Anti-corrosion Coatings Market Analysis

Anti-corrosion Coatings Market Analysis

Epoxy was the largest segment in 2020 and is projected to continue leading throughout the assessment period. Epoxy anti-corrosion coatings is projected to hold a market share of over 44% by 2027 in terms of revenue. These coatings are widely used owing to their excellent chemical resistance in varied environments. Epoxy coatings possess excellent protection when exposed to harsh environmental environments and hence are widely used in the marine industry.
 

Polyurethane was the second-largest segment in 2020 and is projected to exhibit a CAGR of over 4.5% during the assessment period. Polyurethane is projected to generate a revenue of over USD 5 billion by 2027. Polyurethane anti-corrosion coatings are used across various end-user industries owing to their excellent properties such as fast cure time and durability.
 

These coatings are widely used near marine areas. These are mainly used to prevent the corrosion of substrates and avoid loss of metal. These resins have enhanced solvent & chemical resistive properties and are superior to conventional epoxies in acid resistance. Polyurethane finish coats are very durable with effective gloss retention ability and are non-yellowing in nature. Additionally, water-based polyurethane coatings are also non-flammable making them highly desirable in combustible environments.
 

The water-based segment was the largest segment in 2020 and is estimated to continue leading throughout the assessment period. The presence of various environmental regulations on the use of solvent-based coatings led to the increasing use of water-based coatings, in turn, adding to the market revenue.
 

Moreover, with more and more emphasis on environmental-friendly coatings, various industry participants are seen to invest in research & development activities for the development of efficient and durable water-based anti-corrosion coatings. Solvent-based & powder are other major segments and are projected to record an encouraging CAGR throughout the forecast period. The water-based segment regenerated a revenue of over USD 5.7 billion in 2020 and is anticipated to hold a market share of over 45% by 2027.
 

Among the various application sectors, the infrastructure end-use segment will dominate the overall anti-corrosion coatings market share over the projected timeline. The dominance is due to growing population and rapid investments in the construction sector across the globe.
 

Anti-corrosion coatings are widely used in the infrastructure industry owing to their growing need to prevent the corrosion of metal structures. Steel and metal structures are widely prone to harsh environmental conditions and hence are coated in various combinations of anti-corrosion coatings to extend their durability. The infrastructure segment held a market share of over 19 % in 2020.
 

Asia Pacific was the largest and fastest-growing region in the anti-corrosion coatings market in 2020 and is expected to record the fastest-growing CAGR over the forecast duration. China led the Asia Pacific market, in terms of production and consumption. Some of the huge multinational giants and manufacturing ships have production bases in China, making it a major exporter to the rest of the world. Anti-corrosion coatings have a huge demand in Asia Pacific, particularly in South Korea, Japan, and China, due to the extensive demand from the shipping, energy, and infrastructural industries.
 

North America and Europe are expected to witness a moderate growth rate over the forecast timeframe. Growth is attributed to the presence of huge and mature ship manufacturing & other industrial sectors. Latin America will be witnessing prominent gains during the assessment period due to growing trade activities of Brazil & Mexico with the rest of the globe. North America held a market share of over 14% in 2020 whereas Europe held a share of over 23% in the same year.