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The Anti-Corrosion Coating Market is characterized by dynamic shifts influenced by a combination of industrial needs, technological advancements, and environmental considerations. Anti-corrosion coatings play a crucial role in protecting metal surfaces from the damaging effects of corrosion, and their market dynamics are intricately tied to the demands of various end-user industries. One of the primary drivers shaping the market is the ever-growing focus on infrastructure development and the need for durable protective solutions.
The rapid growth of major end-user industries like automotive, marine, oil & gas, and construction is the major growth driving factor for the global anti-corrosion coating market. Growing infrastructure development in developing economies is generating huge demand for metals and so for anti-corrosion coating. The significant growth of the automotive and transportation industry is also helping the market to expand.
The technological advancements in coating technology are propelling the market growth. Newer and efficient technologies such as spray coating reduce resource wastage and are more efficient in the coating.
As industries expand and infrastructure projects multiply, the demand for anti-corrosion coatings increases proportionally. Sectors such as oil and gas, marine, automotive, and construction heavily rely on these coatings to enhance the lifespan of their equipment and structures. The market dynamics, therefore, respond to the ongoing global infrastructure development trend, creating opportunities for manufacturers to innovate and provide coatings that offer superior corrosion resistance.
Technological advancements in the formulation of anti-corrosion coatings contribute significantly to the market dynamics. Continuous research and development efforts lead to the creation of coatings with improved performance characteristics, such as better adhesion, chemical resistance, and durability. Nanotechnology, for example, has opened new possibilities for developing coatings with enhanced protective properties at the molecular level. As technological innovations continue to drive the industry forward, market dynamics are shaped by the quest for coatings that provide not only superior corrosion protection but also meet increasingly stringent environmental and regulatory standards.
Environmental considerations and regulatory compliance play a significant role in the anti-corrosion coating market dynamics. As environmental awareness grows, industries are under pressure to adopt coatings that have minimal environmental impact. Water-based and solvent-free coatings are gaining popularity due to their lower emissions and reduced environmental footprint compared to traditional solvent-based alternatives. Regulatory frameworks aimed at reducing volatile organic compound (VOC) emissions further contribute to the market dynamics by fostering the development and adoption of environmentally friendly anti-corrosion coatings.
Economic factors, including raw material prices and global economic conditions, also influence the market dynamics of anti-corrosion coatings. Fluctuations in the prices of key raw materials, such as resins and pigments, can impact the overall cost structure of coating production. Economic downturns may lead to reduced investments in infrastructure projects, affecting the demand for anti-corrosion coatings. Market players need to stay agile in response to these economic factors, adjusting their strategies to maintain competitiveness in the ever-changing landscape.
The competitive dynamics within the anti-corrosion coating market are marked by the presence of established multinational companies and smaller regional players. Strategic partnerships, mergers, and acquisitions are common strategies employed by market participants to expand their product portfolios, enhance research and development capabilities, and strengthen their global market presence. The market dynamics are influenced by the constant drive for innovation and the ability of companies to offer comprehensive solutions that meet the specific needs of different industries.
Geographical variations also contribute to the market dynamics of anti-corrosion coatings. Regions with extensive maritime activities, such as Asia-Pacific and the Middle East, often experience higher demand for coatings that provide effective protection against saltwater corrosion. Additionally, areas with harsh climatic conditions, such as extreme temperatures or high humidity, may drive the demand for specialized coatings designed to withstand these environmental challenges.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Application, and Region |
Anti Corrosion Coating Market Highlights:
Global Anticorrosion Coating Market Overview
Anticorrosion Coating Market Size was valued at USD 29.53 billion in 2021. The Anticorrosion Coating industry is projected to grow from USD 30.31 Billion in 2022 to USD 43.25 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.55% during the forecast period (2024 - 2032). Growth in automotive and aerospace industry, and high growth in the automotive industry are driving the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Anticorrosion Coating Market Trends
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Growth in the automotive industry
Corrosion is a long-term challenge for automakers, not least because it is caused by a variety of variables, some of which are beyond the OEMs' control. Because vital elements like brake and suspension components are critical to road safety, manufacturers and suppliers are constantly developing advanced corrosion protection solutions. A few recent recalls involving Mazda, Toyota, Kia, and Mitsubishi illustrate the issue of suspension part corrosion. The automotive industry is a rapidly growing sector of most country’s economies. Because of consumer and population growth, the continuous need for a better, safer, and more cost-effective transportation approach with low emissions are growing. The automobile sector's profitable growth prospects are driven by variables such as vehicle electrification projects, flourishing public transit, and urbanization. According to the European Automobile Manufacturer Association, South American automobile production increased by 11% in 2021, while US car production increased by 3.1%. The International Organization of Motor Vehicle Manufacturers (OICA) reports that worldwide passenger vehicle production climbed from 55,834,456 units in 2020 to 57,054,295 units in 2021.
The electric vehicle (EV) market has witnessed robust growth in the past few years and is likely to expand rapidly. The demand for EVs increased in recent years, which is attributed to the growing sentiments of consumers as well as manufacturers toward environmental concerns. The development of Fuel Cell Electric Vehicles (FCEVs) is a breakthrough in the automotive industry. This is expected to boost both the demand for and production of EVs shortly. International conventions and conferences, such as the Kyoto Protocol, the Montreal Protocol, and the Paris Agreement, are laying down binding regulations to limit pollution across the globe. This regulatory trend is expected to continue in the future and is likely to fuel e-mobility, which is expected to account for 30% of automotive production.
Thus, the growth in automotive industry are likely to drive the growth of the Anticorrosion Coating market revenue.
Anticorrosion Coating Market Segment Insights
Anticorrosion Coating Type Insights
The Anticorrosion Coating market segmentation, based on type, includes Epoxy, Zinc, Acrylic, Silicone, Polyurethane Alkyd, Chlorinated Rubber, and Others. The Epoxy segment held the majority share in 2021 contributing to around ~35%-37% with respect to the Anticorrosion Coating market revenue. For corrosion protection applications, epoxy material is frequently utilized in powder form. These are often utilized in commercial and residential pipe systems. Furthermore, corrosion protection coatings are employed in the mining, architectural, municipal, and medical industries, as well as the IT and food and beverage industries.
June 2021: Greenkote launched the Greenkote G5k coating an advanced product to the company’s line of corrosion protection.
September 2021: Axalta Coating Systems completed the acquisition of U-POL Holdings Limited. acquisition of U-POL is another step in Axalta’s growth strategy and strengthens our leadership position in the refinish coatings segment. U-POL’s portfolio of high-quality automotive refinishing products and accessories includes fillers, coatings, aerosols, adhesives, and paint-related products as well as other automotive aftermarket protective coatings.
Figure 2: Anticorrosion Coating Market, by Application, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Anticorrosion Coating Application Insights
The Anticorrosion Coating market segmentation, based on application, includes Water-Based Coating, Solvent-Based Coating, Powder Coating, and Others. The Solvent-Based Coating segment dominated the market in 2021 and water-based coatings segment is projected to be the faster-growing segment during the forecast period, 2022-2030. This high share is due to increased demand for industrial tanks, manufacturing machinery, pipelines, ballast tanks, chemical storage tanks, gas ducts, cooling towers, smokestacks, and other similar items. Furthermore, solvent-based corrosion prevention coating has a shorter drying time and better temperature, humidity, and abrasion resistance.
November 2021: IGL Coatings launched Ecoclear Aegis a clear anti-corrosion coating. The product is the company’s first graphene-reinforced anti-corrosion clear coating. This approval has further broadened the growth opportunity for the Anticorrosion Coating industry.
Anticorrosion Coating End-use industry Insights
The Anticorrosion Coating market segmentation, based on application, includes Oil & Gas, Shipbuilding, Marine, Energy, Transport, Automotive, and Others. The Oil & Gas segment dominated the market in 2021 during the forecast period, 2022-2030. This large proportion is due to the widespread use of corrosion protective coating in this industry. Furthermore, the anti-corrosion coating reduces the danger of microorganisms while improving abrasion resistance and surface finish. The anti-corrosion coating is also used in hospitals, nursing homes, and drop-in centers for products such as floors, handles, beds, walls, and ceiling paints.
Anticorrosion Coating Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific Anticorrosion Coating market accounted for USD 11.35 billion in 2021 and is expected to exhibit a 4.47% CAGR during the study period. This is attributed to the robust growth of the automotive, oil & gas and other industry in China, India. This high share is attributable to the rising demand for Electric Vehicles (EVs) in countries, such as China, India, and Japan. In addition, the presence of various automotive manufacturers, which are involved in research & development activities is fueling the demand for Anticorrosion Coating.
Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: ANTICORROSION COATING MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Anticorrosion Coating market accounts for the significant market share due the automotive & rail application segment is expected to witness considerable growth owing to increasing demand for smart EVs in the region, which requires lightweight and durable components to improve vehicular efficiency. Further, the USA Anticorrosion Coating market held the largest market share, and was the fastest growing market in the region
The Europe Anticorrosion Coating Market accounted for second-largest market share from 2022 to 2030. The regional market is driven by the growth of the major application sectors, such as oil & gas and marine applications. Moreover, Germany's Anticorrosion Coating market held the largest market share and was the fastest growing market in the European region.
Anticorrosion Coating Key Market Players & Competitive Insights
The Anticorrosion Coating market is characterized by the presence of , regional, and local players. The market is highly consolidated, with all the players competing to gain significant market share. The key market players of Anticorrosion Coating compete based on cost, product quality, availability of raw materials, and durability of the product. They are engaged in expanding their production capacity and investing in R&D activities to gain an edge over competitors. Furthermore, the growing popularity of Anticorrosion Coating in automotive industry is expected to offer lucrative opportunities to manufacturers in the coming years. However, scarcity of raw materials is expected to hinder the growth of the market studied significantly.
Additionally, the adoption of various strategies by Anticorrosion Coating industry such as expansion, R&D, agreements, acquisitions, collaborations, and investments is expected to help these players to gain maximum revenue and long-term growth during the review period. The key participants in the Anticorrosion Coating market are 3M (US), BASF SE (Germany), Hempel Group (Europe), Kansai Paint Co. Ltd (Japan), PPG Industries (US), The Dow Chemical Company (US), Wacker Chemie AG (Germany), Valspar (US), Bluchem (South Africa), and RPM International Inc.(US).
3M is a diversified technology company with a presence. It operates through four business segments: safety and industrial, transportation and electronics, healthcare, and consumer. The company produces over 60,000 products under different brands, including abrasives, adhesives, laminates, personal protective equipment, window films, passive fire protection, paint protection films, and many more. The company operates through 64 manufacturing facilities in 29 states in the US. Internationally, the company has 97 manufacturing and converting facilities across 35 countries.
Also, BASF SE (BASF) is one of the largest chemical producers in the world. The company has divided its business segments into six divisions, namely, materials, industrial solutions, chemicals, surface technologies, agricultural solutions, and nutrition & care. The company operates through 12 divisions that manage 54 and regional business units and develops strategies for the 86 strategic business. BASF has a presence in 80 countries and operates through six Verbund sites, which interlink the working of production plants, energy flows, and infrastructure in different regions. BASF primarily operates in Europe and has an active presence in the Americas, Asia-Pacific, and the Middle East & Africa.
Key Companies in the Anticorrosion Coating market include
- 3M (US)
- BASF SE (Germany)
- Hempel Group (Europe)
- Kansai Paint Co. Ltd (Japan)
- PPG Industries (US)
- The Dow Chemical Company (US)
- Wacker Chemie AG (Germany)
- Valspar (US)
- Bluchem (South Africa)
- RPM International Inc. (US)
Anticorrosion Coating Industry Developments
March 2022: United Metallurgical Company (OMK), a Russian manufacturer of high-speed railway wheels, launched a new production line for wheel protective coatings.
January 2022: Applied Graphene Materials (AGM) launched its range of industrial anti-corrosion primers — Genable Epoxy Primer and Genable HC Primer. Alongside, extending its Genable 3000 dispersion series, the company also introduced a range of non-metal, active anti-corrosion graphene additives.
In August 2023: Sherwin-Williams announced that it is investing $100 million in a new anticorrosion coating plant in China. This plant is expected to be operational in 2024. The investment is part of Sherwin-Williams' strategy to grow its presence in the Chinese market.
In September 2023: BASF announced the launch of its new bio-based anticorrosion coating, Coralcure. This coating is made from renewable raw materials and is said to be more environmentally friendly than traditional anti-corrosion coatings.
Anticorrosion Coating Market Segmentation
Anticorrosion Coating Type Outlook
- Epoxy
- Zinc
- Acrylic
- Silicone
- Polyurethane Alkyd
- Chlorinated Rubber
- Others
Anticorrosion Coating Application Outlook
- Water-Based Coating
- Solvent-Based Coating
- Powder Coating
- Others
Anticorrosion Coating End-use Industry Outlook
- Oil & Gas
- Shipbuilding
- Marine
- Energy
- Transport
- Automotive
- Others
Anticorrosion Coating Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest Of Middle East & Africa
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