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Anti-corrosion Coatings Market

Anti-corrosion Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021-2031

Anti-corrosion Coatings: Introduction

  • Anti-corrosion coatings protect metal components against degradation due to moisture, salt spray, oxidation, or exposure to a variety of environmental or industrial chemicals in a range of industries. Anti-corrosion coatings allow for added protection of metal surfaces and act as a barrier to inhibit the contact between chemical compounds or corrosive materials. In addition to corrosion prevention, many of the coatings also provide abrasion resistance, non-stick performance, and chemical protection.
  • Anti-corrosion coatings are used in a range of industries such as oil & gas, marine, power, and infrastructure. Anti-corrosion coatings are extensively applied in maintenance of vehicles used by transportation agencies, as they protect the substrate by providing a barrier between the metal and its environment outside, especially in chloride-laden environments.

Key Drivers and Restraints of Anti-corrosion Coatings Market

  • Anti-corrosion coatings are primarily used in the infrastructure industry. Anti-corrosion coatings are used in various end-user industries to protect metal components from structural failure caused by corrosion. They are significantly used where metals are consumed in large quantities including oil & gas, automotive, and infrastructure industries. End-user industries are striving to choose anti-corrosion coatings with little impact on the environment. Thus, demand for waterborne anti-corrosion coatings is expected to rise significantly during the forecast period. This is anticipated to drive the global anti-corrosion coatings market during the forecast period.
  • Rise in demand for anti-corrosion coatings in automotive and marine industries is anticipated to create significant opportunities for the anti-corrosion coatings market in the near future. Anti-corrosion coatings also play a vital role in the energy industry. Anti-corrosion coatings provide protection to the equipment used in the energy industry from extreme weather conditions. Additionally, developing countries are likely to depend more on conventional sources of energy generation such as coal power and crude oil derivatives.

Anti-corrosion Coatings: Type Segment

  • In terms of type, the global anti-corrosion coatings market can be divided into epoxy, polyester, polyurethane, vinyl ester, and others
  • The epoxy type segment of the global anti-corrosion coatings market is projected to hold major share during the forecast period, as epoxy-based anti-corrosion coatings possess strong mechanical properties, high abrasion, high water resistance, and high temperature and chemical resistance. These properties make it ideal for usage in the chemical industry. The reformulation of epoxy using water as solvent, which is environmentally safe, is estimated to create lucrative opportunities for players in the anti-corrosion coating market.
  • The polyurethane segment is projected to follow the epoxy segment during the forecast period. Polyurethane-based anti-corrosion coatings are used in various end-user industries owing to their excellent properties such as fast cure time and durability. They are widely used in marine applications. They are primarily used to prevent the corrosion of substrates and avoid loss of metal.

Anti-corrosion Coatings: Application Segment

  • Based on application, the global anti-corrosion coatings market can be segmented into oil & gas, marine, power, infrastructure, industrial, aerospace & defense, and others
  • The infrastructure segment is projected to gain higher share of the global market during the forecast period. Rails, bridges, and roads constitute major segments of infrastructure. Steel and metal structures are widely prone to harsh environmental conditions. Hence, they are coated in various combinations of anti-corrosion coatings to extend their durability. This is projected to boost the global anti-corrosion coatings market in the next few years.
  • The marine segment is projected to hold key share of the global anti-corrosion coatings market in the near future. Anti-corrosion coatings provide protection to the surface from corrosion impact and abrasion. The constant need for restoration and maintenance is driving the anti-corrosion coatings market.

COVID-19 Impact on Anti-corrosion Coatings Market

  • On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
  • Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
  • Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the anti-corrosion coatings market.

Asia Pacific to Hold Leading Share of Anti-corrosion Coatings Market

  • In terms of region, the anti-corrosion coatings market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is expected to hold major share of the global anti-corrosion coatings market, followed by North America, and Europe during the forecast period. China is the largest manufacturer and user of corrosion-resistant coatings. Additionally, high GDP growth and increase in disposable income in Asia Pacific has resulted in an increase in demand for anti-corrosion coatings in marine, automotive, and other end-user industries. Rise in investments in the automotive industry is boosting the demand for anti-corrosion coatings in the region.
  • The anti-corrosion coatings market in North America and Europe is projected to expand at a rapid pace in the near future

Key Manufacturers Operating in Anti-corrosion Coatings Market

The anti-corrosion coatings market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the anti-corrosion coating market include:

  • AkzoNobel N.V.
  • Hempel Holdings A/S
  • Kansai Paints Co. Ltd.
  • PPG Industries Inc.
  • The Dow Chemical Company
  • The Sherwin-Williams Company
  • WackerChemie AG
  • 3M
  • Ashland Inc.

Anti-corrosion Coatings: Research Scope

Anti-corrosion Coatings Market, by Type

  • Epoxy
  • Polyester
  • Polyurethane
  • Vinyl Ester
  • Others

Anti-corrosion Coatings Market, by Application

  • Oil & Gas
  • Marine
  • Power
  • Infrastructure
  • Industrial
  • Aerospace & Defense
  • Others

Global Anti-corrosion Coatings Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
Anti-corrosion Coatings Market

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