Global Anti Corrosion Coating Market Reach $36.24 bn By 2024
Zion Market Research has published a new report titled “Anti Corrosion Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, and Chlorinated Rubber), by Technology (Solvent-borne, Waterborne, and Powder Coating), and by End-Use Industry (Marine, Oil & Gas, Industrial, Infrastructure, Power Generation, Automotive & Transportation, and Other End-Use Industries): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global anti corrosion coating market was valued at USD 24.75 billion in 2017 and is expected to reach USD 36.24 billion in 2024, growing at a CAGR of 5.6% between 2018 and 2024.
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Anti corrosion coatings protect industrial equipment against degradation due to salt spray, moisture, exposure, or oxidation from industrial chemicals. Anti corrosion coating offers continuous protecting layers that assist to protect equipment from the harsh effects of corrosion and abrasion. Anti corrosion coating is one of the most trustworthy corrosion prevention methods used by industries today.
Anti corrosion coating is formally known as a protective coating for equipment that is extensively utilized in marine, oil & gas, industrial, power generation, and infrastructure end-user industries. Anti corrosion coating is suitable for various end-user industries and had generated a huge demand in 2017. The rising end-user requirement for anti corrosion coating is expected to propel the market. The rising growth of end-user industries like marine is expected to be the major driver for the growth of the anti corrosion coating market.
Increasing requirement for anti corrosion coatings in marine, oil & gas, construction, power generation, and other industries are anticipated to positively impact the market growth in the forecast period. The rising investment in infrastructures in the construction and transportation sectors in the emerging economies is the major key factor driving the market growth. The fluctuating prices of crude oil may hamper the growth of the market. The manufacturing companies are focusing on inventive products thus anticipating to open a new opportunity for the market.
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Depending on the type, global anti corrosion coating market includes polyurethane, epoxy, acrylic, zinc, alkyd, chlorinated rubber, and others. In terms of value, acrylic anti corrosion coating type is anticipated to grow at the highest CAGR of around 10.2% in the forecast period. Acrylics anti corrosion coatings are anticipated to grow at the fastest pace in the chemical industry.
Depending on the technology, the solvent-borne anti corrosion coating segment has above 60% share of the global anti corrosion coating market in 2017. Powder and waterborne anti corrosion coatings are getting popular as they have minimum levels of hazardous air pollutants (HAPs) and volatile organic compounds (VOCs).
In 2017, the marine end-user industry segment held a significant share of around 20% among other end-user industries. It is expected to continue its dominance in the forecast period. The major demand for the anti corrosion coatings is from the industrial, construction, automotive, and oil and gas end-user industries segment.
The Asia Pacific was the leading market for anti corrosion coatings in 2017. In terms of value and volume, Asia Pacific was accounting for above 35% share in 2017. It is expected to witness increased demand for anti corrosion coating due to the rising positive regulations in the region. In 2017, North America was the second largest region for anti corrosion coating with around 23% share followed by Europe which was expected to hold around 18% market share. Furthermore, the changing dynamics, government favorable policies in the region is expected have a positive effect on the demand for anti corrosion coating in the region.
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Some of the major players of the global anti corrosion coating market are BASF SE, PPG Industries, Inc., Axalta Coating Systems Ltd., AkzoNobel N.V., Ashland Inc., Hempel A/S, RPM International Inc. Jotun, The Sherwin-Williams Company, and Kansai Paint Co., Ltd., among others.
This report segments the global anti corrosion coating market as follows:
Global Anti Corrosion Coating Market: Type Analysis
- Chlorinated Rubber
Global Anti Corrosion Coating Market: Technology Analysis
- Powder Coating
Global Anti Corrosion Coating Market: End-Use Industry Analysis
- Oil & Gas
- Power Generation
- Automotive & Transportation
Global Anti Corrosion Coating Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa