The global anti-corrosion coatings market is estimated to value USD 23.27 billion in 2016 and is expected to reach USD 29.98 billion by 2021, growing at a CAGR 5.20%, during the forecast period 2016-2021.
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Anti-corrosion coatings are a specialized type of protective coatings. They are used for protecting metal, concrete, and other material surfaces from natural degradation, caused by different corrosion agents such as moisture, chemicals, salt, and a variety of environmental or industrial chemicals.
These coatings ensure metal components, which operate in harsh applications, have a long lifespan.
Corrosion has been estimated to account for huge financial losses in major industries, across the world.
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Coatings are among the most effective and economical solutions for tackling corrosion.
The anti-corrosion coatings provide a barrier between the surface and the corrosion agent and prolong the life of the structure, as well as, aid in its efficient productivity. Owing to their properties, anti-corrosion coatings find application in a range of end-user industries, such as marine, oil & gas, refinery & petrochemical, chemical plants, power generation, industrial, infrastructure, transportation, and aerospace & defense, among others.
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The marine industry accounts for the maximum share of the anti-corrosion coating market; since these coatings protect ship hulls and yachts from deterioration, caused due to the extremely harsh environmental factors such as salt water, temperature, pressure, and organic formation, among others. The growing need for repair and maintenance in the oil & gas industry for oil drilling equipment, process vessels, transmission pipelines, and offshore installation machinery application are expected to boost the demand for anti-corrosion coatings.
The market for anti-corrosive coatings is primarily driven by growing off-shore production activities, especially in the GCC countries. Furthermore, this market is expected to grow on account of huge losses incurred due to corrosion, growth in alternative energy, and modernization of infrastructure.
Fluctuating raw material costs, stringent environmental regulations, a slowdown in marine and oil & gas industries, and global economic situation affecting investments are the factors restraining the market growth.
The anti-corrosion coatings market is segmented by technology, namely, solvent-borne, waterborne, powder coating, and others (such as nano coating, and radiation-cured coating, among other technologies). In 2016, the solvent-borne technology captured the maximum share of the overall market and is expected to witness a moderate growth rate during the forecast period.
The demand for solvent-borne is increasing because of its properties that include excellent block resistance, lesser drying time, and widespread applications.
The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America, and the Middle-East & Africa. By consumption, APAC, currently, leads the market and is projected to witness the maximum growth during the forecast period.
This dominance is primarily due to the growth in the marine and automotive industries in the region. Also, the rapid industrialization in Asia-Pacific, coupled with improved living standard, is driving the market for anti-corrosion coating.
Furthermore, growing R&D activities to produce high-performance anti-corrosion coatings, and development of waterborne anti-corrosion coatings are expected to offer numerous opportunities for the growth of global anti-corrosion coatings market.
Some of the major companies dominating this market for its products, services, and continuous product developments are -
Axalta Coating Systems Ltd.
BASF SE, RPM International, Inc.
PPG Industries, Inc.
The Dow Chemical Company
Nippon Paints Co. Ltd.
E.I. Du Pont De Numours and Company
Key Deliverables in the Study
Market analysis for the global anti-corrosion coatings market, with region-specific assessments and competition analysis on global and regional scales.
Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global anti-corrosion coatings market on both global and regional scales.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped.
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