by The global anti-corrosion coatings market plays a vital role in protecting industrial assets and infrastructures from deterioration caused by corrosion. Anti-corrosion coatings provide a protective barrier between the substrate material and the surrounding environment, preventing corrosion through various mechanisms such as inhibition of the electrochemical process, barrier protection and sacrificial protection.
The global anti-corrosion coatings market is estimated to be valued at US$32 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Growth in End-Use Industries
The growth of the anti-corrosion coatings market is majorly driven by the rise in end-use industries such as oil and gas, marine, construction and infrastructure. Rapid urbanization and growth in infrastructure development activities in developing economies are significantly contributing to the demand for anti-corrosion coatings from the construction industry. In the oil and gas industry, anti-corrosion coatings are extensively used to protect offshore and onshore pipelines, rigs, storage tanks and refineries from corrosion, thereby supporting market growth. With increasing demand from industries, the end-use industries are anticipated to provide huge opportunities for the anti-corrosion coatings market over the forecast period.
SWOT Analysis
- Strength: Anti corrosion coatings provide protection against corrosion and extend the lifespan of metal structures. They help in reducing maintenance costs.
- Weakness: Strict environmental regulations regarding VOC emissions can hamper market growth. Volatile raw material prices also increase production costs.
- Opportunity: Growing infrastructural and Industrial activities in emerging economies of Asia Pacific and Middle East & Africa are creating new opportunities.
- Threats: Availability of alternatives like zinc-rich and inorganic zinc-rich coatings pose threat to market. Economic slowdowns can negatively impact the construction industry and reduce demand.
Key Takeaways
The global anti corrosion coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The global anti-corrosion coatings market is estimated to be valued at US$32 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023-2030.
Asia Pacific is currently the largest as well as the fastest growing regional market for anti corrosion coatings. Countries like China, India, Indonesia, Taiwan and Thailand are driving the demand due to rapidly expanding manufacturing and infrastructure sectors.
Key players operating in the anti corrosion coatings market are AkzoNobel N.V., PPG Industries, Axalta Coating Systems, BASF SE, The Sherwin-Williams Company, Kansai Paint Co. Ltd., Jotun, RPM International Inc., Hempel A/S, Nippon Paint Holdings Co. Ltd. Consolidation activities among major players are expected to intensify competition.
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