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The Anti-Corrosion Coatings Market size is estimated to grow by USD 8.26 billion at a CAGR of 5.68% between 2023 and 2028. Market growth relies on several factors, such as the expanding real estate and construction sector, heightened demand in the marine industry, and an increasing need for steel in construction and automotive manufacturing. The construction industry's growth, fueled by urbanization and infrastructure development, drives steel demand for structural applications. Additionally, the marine sector's reliance on steel for shipbuilding and offshore structures contributes to market expansion. Furthermore, the automotive industry's shift toward lightweight, high-strength steel for vehicle components bolsters steel demand. These factors collectively propel market growth, highlighting steel's pivotal role across diverse industries and its status as a crucial material for infrastructure, transportation, and manufacturing sectors.
The market share growth by the epoxy segment will be significant during the forecast period. There has been an increasing demand for the epoxy segment due to its various applications in industries such as architecture, mining, food and beverage, IT, medical industries, construction, automotive, electrical, and marine.
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The epoxy segment was valued at USD 9.39 billion in 2018. One of the key applications of epoxy material is in the construction industry to coat reinforcement bars to increase their life span. Additionally, due to the increase in demand of consumers, the companies are also launching various epoxy-based anti-corrosion coatings in the market. Moreover, due to the lower volatile organic compounds (VOC) emission, there is a growing demand for anti-corrosion technology, including waterborne epoxy (WEP) coatings. Furthermore, the increasing investment in construction in countries like China, India, Indonesia, the Philippines, New Zealand, and Brazil is expected to drive the market during the forecast period.
Based on type the market segment is categorized into marine, construction, industrial, oil and gas, and automobile and transportation. The marine industry dominates the market. These protect surfaces from corrosion and abrasion in ships, yachts, and boats. With a significant share of global trade carried by seas, the demand in the marine sector is growing. Nations expanding their naval power drive this demand. The consistent growth of the marine industry supports the overall growth of the market.
APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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As the top producer of automobiles globally and one of the leading producers of paints and coatings for a range of industries, China is one of the major contributors to the growth of the market in the APAC region. Additionally, factors such as the rapidly growing housing market and several government initiatives have also contributed significantly to the market growth in APAC. For instance, in June 2022, the Japanese government announced a plan to spend USD 36 billion over the next decade to build new homes and renovate existing ones to make them more energy-efficient and earthquake-resistant. Hence, such factors are expected to drive the market in the region during the forecast period.
Anti-corrosion coatings are crucial for protecting various structures and materials from degradation in corrosive environments. They are widely used in industries such as railways, bridges, and roads to prevent rust and deterioration caused by factors like salt spray, moisture, and oxidation. With the growth in population and industrial activities, the demand has increased. These are available in different forms, including waterborne, solvent-based, and powder layers, each offering unique benefits. They are applied to architectural metals and buildings during construction to enhance durability and longevity. Epoxy, acrylic, and zinc coatings are among the commonly used materials for anti-corrosion protection.
The growing real estate and construction industry is a key factor boosting the growth of the market. The global real estate and construction industry is experiencing growth, resulting in increased demand for anti-corrosion coatings in various applications. They are particularly favored in construction and structural projects. Developing countries like China and India are witnessing rapid urbanization and infrastructure investments, boosting the construction sector. The expanding global population drives the need for housing and infrastructure. Architectural anti-corrosion layers, such as acrylic coatings, are indeed highly desirable for both interior and exterior applications due to their seamless and reflective properties. These are particularly effective in corrosive environments, providing protection for buildings and construction materials.
Further, acrylic material is commonly used in these layers, which can be applied using solvent-based technology, offering versatility and durability in various architectural applications. They effectively handle roof contraction, expansion, and water penetration during thermal changes. The durability and reflectivity of acrylic layers provide cost-effective and valuable solutions. With an estimated 65%-70% increase in the urban population by 2050, the demand for quality infrastructure and residential/non-residential projects is expected to increase. The rise in single and two-person households worldwide also contributes to the growth in housing construction. These factors are anticipated to drive the global anti-market in the forecast period.
Increasing focus on bio-based and eco-friendly products is a key trend in the market. The market is witnessing a consumer shift towards environmentally friendly and sustainable products. Research studies have highlighted the commercial applications of bio-based resins and polymers in layers. Consumers today prioritize the environmental and health impacts of their purchases. Stringent environmental regulations in developed regions further boost the overall market for anti-corrosion layers.
Moreover, the demand for bio-based, recyclable, and renewable coating materials is increasing in the US and Europe. Bio-based polymer coatings are also gaining traction in food packaging, consumer goods, and other industries due to environmental and regulatory considerations. Industry players like Arkema are actively adopting sustainable practices and developing eco-friendly products to stay competitive. These factors drive market growth and focus on sustainability during the forecast period.
Stringent regulations affecting market growth are a major market challenge hindering the growth of the market. Anti-corrosion coatings protect surfaces from weathering and chemicals but often contain toxic additives. Stringent regulations in Western Europe and North America aim to reduce the hazardous effects of solvent-borne layers, leading to the development of low-VOC and eco-friendly alternatives.
However, the harmful effects of volatile organic compounds (VOCs) on health and the environment pose challenges to the market. Safety procedures and regulatory frameworks, such as OSHA and EPA in North America, slow market penetration. The strict regulatory environment is expected to hinder market growth.
companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
Metal Coatings Corp. - The company offers anti corrosion coatings, such as Fluorokote, used for industrial and metal coating.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Akzo Nobel NV, Ashland Inc., Axalta Coating Systems Ltd., BASF SE, Beckers Group, Cor Pro Systems, Hempel AS, Jotun AS, Kansai Paint Co. Ltd., LKAB Minerals, Metal Coatings Corp., NEI Corp., PPG Industries Inc., RPM International Inc., SK FORMULATIONS India PVT. LTD., The DECC Co., The Sherwin Williams Co., The Sixth Element Changzhou Materials Technology Co. Ltd., Wacker Chemie AG, and WEICON GmbH and Co. KG
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is driven by factors such as population growth and the need for low carbon solutions, which have led to a shift towards water borne coatings. These offer environmental benefits compared to traditional solvent based technology by reducing VOC emissions. They provide excellent protection for metal components in various industries, including aerospace and defense, electric vehicles (EVs), and the energy sector. The market also sees demand for powder anti-corrosion coatings, known for their high energy cure properties and use in automobile and marine coatings. Additionally, offshore expansion and growth in the maritime sector contribute to the market's expansion, with coatings like chlorinated rubber and epoxy coatings offering superior water and chemical resistance.
Moreover, the market is influenced by the availability and cost of crude oil and natural gas, which are key raw materials for producing powder coatings. Industrial chemicals demand for these coatings is driven by the need for mechanical qualities such as water resistance and corrosion protection in various applications. Epoxy materials are commonly used in anti-corrosion coatings due to their durability and adhesion properties. Other important coatings include polyurethanes and alkyds, which find applications in automobile coatings, ink printing, and roadway infrastructure. The market also sees growth in powder anti-corrosion coatings, known for their high energy cure properties, offering environmentally friendly alternatives to traditional solvent-borne coatings.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.68% |
Market growth 2024-2028 |
USD 8.26 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.29 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key countries |
China, US, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Ashland Inc., Axalta Coating Systems Ltd., BASF SE, Beckers Group, Cor Pro Systems, Hempel AS, Jotun AS, Kansai Paint Co. Ltd., LKAB Minerals, Metal Coatings Corp., NEI Corp., PPG Industries Inc., RPM International Inc., SK FORMULATIONS India PVT. LTD., The DECC Co., The Sherwin Williams Co., The Sixth Element Changzhou Materials Technology Co. Ltd., Wacker Chemie AG, and WEICON GmbH and Co. KG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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