Anti-Corrosion Coatings Market to exceed $20 billion by 2027
Published Date: March 16, 2021 Authors: Kiran Pulidindi, Sayan Mukherjee
According to a new research report by Global Market Insights, Inc., the Anti-Corrosion Coatings Market size is estimated to surpass USD 20 billion by 2027.
Various industries face the common challenge of corrosion due to equipment and machines coming in direct contact with water, heat, and sunlight. Corrosion severely damages metal and concrete-based structures. It has been a major concern for major industries such as oil & gas, chemical manufacturing, aerospace, transportation, building & construction, marine, and power generation.
Coatings with anti-corrosive properties have been formulated in order to protect structures exposed to extremely corrosive environments. Metal and concrete-based components, such as ships, tanks, vessels, containers, pipes, manufacturing equipment, turbines, oil drilling rigs, drilling equipment, and subsea power utilities, employ high-performance anti-corrosion coatings.
Rise in shipbuilding activities will augment the market demand
Anti-corrosion coatings provide protection to marine vessels, boats, etc., consequently resulting in low maintenance cost. These coatings also enhance the aesthetic appearance of vessels.
The epoxy segment is projected to hold a market share of over 44% by 2027. The epoxy based coatings are widely used in the shipbuilding industry and hence are projected to generate huge revenue gains throughout the assessment period. Anti-corrosion coatings are widely used during the shipbuilding process to provide protection from corrosion, offer added durability, UV stability, and anti-static effect to the coated surfaces. South Korea, Singapore, Hong Kong, Japan, and China are the major nations contributing to increased shipbuilding and marine industry growth.
After the outbreak of the coronavirus pandemic, the worldwide demand for metal and metal components reduced significantly due to shutdown of economic activities around the world. The COVID-19 pandemic and its disruption to industrial production impacted metal production and its consumption, affecting the anti-corrosion coatings market share around the world.
In the first half of 2020, the coatings sector around the world was facing a prospect of deep recession caused by the effect of lockdowns laid down by governments around the world. A large portion of the world population was asked to stay at home to counter the spread of novel coronavirus. As a result, operations in major industries were completely halted and resulted in a sudden drop in anti-corrosion coatings around the world.
Browse key industry insights spread across 256 pages with 283 market data tables & 19 figures & charts from the report, “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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Oil & gas and industrial markets to exhibit moderate growth during the assessment period
The oil & gas industry held more than 16% share in terms of revenue in 2020 and is expected to exhibit a growth rate of 6.2% from 2021 to 2027. Industrial markets are projected to generate a revenue of over USD 2.9 billion by 2027. This segment includes companies that manufacture tanks, pipes, and other metal parts.
The global industrial sector is witnessing strong push from end user industries due to the rising demand and increasing per capita consumption of products. The rising economies in Asia Pacific will drive the demand for these products, fueling the anti-corrosion coatings market revenue.
Latin America held a market share of over 5.5% in 2020 and is projected to grow at a CAGR of 4.1% during the assessment period. Latin America is projected to generate a revenue of over USD 1.1 billion by 2027.
Infrastructure and transport were the key end users of anti-corrosion coatings in Latin America in the past decade. Mexico and Brazil are likely to be the major market drivers in the coming years. Although automotive sales declined in the past two years, this trend is likely to reverse with the introduction of new technologies and the growing spending power with economic growth. Epoxy-based anti-corrosion coating is one of the most popular segments in the region and is likely to show favorable growth by 2027.
Key manufacturers operating in the anti-corrosion coatings industry include Valspar, AnCatt, AICA Kogyo, Sokema, Tnemec, Nippon Paints, Chugoku Marine Paints, The Sherwin-Williams Company, PPG Industries, Kansai Paints, RPM International, Jotun, Hempel, BASF, Axalta Coating, Ashland, and Akzonobel, among others.
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