Anti-Corrosion Coatings Market Insights
Corrosion resistant coatings are applied on metal bodies to protect them from degradation due to salt spray, moisture, oxidation or exposure to a variety of environmental or industrial chemicals. With the increased demand for corrosion resistant coatings, the anti-corrosion coatings market is expected to reach a valuation of approximately USD 33.27 billion by 2023 registering a CAGR of nearly 5.3% over 2016-2023. Anti-corrosion coatings allow for added protection of metal surfaces and acts as a barrier to inhibit the contact between chemical compounds or corrosive materials. In addition to corrosion prevention, many of coatings also provide a bonus of abrasion resistance, non-stick performance and chemical protection.
The expansion of the marine industry can be considered to explain the growth that is anticipated to be witnessed in the anti-corrosion coatings market. Maritime transportation remains one of the chief means of bulk transportation around the world after air transportation. With greater popularity garnered by the tourism industry, cruise ships are also witnessing greater demand and luxury cruise ships have registered greater production due to burgeoning demand. Marine coatings market is expected to be a multibillion dollar industry by 2023 and anti-corrosion coatings are poised to hold a major share in this market.
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Key players of the global anti corrosion coating market are 3M, BASF SE, Hempel Group, Kansai Paint Co., Ltd, PPG Industries, The Dow Chemical Company, Wacker Chemie AG, Valspar, Bluchem, RPM International Inc., and Others.
Anti-corrosion coatings market has often witnessed the launch of new products due to advancements in the field of coatings and the development of products that are reinforced to perform better. For instance, Alltimes Coatings Ltd recently launched its Advantage Graphene liquid coatings roofing system. Advantage Graphene is claimed to be enhance with anti-corrosion performance that has been achieved with the incorporation of graphene developed by Applied Graphene Materials, a leading manufacturer of advanced graphene. The fact that Advantage Graphene system is the result of in depth testing program extensive product development indicates the fact that investments in the anti-corrosion coatings market are increasing that in turn is creating the scope for development of better products with better performance and life expectancy.
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Anti-Corrosion Coatings Market Regional Analysis:
Asia Pacific is estimated to be the largest anticorrosion coating market due to expansive demand for the product from various end user industries. One of the chief end users of anti-corrosion coatings in the region is the expansive marine and shipbuilding industry, especially that of China. For instance, the merging of CSIC and CSSC, the two state owned ship building companies of China in 2019 resulted in the formation of the largest shipbuilder in the world. The massive shipbuilding industry of China is closely followed by that of Japan, and India. Water-based coatings and solvent-based coatings have registered increased demand in India, Taiwan, and South Korea.
North America is the second highest producer of water-based and solvent-based coatings. The region also has a considerable presence of end user industries especially in the U.S. such as automotive, oil and gas and energy that will add a significant impetus to the anti-corrosion market in the region.
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