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The Anti-Corrosion Coatings Market size is estimated to grow at a CAGR of 5.66% between 2022 and 2027. The market size is forecast to increase by USD 7,827.04 million. The growth of the market depends on several factors, including the growing real estate and construction industry, increasing demand in the marine industry, and rising demand for steel in the construction and automotive industry.
This anti-corrosion coatings market report extensively covers market segmentation by product (epoxy, polyurethane, alkyd, acrylic, and others), type (marine, construction, industrial, oil and gas, and automobile and transportation), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
Anti-corrosion coatings are defined as a unique class of materials to prevent the electrochemical reactions that adversely decorate metals' structural integrity and change their corrosion-induced appearance. This property of anti-corrosion coating makes it applicable in various end-user industries such as industrial, energy (power plants, solar, wind turbines), marine, construction, automotive, and oil and gas.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
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. Architectural anti-corrosion coatings 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 coatings, such as acrylic coatings, offer seamless and reflective properties, making them highly desirable for interior and exterior applications. They effectively handle roof contraction, expansion, and water penetration during thermal changes. The durability and reflectivity of acrylic coatings 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 surge. 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-corrosion coatings market in the forecast period.
Increasing focus on bio-based and eco-friendly products is a key trend in the market. The global anti-corrosion coatings 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 coatings. 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 coatings.
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 is a major anti-corrosion 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 coatings, leading to the development of low-VOC and eco-friendly alternatives. 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.
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 9,044.67 million in 2017 and continued to grow until 2021. One of the key applications of epoxy is in the construction industry to coat reinforcement bars in order to increase their life span. Additionally, due to the increase in demand of consumers, the vendors 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 anti-corrosion coatings 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 global anti-corrosion coatings market. These coatings protect surfaces from corrosion and abrasion in ships, yachts, and boats. With a significant share of global trade carried by seas, the demand for anti-corrosion coatings 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 global anti-corrosion coatings market.
APAC is estimated to contribute 50% 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 anti-corrosion coatings market in the APAC region. Additionally, factors such as the rapidly growing housing market and several government initiatives have also contributed significantly contributed 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 is expected to drive the anti-corrosion coatings market in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the anti-corrosion coatings market witnessed a significant slowdown due to the closure of operations in manufacturing industries, including those for anti-corrosion coatings. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of operations in the operations in construction, chemicals, and other industries. Such factors are expected to drive the market during the forecast period.
Vendors 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.
Metcoat- 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 vendors, 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 vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Anti-Corrosion Coatings Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.66% |
Market growth 2023-2027 |
USD 7,827.04 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.12 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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