Anti-Corrosion Coatings Market Size By Product (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), By Mode Of Application (Solvent-based, Water-based, Powder), By End Use (Oil & Gas, Shipbuilding, Infrastructure, Industrial markets, Energy, Transport) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Russia, Italy, UK, France, Spain, China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025
Published Date: Oct 2016 | Report ID: GMI808 | Authors: Kiran Pulidindi, Hemant Pandey Report Format: PDF
Anti-Corrosion Coatings Market size was more than USD 12 billion in 2015 and is projected to expand at 5% CAGR over the forecast timeframe.
U.S Anti-Corrosion Coatings Market size, by product, 2015 & 2025 (USD Million)
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Global anti-corrosion coatings market size is majorly driven by increasing energy demand. These are widely used in energy industry including oil, gas, coal, nuclear, hydro, biomass, and other renewable energy sources, as they provide protection to the equipment used in the industry from extreme weather conditions. For instance, equipment required in hydropower generation plants is in direct contact with water and atmospheric moisture, which makes them vulnerable to corrosion. Furthermore, the global population was approximately 6.89 billion in 2010 and is anticipated to reach approximately 9 billion by 2040. This growing population trend is likely to increase the clean energy demand, consequently driving anti-corrosion coatings market size.
These coatings are widely used in oil & gas equipment’s such as oil storage tanks, drill pipes and drill bits, which are broadly exposed to marshy lands and underground water. The global oil & gas equipment market generated USD 130 billion in 2010 and is anticipated to reach USD 278 billion by 2025. Growing oil & gas equipment market will consequently boost anti-corrosion coating market share. Furthermore, the growing demand for energy production through shale gas, oil sands, oil shale, and tar sands will further industry growth by 2025.
Marine is one of the prominent end uses for the global anti-corrosion coatings market share, to protect marine vessels, ships, boats, etc., with metal hulls and consequently result in low maintenance cost. In addition, these coatings also enhanced the vessels aesthetic appearance. As of 2015, there were approximately 40,900 commercial vessels in operation globally. These ships require high maintenance as they are prone to corrosion during voyage. The product is also extensively employed during the shipbuilding process and advanced forms of these coatings available in the market provide protection from corrosion, offer added durability, anti-static effect, and UV stability to the coated surfaces.
Key raw materials used in the anti-corrosion coatings manufacturing are obtained mainly from petrochemical derivatives such as benzene, toluene, ethylene, and naphthalene, oscillating raw material prices on account of the intermittent rise and fall of crude oil and natural gas prices may hamper anti-corrosion coatings price trends over the forecast timeframe. Stringent environment legislations on account of the VOC content of the product is likely to negatively impact business growth. However, increasing water-based product demand will create new growth opportunities.
Anti-Corrosion Coatings Market, By Product
Epoxy anti-corrosion coatings market share will see gains exceeding 4.5% by 2025. Epoxy coatings dominated the product base in 2015. It provides excellent corrosion and abrasion resistance from water, alkali and acids. It is also preferred for metal as well as concrete.
Polyurethane anti-corrosion coatings industry size was valued at over USD 3 billion in 2015. These coatings offer glossy appearance and wide color range along with anti-corrosion properties owing to propel industry growth for the product segment. It is suitable for a wide range of temperatures up to 1100 Celsius.
Anti-Corrosion Coatings Market, By Mode of Application
Solvent-based anti-corrosion coatings market size was dominant in 2015. It offers superior properties as compared to other mode of application. However, water based anti-corrosion coatings Industry is anticipated to witness highest gains owing to favoring government regulations towards product with low volatile organic compound (VOC) constituents.
Anti-Corrosion Coatings Market, By End Use
Infrastructure end use generated more than USD 2 billion in 2015. Increasing government initiative to improve public infrastructure along with rising commercial and residential projects is analyzed to be the key factor propelling anti-corrosion coatings market size for infrastructure over the forecast timeframe. These coatings in construction industry offer simple ways of surface preparation, superior bonding strength with concrete and steel promising anti-corrosion properties, lower coating costs, and provide absolute ease-of-application. It also offers heat resistance, superior structural strength, and restricts harmful UV radiations, which affect buildings.
Energy will witness highest gains over 5% CAGR over the coming years. Increasing population has resulted in increasing energy demand. The product finds widespread applications in energy sector as it offers an effective way to reduce this corrosion effect and protect the equipment, improving both product/equipment life as well as cost reduction from reduced maintenance activities during the product life cycle.
Anti-Corrosion Coatings Market, By Regional Trends
North America, mainly led by the U.S. anti-corrosion coatings market size was valued at over USD 1.5 billion in 2015. The regional growth was mainly driven by increasing government military investment (Navy). The U.S. has one of the largest fleet base globally owing to boost industry growth by 2025 Growing oil & gas sector in the region will further complement growth.
Asia Pacific is projected to witness substantial gains over 5% over the forecast timeframe. Southeast Asian countries including the Philippines, Indonesia, Thailand, Singapore, Hong Kong, South Korea, Japan, and China were major hubs for ship maintenance and repair in 2015. Lower labor costs, easy availability of viable anti-corrosion solutions, and high shipping traffic in the region have boosted Asia Pacific maritime contribution to the anti-corrosion coatings industry.
Competitive Market Share
Global anti-corrosion coatings market share is competitive. Major industry participants include Akzonobel, Ashland, Axalta Coating, BASF, Hempel, Jotun, RPM International, Kansai Paints, PPG Industries and The Sherwin-Williams Company. Other prominent industry share contributors are Chugoku Marine Paints, Nippon Paints, Tnemec, Sokema, AICA Kogyo, AnCatt and Valspar.
Anti-Corrosion Coatings Industry Background
Various industries face the common challenge of corrosion, wherein machineries and equipment come in direct contact with water, heat, sunlight, etc. Corrosion, which can be caused by several physical and chemical factors, severely damages metal and concrete-based structures. Thus, corrosion has been arising concern for major industries such as chemical manufacturing, oil & gas, transportation, aerospace, marine, building & construction, and power generation. This signifies high product usage in these industries owing to drive anti-corrosion coatings market size.
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