Anti corrosion coatings are paints or liquid formulations that are applied on metal surfaces and structures to protect them from corrosion by segregating them from the corrosive environment. They provide excellent protection from corrosion, increase durability and extend the lifetime of metal structures and components.
The global Anti Corrosion Coatings Market is estimated to be valued at US$ 46.90 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the anti corrosion coatings market is the development of eco-friendly and sustainable coating solutions. With stringent environmental regulations regarding VOCs and hazardious chemicals, key players are focusing on research and development of bio-based, green and sustainable anti corrosion coating formulations which are non-toxic and have minimal environmental impact. For instance, AkzoNobel has developed an interioir wood coating called Dulux Weathershield which contains up to 80% naturally derived ingredients offering superior protection and is certified by various global sustainability standards.
SWOT Analysis
- Strength: Anti corrosion coatings offer protection to metal and concrete substrates from corrosion. They help extend the lifespan of assets.
- Weakness: Strict environmental regulations surrounding the use of volatile organic compounds limit the choice of coating products. High cost of application can decrease profit margins.
- Opportunity: Growing construction and infrastructure development activities in emerging markets of Asia Pacific and Middle East & Africa is expanding the market scope.
Threats: Availability of inexpensive alternatives like powder coatings and galvanizing pose competition. Fluctuations in raw material prices impact the cost of anticorrosive coatings.
Key Takeaways
The global anti corrosion coatings market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing infrastructure development activities across the globe.Regional analysis
The Asia Pacific region dominates the anti corrosion coatings market, with China being the largest consumer. Expansion of power & energy industry and continuous investment in infrastructure are driving the growth of protective coatings market in this region. North America and Europe are also significant markets driven by marine, oil & gas, construction industries.Key players operating in the anti corrosion coatings market are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. Expansion of production facilities and new product launches are the key strategies adopted by major players to gain competitive advantage.
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Waterborne Coatings is fastest growing segment fueling the growth of Anti Corrosion Coatings MarketAnti corrosion coatings are protective coatings applied to surfaces to prevent damage caused by corrosion. They provide a physical barrier between the protected material and the environment. Anti corrosion coatings find wide application in oil & gas, marine, construction and automotive industries. Their advantages include flexibility, chemical resistance and longevity.
The global Anti Corrosion Coatings Market is estimated to be valued at US$ 46.90 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Anti corrosion coatings are used to protect a variety of metal surfaces including iron, steel and aluminum from excessive rusting and corrosion, especially in harsh environments such as marine environments. They help increase the durability of metal structures and components.
Market key trends:
One of the key trends in the anti corrosion coatings market is the rising demand for waterborne coatings. Waterborne anti corrosion coatings are environment-friendly as they contain minimal or no Volatile Organic Compounds (VOCs). They offer advantages such as low toxicity, ease of application and fast drying. Waterborne coatings comply with stringent environmental regulations regarding VOC emission, resulting in their increasing preference over solvent-borne coatings.
Segment Analysis
The anti-corrosion coatings market is segmented into resin type, technology, and end-use industry. Based on resin type, the epoxy segment accounted for the largest share of the market. Epoxy resins are commonly used due to their excellent chemical and water resistance, good adhesion properties, and low cost. They have high tolerance towards moisture and are widely used in the oil & gas industry, marine, automotive, and infrastructure industries. Based on technology, the solvent-borne segment dominated the market in 2023. This is due to low capital investment requirements and easy application properties of solvent-borne coatings. However, the waterborne segment is expected to witness higher growth during the forecast period due to stringent environmental regulations banning the use of solvent-borne coatings.
Key Takeaways
The global anti-corrosion coatings market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing infrastructure development activities across the globe.
Regional analysis – Asia Pacific accounted for the largest share of the global anti-corrosion coatings market in 2023. This is attributed to growing infrastructure, transportation, and oil & gas industries in countries such as China and India. Europe is also a major market for anti-corrosion coatings due to stringent environment norms mandating the use of eco-friendly coatings.
Key players operating in the anti corrosion coatings market are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. The market remains highly competitive with global manufacturers competing through their product innovation and ability to address industry-specific needs.