by Anti corrosion coatings are protective coatings used on surfaces and metals that are prone to corrosion. They form a protective layer on the substrate surface and prevent the corrosion initiation process. The commonly used anti corrosion coatings include epoxy, alkyd, polyurethane and acrylic coatings. These coatings have good adhesion properties, offer long term protection and improve the aesthetic looks of metallic surfaces. With growing construction and infrastructure activities globally, the use of anti corrosion coatings on structures, pipelines and equipment is increasing rapidly.
Key Takeaways
Key players operating in the anti corrosion coatings are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. These leading players are focusing on new product launches and expansion strategies to strengthen their global presence.
The growing infrastructure development especially in the Asia Pacific region is a key opportunity for anti corrosion coatings market. Rising number of construction activities for roads, highways, bridges and buildings is boosting the demand. Furthermore, increased government investments for oil & gas pipeline projects are also fueling the anti corrosion coatings consumption.
With growing globalization, key players in anti corrosion coatings are expanding their production facilities across geographies. For instance, AkzoNobel recently expanded its production capacity in North America. Jotun has also strengthened its presence in Middle East and Africa through new plants. This international expansion is allowing companies to cater to global demand and diversify revenues.
Market drivers
Rising infrastructure development is one of the major drivers for anti corrosion coatings market. According to estimates, the global construction industry is expected to grow at 4% annually till 2030. The ongoing construction of roads, bridges, buildings, metros and other large infrastructure projects require durable anti corrosion protective coatings. In addition, growing oil & gas industry and long distance pipeline projects are also propelling the product demand.
PEST Analysis
- Political: Anti-corrosion coating regulations aim to curb the usage of harmful chemicals. Stringent norms across regions can impact availability and prices of certain coating types.
- Economic: A slowdown in the construction and infrastructure sectors amid a global economic downturn may negatively impact demand. Whereas recovery and government investment can drive growth.
- Social: Rising environmental awareness boosts demand for eco-friendly and LEED-certified coating solutions. Customers increasingly prefer sustainable products.
- Technological: Advances in polymer chemistry help develop newer generations of high-performance, low-VOC coatings. New application technologies facilitate efficient usage reducing costs. Continuous research further enhances product properties.
Geographical regions of concentration
North America accounts for the largest share, driven by spending on infrastructure revamp and maintenance. Europe and the Asia Pacific also contribute significantly, led by China, Japan and India ramping up investments in construction, energy and manufacturing sectors. Countries regularly undertake painting and re-coating of structures and assets to prevent corrosion, further spurring regional demand.
Fastest growing region
The Asia Pacific region is expected to witness the highest growth, led by China, India and other Southeast Asian economies. This is attributed to massive ongoing and planned investments in building new facilities, transport networks, power plants and more across the region. Stringent norms to curb emissions also propel coating manufacturers to innovate greener products catering to sustainability priorities of APAC nations.
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About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
