by Anti Corrosion Coatings Market is Poised for Growth due to Increased Applications in End Use Industries
The anti corrosion coatings market is predominantly driven by the need to protect infrastructure and industrial equipment from corrosion damage. Anti corrosion coatings provide a protective barrier between the substrate material and the surrounding environment, thereby enhancing product lifespan. They find key applications in oil & gas, marine, transportation, power generation and chemical processing industries due to aggressive operating environments.
The global anti corrosion coatings market is estimated to be valued at US$ 46.90 Bn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period of 2023 to 2030.
Key Takeaways
Key players operating in the anti corrosion coatings market 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 major players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
The growing infrastructuredevelopment and industrialization activities acrossemerging economies offer significant opportunities for anti corrosion coating manufacturers. Additionally, stringent government regulations pertaining to emission control and anticorrosion treatment of equipment and structures will further boost demand.
Advancements in nanocoating technology has enabled development of anti corrosion coatings with self-healing properties, lower curing temperatures, and higher durability. Nanocoatings provide a micron thin protective barrier without compromising on aesthetic looks. Their ability to autonomously repair minor damages makes them ideal for applications in harsh environments.
Market drivers
The rapidly growing oil & gas industry is a key driver for the anti corrosion coatings market. Exploration and drilling activities in offshore fields require extensive protection of rigs, pipelines, storage tanks and other process equipment from salty, humid marine environments. Stringent safety and maintenance norms mandate periodic inspection and recoating of assets. In addition, increased investments towards revival of aging oil & gas infrastructure will further catalyze the market demand over the forecast period.
Current Challenges in Anti Corrosion Coatings Market
The anti corrosion coatings market is facing challenges related to environmental regulations around VOCs emission. Major players are investing in development of low VOC and zero VOC coating systems. However, transition to new coating chemistries require additional R&D efforts and costs. Another challenge is increasing raw material prices owing to global supply chain disruptions. Industry players need to maintain prudent procurement strategies and pass on price increases carefully without impacting demand.
SWOT Analysis
Strength: Anti corrosion coatings have wide end use across industries like oil & gas, marine, infrastructure etc. Leading players have strong R&D capabilities and product portfolios.
Weakness: Developing water and powder based anti corrosion coating solutions requires significant investments. Volatility in raw material prices also impacts profitability.
Opportunity: Adoption in newer applications like wind energy industry and rapid infrastructure growth in developing nations will drive sales.
Threats: Stringent environmental regulations around VOC emissions. Introduction of alternative greener coating technologies.
Geographical Regions with Highest Market Value
North America currently accounts for the largest share of the global anti corrosion coatings market due to strong demand from oil & gas industry. Growth in the region is supported by ongoing infrastructure expansion projects.
Fastest Growing Geographical Region
Asia Pacific region is expected to expand at the fastest CAGR during the forecast period. This is attributed to massive ongoing infrastructure development in countries like China and India. Increasing investments to expand oil & gas pipelines and refinery capacity also drives the anti corrosion coatings market in Asia Pacific.
“*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it”
