The global anti-corrosion coating market was valued at $22.8 billion in 2019, and is projected to reach $41.2 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.
Corrosion leads to spontaneous reaction between a material and its environment, resulting in deterioration of mechanical properties of the material. Anticorrosion coatings prevent this deterioration of materials such as composites, alloys, metals, polymers, and ceramics, which occurs due to oxidation, moisture, salt spray, industrial chemicals, or exposure to various environmental conditions. These coatings possess properties including abrasion resistance, gloss retention, and are lightweight; thus, improving the lifespan and performance of the materials. Use of these coatings results in increased efficiency of industrial operations, conservation of scarce material resources, cost reduction, and reduction in pollutant emissions. An anticorrosion coating functions by forming a barrier between the substrate material and environment, inhibiting the corrosion processes.
Growing investment in construction activities across emerging economies, such as India, China, and Brazil, and development of the automotive market drive the growth of this market. Emergence of China as a global manufacturing hub is also offering profitable growth opportunities to anti-corrosion coating market. However, usage of solvent-borne anti-corrosion coatings containing other toxic heavy metals has declined progressively in the last decade due to stringent environmental regulations. This factor is hampering the growth of this to some extent and the similar trends are anticipated during the forecast period.
The global anticorrosion coating market is segmented on the basis of type, technology, end-user industry, and region. By type, the market is classified into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others (silicates, fluorocarbons, co-polymers, graphene, ceramic, and glass flakes). On the basis of technology, it is categorized into solvent-borne, waterborne, powder, and other anticorrosion coatings. According to end-user industry, it is divided into marine, oil & gas, industrial, construction, energy, automotive, and others. The energy end-user industry is sub segmented into power plants, solar energy, and wind turbines. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global anti-corrosion coatings market are AkzoNobel N.V., BASF SE, Hempel Holdings A/S, Kansai Paints Co. Ltd., NIPPON PAINT HOLDINGS CO. LTD., PPG Industries Inc., The Dow Chemical Company, The Sherwin-Williams Company, WackerChemie AG, and 3M.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Type
By Technology
By End-User Industry
By Region
KEY MARKET PLAYERS
Corrosion leads to spontaneous reaction between a material and its environment, resulting in deterioration of mechanical properties of the material. Anticorrosion coatings prevent this deterioration of materials such as composites, alloys, metals, polymers, and ceramics, which occurs due to oxidation, moisture, salt spray, industrial chemicals, or exposure to various environmental conditions. These coatings possess properties including abrasion resistance, gloss retention, and are lightweight; thus, improving the lifespan and performance of the materials. Use of these coatings results in increased efficiency of industrial operations, conservation of scarce material resources, cost reduction, and reduction in pollutant emissions. An anticorrosion coating functions by forming a barrier between the substrate material and environment, inhibiting the corrosion processes.
Growing investment in construction activities across emerging economies, such as India, China, and Brazil, and development of the automotive market drive the growth of this market. Emergence of China as a global manufacturing hub is also offering profitable growth opportunities to anti-corrosion coating market. However, usage of solvent-borne anti-corrosion coatings containing other toxic heavy metals has declined progressively in the last decade due to stringent environmental regulations. This factor is hampering the growth of this to some extent and the similar trends are anticipated during the forecast period.
The global anticorrosion coating market is segmented on the basis of type, technology, end-user industry, and region. By type, the market is classified into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others (silicates, fluorocarbons, co-polymers, graphene, ceramic, and glass flakes). On the basis of technology, it is categorized into solvent-borne, waterborne, powder, and other anticorrosion coatings. According to end-user industry, it is divided into marine, oil & gas, industrial, construction, energy, automotive, and others. The energy end-user industry is sub segmented into power plants, solar energy, and wind turbines. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global anti-corrosion coatings market are AkzoNobel N.V., BASF SE, Hempel Holdings A/S, Kansai Paints Co. Ltd., NIPPON PAINT HOLDINGS CO. LTD., PPG Industries Inc., The Dow Chemical Company, The Sherwin-Williams Company, WackerChemie AG, and 3M.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global anti-corrosion coating market from 2018 to 2026 to determine the prevailing opportunities
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
- Estimations and forecasts are based on factors impacting market growth, in terms of both value and volume
- Profiles of leading players operating in the market are provided to understand the global competitive scenario
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
KEY MARKET SEGMENTS
By Type
- Epoxy
- Polyurethane
- Acrylic
- Alkyd
- Zinc
- Chlorinated Rubber
- Others
By Technology
- Solvent-Borne
- Waterborne
- Powder
- Others (High-Energy Cure Coatings and Nanocoatings)
By End-User Industry
- Marine
- Oil & Gas
- Industrial
- Construction
- Energy
- Automotive
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- Qatar
- UAE
- Rest of LAMEA
KEY MARKET PLAYERS
- AkzoNobel N.V.
- BASF SE
- Hempel Holdings A/S
- Kansai Paints Co. Ltd.
- NIPPON PAINT HOLDINGS CO. LTD.
- PPG Industries Inc.
- The Dow Chemical Company
- The Sherwin-Williams Company
- WackerChemie AG
- 3M
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Anti-Corrosion Coating Market, by Type
Chapter 5: Anti-Corrosion Coating Market, by Technology
Chapter 6: Anti-Corrosion Coatingmarket, by End-Use Industry
Chapter 7: Anti-Corrosion Coating Market, by Region
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
Executive Summary
According to the report titled, 'Anti-corrosion Coating Market by Type, Technology, End-User Industry, and Region: Opportunity Analysis and Industry Forecast, 2020-2027', the global anti-corrosion coating market was valued at $22.8 billion in 2019, and is projected to reach $41.2 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.Anti corrosion coatings are employed for eliminating corrosion on a metal substrate. These coatings offer mechanical strength, high chemical & temperature resistance, wear & tear resistance, high permeability, and superior finishing ability to the metal structures. They play crucial role in expending life metal surface by keeping them rust free and functional up to prolonged period.
The global market is heading toward growth stabilization phase in its industry life cycle. Therefore, the market is anticipated to witness large number of product development activities in the coming years. This is largely linked with the growing popularity of water borne and power coating technology, which has least amount of VOC content.
Furthermore, increased globalization is a key factor that affects the anti corrosion coating industry. Rapid economic growth in India and China has led to increased construction activities, resulting in high consumption of anti corrosion coatings. As majority of the countries in Asia-Pacific are still largely rural, the economic growth is set to fuel the ongoing urbanization, transforming India and China into manufacturing hubs for marine, automobile, food & beverages, pharmaceutical, and chemical industries. Moreover, increase in population in these countries is expected to boost the demand for housing & commercial infrastructure, which in turn is projected to drive the anti-corrosion coating market share.
Based on technology, the solvent-borne anti corrosion coating segment was the largest revenue generator in 2019, as these coatings are widely used in several applications. However, it is expected to witness a downturn due to the stringent regulations imposed by government bodies such as Environmental Protection Agency (EPA) of the U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe. Waterborne and powder anticorrosion coatings are gaining popularity as they possess low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).
Based on end-use industry, the marine industry was the largest revenue contributor in 2019, and it is further anticipated to maintain its lead on the global market. However, automotive and construction industries are offering promising growth opportunities in response to the growing automotive production and heavy investments in construction activities.
Players analyzed and profiled in the global anti-corrosion coating market are AkzoNobel N.V., BASF SE, Hempel Holdings A/S, Kansai Paints Co. Ltd., NIPPON PAINT HOLDINGS CO. LTD., PPG Industries Inc., The Dow Chemical Company, The Sherwin-Williams Company, WackerChemie AG, and 3M.
Key Findings Of The Study:
Based on type, the epoxy segment emerged as the global leader with more than 40% share in 2019. This can be highly attributed to high demand of epoxy-based coatings in various end use industries.
By technology, solvent-born coating segment dominated the global anti-corrosion coatings market with around 60% global market share in 2019
Countries such as China, India, and Indonesia are emerging as an investment centric hub due to wide scope in manufacturing sector
Companies Mentioned
- AkzoNobel N.V.
- BASF SE
- Hempel Holdings A/S
- Kansai Paints Co. Ltd.
- NIPPON PAINT HOLDINGS CO. LTD.
- PPG Industries Inc.
- The Dow Chemical Company
- The Sherwin-Williams Company
- WackerChemie AG
- 3M
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 267 |
| Published | April 2020 |
| Forecast Period | 2019 - 2027 |
| Estimated Market Value ( USD | $ 22.8 billion |
| Forecasted Market Value ( USD | $ 41.2 billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
