Anti-Corrosion Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Industrial, Infrastructure, and Power Generation) - Global Forecast to 2022
The global anti-corrosion coating market is estimated to be USD 24.84 Billion in 2017 and is projected to reach USD 31.73 Billion by 2022, at a CAGR of 5.0% from 2017 to 2022. Rising losses due to corrosion are one of the most significant factors influencing the growth of the global anti-corrosion coating market.
In addition, the growth of end-use industries such as power generation and automotive & transportation is further driving the demand for anti-corrosion coatings.
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The acrylic segment is expected to grow at the highest CAGR between 2017 and 2022
Based on type, the global anti-corrosion coating market has been segmented into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others.The acrylic segment is projected to grow at the highest CAGR from 2017 to 2022, owing to the increased production of waterborne acrylic coatings and stringent environmental regulations.
In addition, the rising demand for acrylic coatings from the marine, oil & gas, and automotive & transportation industries is also driving the growth of the acrylic segment.
The power generation segment is anticipated to be the fastest-growing end-use industry segment of the global anti-corrosion coating market
The power generation segment is projected to be the fastest-growing end-use industry segment of the global anti-corrosion coating market between 2017 and 2022. The growth of this segment can be attributed to the rise in demand for harnessing renewable energy sources and the corrosive nature of industrial equipment.
The power generation segment in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The dependency of Asia Pacific countries on conventional energy sources is propelling the need to harness renewable energy sources, such as the wind and solar energy.
Installations of wind and solar energy systems in high corrosion environments reduce the performance of these systems. Thus, the need to protect these systems from corrosion is driving the demand for anti-corrosion coatings in the power generation sector.
Asia Pacific is anticipated to be the fastest-growing market for anti-corrosion coating during the forecast period
The anti-corrosion coating market in the Asia Pacific region is projected to grow at the highest CAGR between 2017 and 2022. The increasing demand for anti-corrosion coatings from various end-use industries, such as automotive & transportation, infrastructure, and power generation is contributing to the growth of the anti-corrosion coating market in this region.
Currently, the global anti-corrosion coating market is led by various market players, such as AkzoNobel N.V. (Netherlands), PPG Industries, Inc.
(US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc.
(US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd.
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