Global anti-corrosion coating market was valued at $14,276 million in 2015, and is expected to reach $26,627 million by 2022, growing at a CAGR of 9.7% during the forecast period, according to a new report published by Allied Market Research. The epoxy anti-corrosion coating segment held approximately more than two-fifths share of the total market in 2015.
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Anti-corrosion coatings are used to combat the occurrence and progression of corrosion on a metal substrate. In addition, it offers high mechanical strength, high chemical & temperature resistance, wear & tear resistance, high permeability, and superior finishing ability to the metal structures.
Increased globalization is a key factor that affects the anti-corrosion coating industry. Rapid economic growth in India and China has led to increased construction activities, resulting in high consumption of anti-corrosion coatings. As majority of the countries in Asia-Pacific are still largely rural, the economic growth is set to fuel the ongoing urbanization, transforming India and China into manufacturing hubs for marine, automobile, food & beverages, pharmaceutical, and chemical industries. Moreover, increase in population in these countries is expected to boost the demand for housing & commercial infrastructure, which in turn is projected to drive the anti-corrosion coatings market growth.
Solvent-borne anti-corrosion coating segment was the largest revenue generator in 2015, as these coatings are widely used in several applications. However, it is expected to witness a downturn due to the stringent regulations imposed by government bodies such as Environmental Protection Agency (EPA) of U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe. Waterborne and powder anti-corrosion coatings are gaining popularity owing as they possess low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).
Key findings of the Anti-Corrosion Coating Market :
- The marine end-user segment occupied the highest share in 2015, and is expected to grow at a CAGR of 9.9%, in terms of value, during the forecast period.
- Asia-Pacific is the leading consumer of anti-corrosion coatings, accounting for approximately more than one-third share of the global market, followed by North America.
- The acrylic anti-corrosion coating type is expected to witness the highest CAGR of 10.4%.
- Solvent-borne anti-corrosion coating segment accounted for more than three-fifths of the global anti-corrosion coating market in 2015.
- China is the leading market in the Asia-Pacific region, growing at a CAGR 10.4%.
Asia-Pacific accounted for the largest market share in 2015, and is projected to grow at the highest CAGR, owing to high economic growth, which is expected to boost the ongoing urbanization. Rise in investments in marine, construction, automotive, and energy industries in India and China, owing to shift in the industry trends, is projected to drive the anti-corrosion coating market.
The prominent players profiled in this report include 3M Co., Akzo Nobel 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.