Anti Corrosion Coatings Market is Estimated to Witness High Growth Owing to Increasing Industrial and Infrastructure Development

 

Anti-corrosion coatings are protective coatings applied to prevent corrosion and degradation of metals and alloys. They create a protective barrier between the substrate material and the environment. Increasing investment in infrastructure such as bridges, roads, buildings and rapid urbanization drive the demand for anti-corrosion coatings.

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 2023 to 2030.

Key Takeaways

Key players operating in the anti corrosion coatings 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 players are focusing on new product launches and expansions to gain a competitive edge in the market.

The key opportunities in the anti corrosion coatings market include rising demand from oil and gas industries and increasing marine and transportation maintenance activities. Additionally, growing construction spending in emerging economies of Asia Pacific and Latin America will provide new areas for expansion.

Globally, the anti corrosion coatings market is witnessing increasing mergers and acquisitions as major players focus on expanding their geographic presence. For instance, in 2021 Axalta Coating Systems acquired U-POL Holdings Limited, a manufacturer of refinish coatings and adhesives to strengthen its position in the UK refinish market.

Market Drivers

Infrastructure development is one of the key drivers for the anti corrosion coatings market. Rapid urbanization and growing population has increased investment in infrastructure development across both developed and emerging economies. According to World Bank, the global infrastructure spending is expected to increase by 83% to $15 trillion by 2040. This increasing investment in bridges, roads, buildings and other structures will boost demand for anti corrosion coatings for protection.

Market Restraints

Stringent environmental regulations around the globe regarding VOC emissions can hamper market growth. Anti corrosion coatings contain organic solvents which emit VOCs during production and application. Several countries and regions have imposed strict rules to limit VOC content in paints and coatings. This may increase production costs for manufacturers.

Segment Analysis

Water-based coatings segment is currently dominating the anti corrosion coatings market owing to its environment friendly nature and low VOC emission. These types of coatings offer better performance against corrosion and do not emit harmful volatile organic compounds in the environment. They also have high adhesion and good corrosion resistance properties. Additionally, increasing environmental regulations regarding VOC emissions from oil-based and solvent-based coatings are further driving the demand for water-based coatings in end use industries like marine, oil & gas pipelines, construction etc.

Marine coatings sub segment holds the major share under the water-based segment owing to extensive usage of water-based anti corrosion coatings in ship building and ship repair activities globally. Growing marine trade and increasing number of seacrafts are augmenting the demand for marine anti corrosion coatings market. Moreover, stringent environmental mandates banning VOC emitting oil coatings in new ship constructions have enhanced the uptake of water based variants.

Global Analysis
Asia Pacific region currently leads the global anti corrosion coatings market with majority share and the trend is likely to continue in the coming years. Factors such as increasing industrial and construction activities, expanding automotive production, and surging marine shipping in countries like China, India, South Korea and Vietnam are driving the growth of regional market. Moreover, rising per capita income, growing population, and rapid urbanization in the region are expected to propel the consumption of anti corrosion coatings during the forecast period.

North America region is anticipated to witness significant gains and emerge as the second largest market for anti corrosion coatings by 2030. This can be accounted to reviving oil & gas industry along with ongoing pipeline projects, growing ship repair activities in countries like US and Canada. Furthermore, stable growth in construction and transportation sectors will augment the regional demand over the next eight years.

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