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.

Comments

Post a Comment

Popular posts from this blog

Cellulose Gel Market Global Industry Analysis, Key Players and Forecasts 2030

Image
Cellulose Gel  Cellulose gel is a food additive that is used as a thickening, stabilizing, and emulsifying agent in a variety of processed foods. It is derived from cellulose, which is the main component of plant cell walls. Cellulose gel is made by treating cellulose with an alkali, followed by acidification and purification. The resulting product is a white, odorless, and tasteless powder that is insoluble in water. In food, cellulose gel is commonly used as a thickener and stabilizer in products such as ice cream, yogurt, salad dressings, and sauces. It can also be used as a fat replacer in some low-fat and reduced-calorie products. Cellulose gel is considered safe for consumption by regulatory agencies such as the U.S. Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA). However, some people may experience digestive issues such as bloating or gas if they consume large amounts of cellulose gel. As with any food additive, it is recommended to consume ...
Read more

Industrial Alcohol Market Overview: Emerging Opportunities and Market Expansion Strategies The Industrial Alcohol Market is estimated for 2023 - 2030 forecast period, as highlighted in a new report published by Coherent Market Insights. Market Overview: Industrial alcohol is primarily used as a solvent in manufacturing industries such as automotive, pharmaceutical, cosmetics and others. It finds major applications in cleaning products, sanitizers, and disinfectants. Market Dynamics: The industrial alcohol market is expected to witness significant growth over the forecast period, owing to rising demand from end-use industries like automotive, pharmaceuticals, cosmetics and more. Growing requirement for surface disinfectants and sanitizers due to increasing hygiene standards post-Covid is driving market growth. Additionally, escalating demand for methanol and ethanol in production of light olefins, solvents and fuel oxygenates is also fueling market expansion. The increasing use of bioethanol as automotive fuel on account of various environmental regulations is further augmenting the market growth. Industrial Alcohol Market Drivers: Rising Demand for Alcohol-based Disinfectants and Sanitizers During COVID-19 The outbreak of the COVID-19 pandemic has significantly increased the demand for alcohol-based disinfectants and sanitizers across the globe. Various government organizations and health bodies recommend using hand sanitizers containing at least 60% alcohol to help reduce the spread of novel coronavirus. As a result, the sales of alcohol-based sanitizers have surged exponentially since the start of 2020. The industrial alcohol market players have witnessed a substantial rise in orders from sanitizer formulators and manufacturers to fulfill this unprecedented demand. Moreover, with workplaces, public transportation, schools, and other commercial spaces adopting proper sanitization protocols, the demand for industrial alcohol in sanitizers is expected to remain higher than pre-pandemic levels even after the crisis is over. Increasing Adoption of Alcohol as Biofuel Rising environmental concerns and depleting crude oil reserves are encouraging governments worldwide to promote the usage of renewable biofuels. Ethanol, which is produced from biomass feedstock through fermentation and distillation processes, has emerged as one of the leading biofuels. Many countries offer incentives and tax credits to biofuel producers and blenders. For instance, the US mandates a certain percentage of biofuel to be blended with gasoline each year under the Renewable Fuel Standard program. This steadily growing demand for ethanol as a biofuel additive is positively impacting the industrial alcohol market. Leading beverage alcohol producers are expanding their distillation capacities to capitalize on this opportunity. Industrial Alcohol Market Restrain: Stringent Regulations on Alcohol Production and Trade All countries have formulated strict norms and policies governing the production, trade, distribution, and usage of alcohol to prevent illegal activities. Players in the industrial alcohol market need to obtain various licenses and permits from concerned authorities and regularly file compliance reports. Moreover, regulations on alcohol concentration limits in final products lead to wastage of high-proof or undenatured alcohol. Changes in policies also disrupt the supply chain. For example, during the initial phase of the COVID-19 outbreak, there were export restrictions on industrial alcohol and raw materials in several countries, restricting supplies. While regulations aim to curb alcohol misuse, overcompliance also adds to the operational costs for market participants. Industrial Alcohol Market Opportunity: Growing Demand for Denatured Ethanol in Pharmaceutical and Personal Care Products Denatured or undrinkable ethanol finds numerous applications as a solvent and extractant in medicines, cosmetics, detergents, and other consumer goods. It is used as an emollient, viscosity-controlling agent, and preservative in personal care formulations. In the pharmaceutical industry, ethanol acts as an antibacterial agent and solubilizer for active pharmaceutical ingredients. With rising health awareness and increasing spending on health and wellness products, the demand for various pharmaceutical and personal care products is surging globally. This rising demand offers opportunities for industrial ethanol producers to expand into new applications through product innovation and partnerships with end-user companies. Industrial Alcohol Market Trend: Focus on Renewable and Sustainable Alcohol Production Concerns around fossil fuel depletion and carbon emissions are driving the shift towards sustainable production methods. Industrial alcohol producers are investing in advanced fermentation technologies and using renewable biomass as raw materials like sugarcane molasses, corn, and wheat to produce cellulosic ethanol and bio-based chemicals. For example, some companies produce ethanol from agricultural and forestry waste through biochemical and thermochemical conversion processes. There is also a growing focus on reducing energy and water usage through process optimization. Technological advancements in the area of genetically modified yeast strains and complex sugar fermentation are further supporting green alcohol manufacturing. This emphasis on renewable resources and efficiency complements governments' push for a low-carbon economy.

Image
  The Industrial Alcohol Market is estimated for 2023 - 2030 forecast period, as highlighted in a new report published by Coherent Market Insights. Market Overview: Industrial alcohol is primarily used as a solvent in manufacturing industries such as automotive, pharmaceutical, cosmetics and others. It finds major applications in cleaning products, sanitizers, and disinfectants. Market Dynamics: The industrial alcohol market is expected to witness significant growth over the forecast period, owing to rising demand from end-use industries like automotive, pharmaceuticals, cosmetics and more. Growing requirement for surface disinfectants and sanitizers due to increasing hygiene standards post-Covid is driving market growth. Additionally, escalating demand for methanol and ethanol in production of light olefins, solvents and fuel oxygenates is also fueling market expansion. The increasing use of bioethanol as automotive fuel on account of various environmental regulations is further a...
Read more

Metal Anodizing Market: Growing Demand for Enhanced Surface Finishes

Image
  Metal anodizing is an electrochemical process that forms a protective and decorative oxide layer on the surface of metal, primarily aluminum and its alloys. The process involves immersing the metal in an electrolyte solution and applying an electric current, which stimulates the growth of an oxide layer. This layer enhances the metal's corrosion resistance, improves durability, and can also be dyed or sealed for aesthetic purposes. Metal anodizing is widely used in various industries, including automotive, aerospace, construction, electronics, and consumer goods. The  metal anodizing market  refers to the industry involved in the process of anodizing metals. Anodizing is an electrochemical process that enhances the surface properties of metals, primarily aluminum and its alloys. It creates a durable, corrosion-resistant, and aesthetically appealing surface layer on the metal. Here is some full information about the metal anodizing market: Market Overview:  Metal an...
Read more