Global Anti-Corrosion Coating Market


Posted December 26, 2019 by ganpan

Global Anti-Corrosion Coating Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2026

 
"The global anti-corrosion coating market was valued at USD 26.5 billion in 2018 and is expected to reach USD 38.6 billion in 2026, growing at a CAGR of 5.27% during the forecast period."
Rising investments in building and infrastructure development and growing oil & gas exploration activities in global market is resulting into growth of anti-corrosion coatings market globally
Anti-corrosion coatings are employed in order to prevent the metallic structure from getting corroded when in direct contact with the oxidising environment. Growing investments in building and infrastructure development which is coupled with a rise in trend for building renovation and modification works across the developed as well as developing economies are some of the key factors leading to demand anti-corrosion coatings. Building and infrastructure industry utilizes mild steel and iron as key raw materials which are highly susceptible to form oxidation layer on the surface which leads to corrosion. Additionally, rising competition in global industrial sectors is forcing manufacturers to focus on improving the profitability and longevity of their products. Use of anti-corrosion coatings enables improved reliability of machine components which benefits in reduction of maintenance and repair costs.
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Recent years have witnessed a surge in automotive production which has supported the growth of global anti-corrosion industry globally. On the other hand, the raw materials used for the production of anti-corrosion coatings have proven to be hazardous when in direct contact with environment and water which led the governing authorities in various regions to impose stringent regulations on the safe treatment of production-related waste. This factor is anticipated to provide a significant threat to market growth in the near future. However, research and development activities to form bio-based coatings for corrosion resistance is projected to offer multiple growth opportunities.
Anticorrosion coating is defined as a layer of paint which enhances corrosion-resistant properties of a material when applied on its surface. These coatings are characterized by properties such as resistance to corrosion and abrasion, resistance to unwanted chemical reactions, light in weight and sheen retention among others. Anticorrosion coatings are applied on metals such as mild steel and iron which are more vulnerable to form oxidation layer at the surface. Usually, heavy metals are employed as raw materials to produce anti-corrosion coatings. Zinc and Titanium are some of the commonly used raw materials. Anticorrosion coatings find major applications in sectors such as automobiles, industrial machinery, buildings and infrastructure, electronics, defense, marine, and shipbuilding, among others. Out of these applications, buildings and infrastructure are the most common applications of anti-corrosion coatings. Owing to the rising rate of infrastructure development in emerging economies which is coupled with the growing trend of carrying out building renovations in developed markets are some of the major factors contributing towards the growth of anti-corrosion coating market globally.
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Company Profiles and Competitive Intelligence:
The major players operating in the global anti-corrosion coating market are PPG Industries, Inc., E.I. Du Pont De Nemours and Company, Axalta Coating Systems Ltd., The DOW Chemical Company, SK Formulations India Pvt. Ltd., The Sherwin-Williams Company, Kansai Paint Co., Ltd., Nycote Laboratories, Inc., The Magni Group, Inc., and Akzonobel N.V. among others.
The anti-corrosion coating industry is primarily driven by infrastructure growth in developing economies such as China and India, which made Asia Pacific region to be the largest regional market for the industry.
Key Findings:
• Based on type of anti-corrosion coating, the epoxy segment is expected to grow at the highest CAGR of around 8.2% during the forecast period
• Based on technology, the solvent segment dominated the global market by accounting more than 38% of the global market share in 2018 and it is anticipated to remain major shareholder during forecast period
• Based on end use industry, the building and infrastructure segment came out as a leading sector for the global anti-corrosion coatings market by accounting more than 27% of the total market, in 2018
• On the basis of region, Asia Pacific region which is fuelled by growth in infrastructure investments, accounted largest market share globally by accounting more than 40% share in 2018
Recent News:
• In April 2014, Netherlands based company Akzonobel N.V. announce expansion of its industrial coatings production facility in China. This strategic initiative is aimed at fulfilling rising demands for anti-corrosion coatings from Asia Pacific market.
• In April 2019, The Sherwin-Williams Company (US) introduced latest epoxy based anti-corrosion coating product lineup for severe wastewater service environments.
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Last Updated December 26, 2019