Anti Corrosion Coatings Market is Estimated to Witness High Growth Owing to Opportunity for Infrastructure Development and Expansion of Oil & Gas Industry

 

Anti corrosion coatings are protective coatings applied to metallic surfaces to prevent them from corrosion. They form a protective film that adheres well to the substrate and effectively seals the pores and pinholes of the substrate. Anti corrosion coatings find extensive applications in oil & gas industry, marine, infrastructure and transportation among others. The growing need to protect infrastructure and industrial equipment from corrosion damages is driving the demand for anti corrosion coatings.

The global anti corrosion coatings market is estimated to be valued at US$ 29.9 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The opportunity for infrastructure development and expansion of oil & gas industry presents a lucrative growth prospect for anti corrosion coatings market. Anti corrosion coatings play a vital role in extending the life of infrastructure such as bridges, buildings and other steel structures exposed to corrosive environmental conditions. Moreover, with growing oil & gas exploration activities globally, the demand for anti corrosion coatings from oil & gas industry is rising significantly. The increasing investments in pipeline construction and expansion of oil drilling operations is estimated topropel the market growth over the forecast period.

Porter's Analysis

  • Threat of new entrants: The anti-corrosion coatings market has moderate threat from new entrants due to high R&D and capital requirements. However, new technologies and government support could enable new companies to enter the market.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customized products create dependence on certain suppliers.
  • Bargaining power of suppliers: Supply of raw materials is concentrated among a few players giving them higher bargaining power. However, established players have backward integration which reduces supplier power.
  • Threat of new substitutes: Threat from substitutes is low to moderate. Alternate corrosion protection methods like cathodic protection are niche compared to widespread use of coatings. However, advancements may increase substitutability over time.
  • Competitive rivalry: The market is moderately competitive due to presence of large global players and ease of entry for specialized products and services. Players compete on quality, technology, services and price.

SWOT Analysis

  • Strengths: Wide product portfolio and customized solutions give anti-corrosion coatings an edge over alternatives. Established supply chains of major players ensure global presence.
  • Weaknesses: Market heavily dependent on economic growth cycles. Stringent environmental regulations increase compliance costs.
  • Opportunities: Growing infrastructure spending in developing nations boosts demand. Innovation in powder and water-based coatings expand addressable market.
  • Threats: Shift to cheaper corrosion protection methods can eat into market share. Trade policies negatively impact sourcing and sales across borders.

Key Takeaways

The global anti-corrosion coatings market is expected to witness high growth over the forecast period aided by rising infrastructure development and reviving oil & gas sector. The global anti corrosion coatings market is estimated to be valued at US$ 29.9 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

Regional analysis: Asia Pacific currently dominates the global market owing to massive infrastructure development programs in China and India. The region's share is projected to rise further during the forecast years led by government spending on transportation, energy and real estate construction.

North America and Europe are other major markets for anti-corrosion coatings driven by recovery in automotive and machinery manufacturing. Strict environment norms also support growth of low-VOC coatings in the developed regions.

Key players: Key players operating in the anti-corrosion coatings market are AkzoNobel N.V., PPG Industries, Axalta Coating Systems, Kansai Paint Co. Ltd, BASF Coatings GmbH, Hempel A/S, Jotun, and The Sherwin-Williams Company.

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