Published Date : 17 Mar 2023
Infrastructure expansions in developing and emerging countries driving demand for anti-corrosion coatings and is also offers significant growth & opportunities. According to a recent report, the size of the world anti-corrosion coatings market is set to hit almost USD 46.88 billion by 2032.
The Anti-corrosion coatings market growth is driven by the growing energy sector, increasing commercial and military shipbuilding activities in the Asia-Pacific region, and the growing demand for thin-walled, robust metallic components in the design of lightweight products which are utilized in several industries such as automotive, building and construction, marine, and the rapid development of oil and gas exploration operations in Asia-pacific and North America.
Anti-corrosion coatings are a special type of material that has outstanding impact resistance as well as corrosion and abrasion resistance. These coatings are available in water-based, epoxy-based, or powder-based. These coatings contribute to the formation of a barrier between metal surfaces, thereby preserving the substrate from corrosion.
Machines and equipment that are not in use require maintenance in order to prevent degradation and rusting as this equipment has crude oil residual, salt, water, and other chemicals, that can cause corrosion. Anti-corrosion coatings are considered important tools for preventing several challenges of rust across various industries. These coatings find application in several areas such as bridges, automobile tunnels, and the protection of structures. Anti-corrosion coatings have become unavoidable for businesses to defend the large investments they make in terms of money, property, and protection of workforces. The anti-corrosion coatings material market is projected to benefit from an increasing number of product launches, acquisitions, and research and development activities to generate bio-based anti-corrosion coatings. The rise in economic losses due to the corrosion of structures is anticipated to fuel the demand around the world during the forecast period.
Additionally, the market has grown as a result of the modernization of infrastructure, particularly in developing and emerging countries has been a key driver of demand for anticorrosion coatings. Furthermore, Power plants are expected to deliver a development outlook to high-performance anti-corrosion coatings.
Anti-corrosion Coatings Market Report Scope
|Market Size in 2022||USD 32.56 Billion|
|Projected Forecast Value in 2032||USD 54.10 Billion|
|Growth Rate||5.21% from 2023 to 2032|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2023 To 2032|
|Segments Covered||By Type, By Material and ByEnd User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Asia Pacific registered the largest revenue share in 2022 owing to the presence of prominent players in China and increasing investments in construction, and marine. India’s and China's energy sectors are accountable for transforming industry trends which are expected to accelerate the growth of the anti-corrosion coatings market. For instance, in 2020, the Asian Development Bank approved a loan of USD 630 million for the development of the Vishakhapatnam-Chennai industrial corridor. All these factors will drive the growth of the anti-corrosion coating market in the Asia Pacific region.
China is the world's largest user of anti-corrosion coatings owing to the rising energy demand and the requirement for transportation maintenance. Several multinational giants and manufacturing ships have a production basis in China which makes it a prime exporter to the rest of the world. Anti-corrosion Coatings have a great demand in the Asia Pacific region, particularly in China, South Korea, and India owing to the growing demand from the energy, shipping, and infrastructural industries.
However, Europe is expected to experience a moderate increase in the Anti-corrosion Coatings market owing to the growth of the application sectors, such as marine and oil & gas applications.
Rising demand from the infrastructure industry.
Growing infrastructure investment, particularly in developing and emerging countries is one of the major drivers of demand for anticorrosion coatings. With the rapid increase in population, infrastructure expansions have become a crucial part of socioeconomic development. In addition, various road projects in Asia-pacific are set to help enhance the consumption of anti-corrosion coatings. Several expansions and renovations in the infrastructure industry including roads, rails, bridges, and buildings are projected to fuel the growth of the market during the forecast period.
Fluctuation in the prices of raw materials.
The fluctuation in the prices of raw materials which is generally varying owing to the volatile energy prices, as most of the raw materials are based on petroleum. It is likely to limit the expansion of the anti-corrosion coatings market and is projected to obstruct market growth.
Stringent environmental regulations.
The various raw materials used to produce anti-corrosion coating cause damage to the environment and human health. Due to this, governments have laid stringent government regulations. The imposed of stringent government regulations regulation such as Volatile Organic Compounds (VOC) are projected to hinder the Anti-corrosion Coatings market growth across the globe.
Industrial coating operations, gasoline-powered lawns, paints, and others are some of the sources of VOC emissions. Thus, anti-corrosion coating products abide by the stringent standards. For instance, VOCs are regulated at the federal level by the U.S. EPA (Environmental Protection Agency) for product categories including architectural coatings, aerosol coatings, automobile refinish coatings, and consumer items.
Development of eco-friendly coating products.
The development of eco-friendly coating items is projected to offer significant growth opportunities for the market players. Anti-corrosion technology such as Waterborne epoxy (WEP) coatings are gaining popularity due to their low VOC emissions. It improves the barrier property of waterborne epoxy (WEP) coatings, making them more corrosion resistant. In addition, the anti-corrosion coating material market is expected to obtain benefits from research and development to generate bio-based anti-corrosion coatings.
Major Key Players:
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