Anti-Corrosion Coatings Market to Reach US$34.8 Billion by 2022
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| Anti-Corrosion Coatings Market |
The
global anti-corrosion coatings market is estimated to be valued at US$34.8 Billion In 2022 and is expected
to exhibit a CAGR of 3.6% over the
forecast period 2023-2028, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Anti-corrosion coatings are protective coatings that are applied to metal
surfaces to prevent corrosion. These coatings provide excellent adhesion,
impact resistance, and durability, thereby extending the lifespan of the metal
substrates. The need for anti-corrosion coatings arises from the increasing use
of metal products in various industries such as automotive, construction,
marine, and oil and gas. These coatings provide a cost-effective solution to
protect metal surfaces from the damaging effects of corrosion, which can result
in significant financial losses.
Market Key Trends:
One key trend in the anti-corrosion coatings market is the growing demand for
eco-friendly coatings. With increasing environmental concerns and regulations,
there is a shift towards the use of coatings that have lower levels of volatile
organic compounds (VOCs) and are less harmful to human health and the
environment. Manufacturers are investing in the development of water-based and
powder coatings that offer high levels of corrosion protection while being
sustainable and safe to use. This trend is expected to drive the growth of the
anti-corrosion coatings market in the coming years.
Segment Analysis:
The anti-corrosion coatings market can be segmented based on type, technology,
end-use industry, and region. Based on type, the market can be further
classified into epoxy, polyurethane, zinc, acrylic, chlorinated rubber, and
others. Among these, epoxy coatings dominate the market due to their excellent
adhesion, chemical resistance, and corrosion protection properties.
In terms of technology, the market is segmented into solvent-borne, waterborne,
and powder coatings. Waterborne coatings have gained significant popularity in
recent years due to their environmentally friendly nature and low VOC
emissions. They are increasingly being used in various end-use industries.
On the basis of end-use industry, the market is categorized into oil & gas,
marine, power generation, automotive, construction, and others. The oil &
gas industry holds a dominant position due to the high need for corrosion
protection in pipelines, tanks, and offshore structures. Furthermore, the
construction industry is also a key segment, driven by the growing
infrastructure development activities worldwide.
Key Takeaways:
The global Anti-Corrosion
Coatings Market is expected to witness high growth, exhibiting a CAGR of 3.6% over the forecast period
from 2023 to 2028. This growth can be attributed to increasing infrastructure
development activities, rising demand from the oil & gas industry, and
expanding automotive and marine sectors.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the global anti-corrosion coatings
market. The rapid industrialization, increasing infrastructure spending, and
growing automotive and construction sectors in countries like China, India,
Japan, and South Korea are fueling the demand for anti-corrosion coatings in
the region.
Key players operating in the anti-corrosion coatings market include BASF,
Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating
System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG
Industries Inc., and Hempel A/S. These companies are focusing on product
innovation, strategic collaborations, and mergers and acquisitions to
strengthen their market position and expand their product portfolios.
Overall, the global anti-corrosion coatings market is poised for steady growth,
driven by increasing infrastructure development activities, growing demand from
various end-use industries, and advancements in coating technologies. Asia
Pacific is expected to be the key region contributing to market growth, while
key players continue to invest in research and development activities to stay
competitive in the market.
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