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

Global anti corrosion coating market expected to reach USD 36.24 billion in 2024, growing at a CAGR of 5.6% between 2018 and 2024. Anti corrosion coatings protect industrial equipment against degradation due to salt spray, moisture, exposure, or oxidation from industrial chemicals.

27-Aug-2018 | Number of pages: 110 | Report Code: ZMR-704 | Report Format : | Status : Published

Analysis

Anti corrosion coatings are the coatings that are applied on metal surfaces to protect it from corrosion and rust. Anti corrosion coatings have features such as it has gloss retention, chemical resistance, abrasion resistance, and is lightweight. 

The global anti corrosion coating market is anticipated to rise at a substantial rate in the forecast period. The growing demand for infrastructure development from emerging economies fuels the market growth. The anti corrosion coating is increasingly used in the industrial applications such as in oil and gas, automotive, and power generation sectors in most of the regions. The increased demand for anti corrosion coating in power generation end-user industry segment is anticipated to be the prime driver for the global anti corrosion coating market within the forecast period. The growth of the power generation end-use industry is directly related to the increase in demand for renewable energy sources and the nature of the industrial equipment. Huge demand for anti corrosion coatings in the automotive and construction industries has positive influence on the global anti corrosions market. The automotive and construction industries are expected to exhibit high growth in the near future, which will significantly increase the requirement for anti corrosion coatings. Government rules and regulation for the hazardous raw material used in the production of anti corrosion coatings may act as the restraining factor that affects the global anti corrosion coating market. Research and developments for the development of the bio-based anti corrosion coatings are expected to offer huge growth opportunity for the market in the coming years.  

Global Anti Corrosion Coating Market

Global anti corrosion coating market has been segmented on the basis of type, technology, end-use industry, and region. On the basis of type, the anti corrosion coating market is classified into polyurethane, epoxy, acrylic, zinc, alkyd, chlorinated rubber, and others. Epoxy was the most dominant type, accounting for a major market share in 2017. Epoxy anti corrosion coating is widely used in marine, oil & gas, and infrastructure end-use industries. 

Based on technology, the global anti corrosion coating market is segmented into waterborne, solvent-borne, and powder coating. The solvent-borne technology is anticipated to boost the global anti corrosion coating market in near future. Based on various end-use industries, the global anti corrosion coating market is segmented into oil & gas, marine, industrial, power generation, infrastructure, automotive & transportation, and others. In terms of value, power generation end-use industry is anticipated to grow at highest CAGR in the forecast period owing to increasing environmental concerns. The usage of anti corrosion coating is expected to increase in the power generation segment, as it is mainly used for protecting equipment from corrosion and abrasion. The rapid growth of the automotive, marine, and infrastructure end-use industries coupled with the increased use of anti corrosion coatings in these sectors as a protective agent from corrosion is fuelling the growth of the market.  

In terms of geographies, the anti corrosion coating market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, Asia Pacific accounted to be the largest market for anti corrosion coating. The rising demand is attributed to the rise of anti corrosion coating from various countries like India and China. Moreover, Asia Pacific is expected to be the quickly growing market for anti corrosion coating within the forecast period due to the increasing disposable income and high gross domestic product (GDP) growth in the region. The Asia Pacific was followed by North America and Europe. In Europe as well as in North America, anti corrosion coating demand is anticipated to witness slow growth rate initially due to market saturation coupled with a surge in environmental policies. The market growth rate in developing economies of Latin America and the Middle East and Africa is expected to stay higher in the forecast period. 

The major players of the global anti corrosion coating market are BASF SE, PPG Industries, Inc., AkzoNobel N.V., Axalta Coating Systems Ltd., Ashland Inc., Hempel A/S, The Sherwin-Williams Company, RPM International Inc. Jotun, and Kansai Paint Co., Ltd., among others.


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