MARKET ANALYSIS
Anti-corrosion coatings offer robust level of protection against corrosion, for components which are operating at extreme corrosion environment. The coating allows added protection to the metal surface and acts as a barrier to inhibit the contact between corrosion material or chemical compound. Some of the benefits offered by anti-corrosion coating are helps improve efficiency metals or components, reducing maintenance cost and replacement cost, reducing polluting release, and refining industrial operation.
GROWTH DRIVERS AND CHALLENGES
The growing demand of anti-corrosion coatings from various end use industries including oil & gas, marine, infrastructure, automotive, power generation, and others is driving the market growth. In recent years, increasing demand for renewable energy has surged the growth of wind energy generation. According to the International Energy Agency (IEA), in 2021, total 830 GW of wind capacity installed of which 93% were onshore system and remaining 7% offshore wind farms. Surging wind turbine installations has surged the demand for anti-corrosion to protect the metal surface form corrosion environment. Rising cost of corrosion that is cost associated with replacement of corrosion components and machines has surged the adoption of anti-corrosion coating by end use industries. In addition, rising infrastructure development coupled with increasing government investment and growing renovation activities has further propelled the market growth. However, stringent government regulations imposed by government for Volatile Organic Compound (VOC) may hamper the growth of anti-corrosion coatings market.
REPORT SEGMENTATION AND SCOPE
The "Global Anti-Corrosion Coating Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global anti-corrosion coating market trends and growth opportunities. The report aims to provide an overview of the global anti-corrosion coating market with detailed market segmentation by type, technology, end-use, and geography. The global anti-corrosion coating market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of anti-corrosion coating worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the anti-corrosion coating market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the anti-corrosion coating market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative anti-corrosion coating market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global anti-corrosion coating market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global anti-corrosion coating market is segmented on the basis of type, technology, and end use. Based on type, the anti-corrosion coating market is segmented as, epoxy, polyurethane, Acrylic, Zinc, Alkyd, and others. On the basis of technology, the market is classified as, solvent borne, water borne, powder coating, and others. The anti-corrosion coating market is categorized on the basis of end use into, marine, oil and gas, industrial, infrastructure, power generation, automotive, and others.
Based on type, the epoxy type accounted for a significant anti-corrosion coating market share which can be attributed to its popularity across the globe and wide availability. The growth in epoxy segment is attributed to increasing demand from oil and gas industry. Properties of anti-corrosion coating such as high abrasion, high temperature, chemical resistance, high water resistance, and strong mechanical properties has surged its demand in various end use industries. Based on technology, solvent borne accounted for a major anti-corrosion coating market share owing to increasing use of solvent borne technology based in industrial coating, ink printing, and automotive. The demand for anti-corrosion coating in the automotive segment is expected to grow significantly over the coming years owing to rising automotive production globally.
REGIONAL ANALYSIS
The report provides a detailed overview of the global anti-corrosion coating market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America is estimated to account for a significant anti-corrosion coating market share globally. The demand for anti-corrosion coating has surged owing to rising infrastructure activities and increasing cost associated with replacement of corrosion metals and components. Asia Pacific is also expected to be an attractive market for anti-corrosion coating during the forecast period, owing to the increasing demand for anti-corrosion coating from automotive and powder generation. The growth in construction industry and rising infrastructure development in emerging economies such as China, India, and Indonesia have surged the demand for anti-corrosion coating for the components and machinery used in these industries is expected to propel the marker growth.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global anti-corrosion coating market.
In January, 2022, Applied Graphene Materials (AGM) announced the launched a range of industrial anti-corrosion coating. The launch was aimed to expand its product portfolio and cater the growing demand from various industries.
In November 2021, IGL Coatings announced the launch of new range of anti-corrosion coating -Ecoclear Aegis Coatings.
IMPACT OF COVID
The covid-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. Industries such as automotive, aerospace, construction, marine, and energy have been the major contributors to the demand for ant-corrosion coatings. In 2020, these industries had to slow down their operations due to disruptions in value chain caused by the shutdown of national and international boundaries. The pandemic wreaked havoc on the historically stable coating industry. The shortage of manpower resulted in the deceleration of anti-corrosion coating production and distribution operations. In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gap.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the anti-corrosion coating market include Akzo Nobel N.V., Ashland, Axalta Coating Systems LLC, BASF SE, Clariant International Ltd., Diamond Vogel Paints, Hempel A/S, Solvay S.A., Sono-Tek Corporation, The Sherwin-Williams Company, PPG Industries, Inc, Kansai Paint Co., Ltd, and RPM INTERNATIONAL INC, among others.