Anti-Corrosion Coating Market Size Forecast to Reach $24.7 Billion by 2026

Rising Investments for Infrastructure Development Driving the Growth of Anti-Corrosion Coating Market.

Hyderabad, India – July 24, 2021 /MarketersMedia/ —

Anti-Corrosion Coating market size is forecast to reach $24.7 billion by 2026, after growing at a CAGR of 5.5% during 2021-2026. Anti-corrosion coatings are used to protect metal/alloys from natural degradation caused by different corrosive agents such as moisture, chemicals, salt, and others. They act as a barrier between the surface and the corrosion agent, and prolong the life of the structure as well as enhances its efficiency and aesthetic value. As anticorrosion coatings are extensively used in the oil & gas industry for coating various equipment’s including oil storage tanks, drill bits, and drill pipes, the growth in the oil & gas industry will drive anticorrosion coatings market growth. The growth in automotive production will drive anticorrosion coatings demand. For instance, according to International Energy Agency, in 2018, 3.29 million electric vehicles deployed globally, and the number will increase up to 125 million by 2030. Whereas, the growing demand of Chlorinated Rubber, Epoxy coating, and Polyurethane-alkyd resin coatings due to growing use for maintenance paints, traffic marking, swimming pool paint, adhesives, and fire retardants further drive the growth.

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Anti-Corrosion Coating Market Segment Analysis – By Application

Oil & Gas is the dominant application for anticorrosion coatings market and is anticipated to grow at a CAGR of 3.86% through the forecast period. In the oil & gas industry, corrosion in the pipelines or storage system due to reactive chemicals or organic salt in the oil can eventually cause a loss of containment of process fluids or can lead to a serious accident affecting workers, the environment, and the economy. Therefore, to reduce the risk of corrosion and safeguard the equipment containing crude oil and protect the whole refinery process, anticorrosion coatings like Epoxy coating and Polyurethane-alkyd resin-based coatings are widely used in this industry.

Anti-Corrosion Coating Market Segment Analysis – By Geography

APAC dominated the anti-corrosion coatings market with a share of approximately 56% in 2019, owning to growing investments in the infrastructure and construction industry in emerging countries such as China, India, and Japan. In 2019, China approved to invest $142 billion in 26 infrastructure projects. In addition, according to India Brand Equity Foundation, India plans to spend US$ 1.4 trillion on infrastructure in the next five years. Therefore, the growth in infrastructure projects is driving anticorrosion coatings demand in the region. Furthermore, the growing investment in road safety,

Anti-Corrosion Coating Market – Drivers

Rising investments for infrastructure development

Anti-corrosion coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion, as well as it is also used as roof-top coating preventing any reaction from the atmospheric pollutants. A surge in economic losses owning to corrosion of structure has increased the usage of anticorrosion coatings in the construction and infrastructure sector. In addition, the investment in infrastructure development is significantly increasing which is driving anti-corrosion coatings market growth. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects.

Growth in automotive and aerospace industry

According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 35 million by 2025. According to China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs, and commercial vehicles were sold in the Australian market an increase of 0.9% from 2016. According to OICA in 2018, global light commercial vehicles production increased from 19,482,394 to 20, 635,799 i.e., 5.9% from 2017. In addition, according to Boeing, 44,000 new jetliners are required over the next two decades owing to a rise in passenger traffic, which is expected to grow at an average annual rate of 4.6% over the next 20 years.

Growing demand for durable and wear-resistant metals

Globally, large investments are being made in the development of metals products for infrastructure and vehicles, energy production and machinery, building materials, and even consumer products. These investments are fuelled by the need to develop metals that are durable, stronger, and wear-resistant throughout their use. Anti-corrosion coatings protect metal or other surfaces from natural degradation caused by different corrosive agents such as moisture, chemicals, and salt. Globally, corrosion causes huge financial losses in a large number of industries.

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Anti-Corrosion Coating Market Landscape

Major players in the Anti-Corrosion Coating market are BASF SE, Hempel A/S, PPG Industries, Kansai Paint Co., Ltd., Jotun, Axalta Coating Systems, AkzoNobel N.V., The Sherwin-Williams Company, RPM International Inc., and Nippon Paint Holdings Co., Ltd., among others

Key Takeaways

APAC dominated the anticorrosion coatings market with a share of approximately 56% in 2020, owing to growing investments in the infrastructure and construction industry in emerging countries such as China, India, and Japan.

In oil & gas industry, corrosion in the pipelines or storage system due to reactive chemicals or organic salt in the oil can eventually cause a loss of containment of process fluids or can lead to serious accident affecting workers, environment and economy. Therefore, to reduce the risk of corrosion and safe guard the equipment containing crude oil and protect the whole refinery process, anticorrosion coatings are widely used in this industry.

Waterborne technology is gaining popularity, as it possesses low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).

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