USD 14.37 Billion
Report ID: SQSG15A2007 | Region: Global | Published Date: June, 2022 | Pages: 157 | Tables: 98 | Figures: 66
The Global Anti Corrosion Coatings Market was valued at USD 14.37 Billion in 2021, and it is expected to reach a value of USD 19.55 Billion by 2028, at a CAGR of 4.5% over the forecast period (2022 - 2028).
Anti-corrosion coating slows or prevents electrochemical processes that degrade the structural integrity of metals and alter their corrosion-induced appearance. Because of their anti-corrosion coating properties, they are relevant to a wide range of end-user sectors, including marine, oil and gas, industrial, construction, energy (power plants, solar, wind turbines), automotive, and others. Furthermore, the study contains a full overview of the various anti-corrosion coating technologies. Technologies such as solvent-borne, water-borne, powder anti-corrosion coating, and high-energy cure coating are frequently employed.
The global anti-corrosion coating market is predicted to develop profitably over the forecast period, owing to factors such as increased steel demand in the construction and automotive industries. Furthermore, increased offshore expansion, a developing maritime sector in Asia-Pacific and North America, and infrastructure upgrades in various areas drive worldwide demand for anti-corrosion coating throughout the anticipated period. However, the hazards have also resulted in a rise in government restrictions, which has stifled the spread of anti-corrosion coatings. Furthermore, research and development to generate bio-based anti-corrosion coatings are likely to present the market with attractive potential prospects.
Global Market Size
USD 14.37 Billion
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The Global Anti Corrosion Coatings Market is segmented based on Product, Method, End-User, and Region. Based on Product, the Global Anti Corrosion Coatings Market is segmented as Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated rubber, and Others. Based on Method, the Global Anti Corrosion Coatings Market is segmented as Solvent-based, Water-based, and Powder. Based on the End-User, the Global Anti Corrosion Coatings Market is segmented as Oil & Gas, Shipbuilding, Infrastructure, Industrial markets, Energy, Transport, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Due to increased demand for epoxy coatings from the oil and gas, marine, and infrastructure industries, epoxy accounted for the largest anti-corrosion coatings market share in 2019. The mechanical qualities of an epoxy-based anti-corrosion coating are robust, with high abrasion, high water resistance, and high temperature and chemical resistance. Because of these qualities, it is useful for chemical industries such as fertilizers, paper and pulp, textiles, and food. The ecologically friendly reformulation of epoxy using water as a solvent is predicted to provide significant opportunities for competitors in the anti-corrosion coating business. These reasons are projected to fuel the forecast demand for epoxy anti-corrosion coating.
Analysis by Technology
During the projected period, the solvent-borne sector is likely to lead the worldwide market for anti-corrosion coating. Solvent-borne formulations are increasingly being employed in automobile coatings, industrial coatings, and ink printing. As a result, the increasing usage of solvent-borne technology for the manufacturing of anti-corrosion coatings is likely to fuel the solvent-borne technology segment's growth. Solvent decreases viscosity, allowing the coating to be applied. These solvents contain significant levels of volatile organic compounds (VOC), which are a major source of concern for the environment. To minimize VOC emissions, waterborne, powder coating, high energy cure, and nano-coating technologies are being offered.
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In 2019, Asia Pacific led the market, accounting for more than 36% of worldwide sales. This large percentage might be attributed to increased demand for Electric Vehicles (EVs) in nations like China, India, and Japan. Over the projected period, the expansion of the construction sector in emerging nations such as Brazil, China, India, and Mexico is likely to increase product demand for components such as insulation, fixtures, structural lumber, windows, fences, and others. Demand for anti-corrosion coatings in the building & construction market may be ascribed to growing foreign investment in these nations' construction industries as a consequence of an increase in the number of redevelopment projects of public and industrial infrastructure. In terms of revenue, Europe comes next. The rise of the primary application areas, such as oil and gas and marine applications, is driving the regional market.
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High demand for marine coating
Fluctuating raw material costs
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The Global Anti Corrosion Coatings market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Anti Corrosion Coatings Market Analysis, anti-corrosion coatings are heavily reliant on industrial output and building investment. The need for anti-corrosion coatings is increasing quickly in growing regions such as the Asia Pacific and Africa. Asia Pacific industries are quickly expanding as a result of vast domestic markets and strong regional economic growth.
|Market size value in 2021||USD 14.37 Billion|
|Market size value in 2028||USD 19.55 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Anti Corrosion Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Anti Corrosion Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15A2007