of anti-corrosion coatings is expected to drive the growth of the solvent-borne technology segment. Solvent reduces the viscosity; thereby, enabling application of the coating. These solvents contain high volatile organic compounds (VOC), which are major source of environmental concern. Thus, waterborne, powder coating, high energy cure, and nano-coating technologies are introduced to reduce the VOC emission.
By Technology
Solvent Borne is projected as the most lucrative segment.
Global Anti-corrosion Coating Market, by end-user industry
By the end-use industry, marine is the major revenue contributing segment in 2019. The marine industry is among the highest anti-corrosion coatings using industries. These coatings provide protection to the surface from corrosion impact and abrasion. High demand for marine coatings in Asia-Pacific, especially due to the emergence of China as a major player in the shipbuilding industry, drives the marine coatings market in the region. In the coming years, energy will witness maximum profits. Furthermore, increase in population has led to increased demand for electricity. The product finds widespread applications in the energy sector, as it provides an efficient way of minimizing this corrosion impact and protecting the equipment, increasing both product/equipment life and lowering costs due to reduced maintenance during the product life cycle.
By End-user Industry
Marine is projected as the most lucrative segment.
Global Anti-corrosion Coating Market, by Region
By region, Asia-pacific region is the major revenue contributing segment in 2019. Asia-Pacific includes two of the world's fastest growing economies – India and China. China is the largest manufacturer and user of corrosion-resistant coatings. In addition, high GDP growth and increased disposable income in Asia-Pacific has resulted in high growth for anti-corrosion coatings, including marine, automotive, and many other end-user industries. One of the key factors driving the demand for anti corrosion coatings in Asia-Pacific is high growth in end-user industries. Asia-Pacific is projected to be the fastest growing geographic segment for anti corrosion coatings due to aforementioned factors. North America is the second largest market for anticorrosion coatings followed by Europe.
By Region
Asia-Pacific holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the anti-corrosion coating market trends along with the current and future market forecast.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global anti-corrosion coating industry for strategy building.
- A comprehensive anti-corrosion coating market analysis covers factors that drive and restrain market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Anti-corrosion Coating Market Report Highlights
| Aspects | Details |
 By Type |
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 By Technology |
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 By End Use Industry |
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 By Region |
|
 Key Market Players | AkzoNobel N.V., PPG Industries Inc., 3M, WackerChemie AG., Kansai Paints Co. Ltd., Hempel Holdings A/S, NIPPON PAINT HOLDINGS CO. LTD., The Sherwin-Williams Company, The Dow Chemical Company, BASF SE |
Analyst Review
As per the CXO of the leading companies, the global anti-corrosion coating market is moving towardgrowth stabilization phase in its industry life cycle. Therefore, the market is expected to witness steady growth opportunities during the forecast period. The economic evolution of Asia-Pacific region is likely to promote ongoing urbanization, which may lead to immense growth of the manufacturing sector such as automobile and chemical industry. Therefore, it can be concluded that economic reforms in Asia-Pacific directly impact the growth of the anti-corrosion coatings market. According to CXOs’ perspectives, increase in government initiatives for renewable energy usage such as solar and wind energy are expected to have significant impact on the market growth. However, stringent regulations imposed by government bodies on solvent borne coatings are expected to hamper the market growth.
Factors such as growing investment in construction activities across emerging economies and growing marine industry are expected to drive the growth of the global anti-corrosion coating market.
The CAGR of Anti-corrosion Coating Market during the forecast periond 2020 to 2027 is 8.3%.
Some of the key trends observed in the global Anti-corrosion Coating market are increasing power plant plant and increasing investments in the infrastructure industry in the emerging economies
Asia-Pacific region will provide more business opportunities for Anti-corrosion Coating Market
New product launches, business expansions, and acquisition are the major growth strategies adopted by the players in this market.
AkzoNobel N.V., BASF SE, Hempel Holdings A/S, Kansai Paints Co. Ltd., NIPPON PAINT HOLDINGS CO. LTD., PPG Industries Inc., The Dow Chemical Company are the leading players in Anti-corrosion Coating Market
Solvent Borne segment holds the maximum market share of the Anti-corrosion Coating Market
The expected value of Anti-corrosion Coating Market in 2027 is $41.2 billion.
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