CHICAGO, Aug. 23, 2023 /PRNewswire/ -- The report "Anti-Corrosion Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc), Technology (Solvent borne, Waterborne, Powder-based), End-Use Industry (Marine, Oil & Gas, Industrial, Infrastructure, Power Generation), & Region - Global Forecast to 2028", is growing at a high rate due to the increased demand from various sectors. The global anti-corrosion coating market size was USD 34.8 billion in 2022 and is projected to reach USD 43.3 billion by 2028, at a CAGR of 3.6% between 2023 and 2028. The Asia Pacific accounted for the major share of the overall market in 2022. Heavy investment in sectors including automotive & transportation, infrastructure, power generation, and industrial is credited with contributing to economic development in Asia Pacific. The most potential market is currently in the Asia Pacific region, and this is likely to continue. Furthermore, to take advantage of the cheap labour and meet local market demand, multinational corporations are moving their production plants to Asia Pacific.
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The major driver for the anti-corrosion coating market is the increasing damage and losses due to corrosion. Corrosion is the major problem in many end-use industries. Corrosion may attack the underlying piping or equipment, jacketing, or insulation hardware. The financial loss caused due to corrosion can be very high and directly threaten the well-being of general property and people's life. More than one-third of the losses can be prevented through the use of corrosion-resistant materials such as anti-corrosion coatings. Therefore, the need to reduce the loss due to corrosion will be one of the biggest drivers for the growth of the anti-corrosion coating market. Stringent environmental regulations is the major restraining factor of anti-corrosion coatings market. Regulations were targeted at curtailing the volatile organic compounds (VOC) emissions from the coatings. REACH and LEED GreenSeal GC-03 2nd Ed., 1997 specifies that the VOC content in grams per liter (g/L) for anti-corrosion coatings. Such regulations have put pressure on the anti-corrosion coating manufacturers to comply with the standards by reducing the VOC contents while simultaneously trying to better or maintain the quality and performance of these coatings. Increasing demand for high-efficiency high-performance anti-corrosion coatings offers the opportunity in the anti-corrosion coating market. Changing operating conditions in end-use industries such as oil & gas and marine have created a demand for corrosion protection coatings with superior properties and efficiency. For instance, the increasing use of enhanced oil recovery (EOR) methods in the oil & gas sector has created the requirement for coatings that can endure high temperatures and pressures efficiently and ensure long-term protection of structures.
Epoxy segment is expected to hold largest share of the anti-corrosion coating market during the forecasted period.
Epoxy is widely used in anti-corrosion coating because of its excellent adhesion, corrosion protection, and chemical resistance properties. It is also easy to process, has a low shrinkage point, and is adhesive to a wide array of substrates. Epoxy's versatile formulation property leads to its wide application in adhesives, laminates, and composites along with anti-corrosion coatings. Shipbuilding and repair in the marine sector are the major applications of epoxy anti-corrosion coating. Infrastructure, oil & gas, and automotive are the other significant end-use industries of epoxy anti-corrosion coating. Epoxies have longer cure time depending on the solid content. However, their extended range of properties makes them the preferred coating for critical applications such as fuel cell, gas turbine engines, and heat exchangers.
Solvent borne coating technology segment hold the largest segment in overall anti-corrosion coating market during forecast period.
The solvent borne technology is the largest segment in the overall anti-corrosion coating market. Due to end-use industries including the automotive, infrastructure, and marine have a growing demand for it, the dominance is anticipated to last. Most traditional coatings are solvent borne and comprise roughly 25% solids in addition to a significant amount of organic solvents. The VOC, smell, and flammability of this technology are released. The block resistance feature is fantastic though.
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Marine end-use industry accounted largest share of the global anti-corrosion coating market during forecasted period.
Marine anti-corrosion coatings are made specifically to withstand the most extreme conditions, including salt water, high temperatures, high pressure, and organic compounds. The sector needs innovation in the form of the creation of new products to extend the lifespan and performance of anti-corrosion coatings and shorten maintenance intervals.
Asia Pacific was the largest market of anti-corrosion coatings in marine industry. This is a result of significant investments being made for both commercial and military interests. New ships are in high demand in China, South Korea, Japan, and India for both military and commercial uses.
Asia Pacific region likely to account the largest share of the global anti-corrosion coating market during forecasted period.
The Asia Pacific is the largest anti-corrosion coating market, in terms of both, value and volume, and is projected to be the fastest-growing market during the forecast period. Asia Pacific was driven by the economic growth, which was followed by significant investment in a variety of sectors, including infrastructure, automotive & transportation, industrial, and power generation. The market in Asia Pacific is now the most promising and is anticipated to remain so in the foreseeable future. As a result of the low cost of labor and to meet local market demand, international manufacturers are also moving their production facilities to Asia Pacific.
The key companies profiled in this report are PPG Industries, Inc. (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Jotun A/S (Norway), Kansai Paints Co., Ltd. (Japan).
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