Anti-Corrosion Coatings Market Overview, Demand, Global Industry Share, COVID-19 Analysis and Growth 2023
Anti-Corrosion Coatings Market Insights
Anti-corrosion coatings have a wide number of applications which
make them indispensable in a variety of industries. Market Research Future
(MRFR), has observed that the market is set to display a CAGR of 5.3% during
the assessment period of 2016 to 2023. Coatings with corrosion resistance are
highly useful in a variety of industries where metals are used extensively.
Significant growth of the market is expected to generate a market value of
approximately USD 33.27 Bn by the end of the forecast period.
Anticorrosion coating has applications in oil & gas, marine,
automotive, transportation, and many other industries where metals are used
extensively. Several of these industries are witnessing rapid growth which
drives the demand for anti-corrosion coatings. Increased demand for energy has
boosted the use of anti-corrosion coating in the oil & gas as well as the
energy sector. The variety of metals and alloys for which specific
anti-corrosion coatings must be produced is another factor which contributes to
the growth of the global market. Another key driver of the market is the
benefits that the use of anti-corrosion coatings offer. The durability of the
surface and reducing the destructive effects of corrosion on metal are highly
desirable properties as it is more cost effective. Moreover, infrastructure is
updated on an ongoing basis which leads to consistent demand for anti-corrosion
coatings. The growth of the marine and shipbuilding industry due to growing
offshore activities is a key factor driving the anti-corrosion coatings market.
Development of coatings with minimal environmental impact is expected to lead
to opportunities for growth of the global anti-corrosion coatings industry.
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Anti-Corrosion Coatings Market Key Players
Prominent players in the global anti corrosion
coatings market forecast include PPG Industries,
Wacker Chemie AG, RPM International Inc., 3M, Hempel Group, Valspar, Kansai
Paint Co. Ltd, Bluchem, BASF SE, The Dow Chemical Company and others. These
players have been included in MRFR’s analysis of the competitive landscape of the
global market.
Anti-Corrosion Coatings Market Segmentation
The global COVID-19 analysis on anti-corrosion
coatings market is segmented, in MRFR's
report on the basis of types, application, end-users, and region. By types, the
market is segmented into zinc, acrylic, epoxy, silicone, chlorinated rubber,
polyurethane alkyd, and others.
By application, the market is categorized into powder coatings,
water-based coatings, solvent-based coatings, and others.
By end-users, market segments include automotive, energy, marine,
shipbuilding, oil & gas, energy, transport, and others. The others segment
under end-users includes power plants, wastewater treatment plants, wind
turbines, construction, and pipes & tanks.
Anti-Corrosion Coatings Market Regional Analysis
The Asia Pacific has the largest share of the global
anti-corrosion coatings market with China and Japan leading regional market
growth. The APAC market displays a high demand for water based and solvent
based coatings, particularly in emerging economies such as India, Taiwan, and
South Korea. Moreover, there is a high production of anti-corrosion coatings in
the region due to the region's reputation as a manufacturing hub.
North America is the second largest market for the production of
anti-corrosion water based and solvent based coatings. Led by the U.S, the
North American region has a high concentration of leading market
players.
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NOTE: Our team of researchers are studying Covid19 and its impact
on various industry verticals and wherever required we will be considering
covid19 footprints for a better analysis of market and industries. Cordially
get in touch for more details.
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