(MENAFN- iCrowdNewsWire) The global anti-corrosion coating market is a thriving space. And the primary reason is extensive usages of anti-corrosion coatings in a multitude of applications. These coating materials form a protective layer that contests the destructive effects of corrosion on metals. Thus, these coatings not only protect but also increase the life & performances of substances & equipment used in various industries. Automotive and marine industries are the key end-users of anti-corrosion coatings and create huge market demand.
Besides, the rising demand from the booming energy industry substantiates the growth of the market. Moreover, infrastructure development projects worldwide boost market growth. Resultantly, the anti-corrosion coatings market garners colossal traction on the global platform. According to Market Research Future (MRFR), the global anti-corrosion coating market valuation is estimated to reach approximately USD 33.27 BN by 2023, registering over 5.3% CAGR during the review period (2016-2023).
Additionally, advances in coating technologies are influencing market growth by improving the durability & efficiency of anti-corrosion coatings. Similarly, rapid upsurge in the global economy is acting as a key growth propeller for the market, enabling substantial R & D investments and growth in the end-user industries. Conversely, price volatility and the demand-supply gap in the raw materials essential for the production are projected to obstruct the growth of the market.
Anti-corrosion coatings are extensively used in the energy industry, like O & G plants that constantly face extreme weather conditions where heat & moisture elements are inevitable. These substrates also find their vast usages in industries such as shipbuilding & marine industry, transport & automotive industries that always confront threats of corrosion. Since weather conditions differ depending upon the regional locations, anti-corrosion coatings are specially designed to match various expected requirements.
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Anti-Corrosion Coating Market – Segmentation
The market is segmented into flour major dynamics;
By Type : Zinc, Epoxy, Acrylic, Polyurethane Alkyd, Silicone, Chlorinated Rubber, and others (co-polymers, fluorocarbons, graphene, glass flakes, and ceramic).
By Application : Solvent-Based Coating, Water-Based Coating, Powder Coating, and others (high-energy cure coatings, antifouling coatings, nano-coatings).
By End User Industry : Shipbuilding, Oil & Gas, Marine, Transport, Energy, Automotive, and others (power plants, pipes & tanks, wastewater treatment plants, construction, and wind turbines,)
By Regions : North America, Europe, APAC and Rest of the World.
Anti-Corrosion Coating Market – Regional Analysis
North America dominates the global anti-corrosion coating market, heading with the rising demand from various end-user industries such as aerospace and electronics. Also, usages of graphene in oil & gas, shipbuilding, marine, energy, transport, and automotive industry in the region foster market growth. Canada, Mexico, and the US, among other North American countries, account for the largest share in the anti-corrosion coating market in the region. The North American anti-corrosion coating market is projected to retain its dominance throughout the forecast period.
The Asia Pacific region stands second in the global anti-corrosion coating market. Augmenting demand in various applications such as the marine and shipbuilding industry in China, Japan, and India is a key driving force behind the regional market growth. Also, the spurting growth in the automotive, aerospace, and chemical industry in Japan, India, and South Korea act as a major growth driver for the market. The APAC anti-corrosion coating market is projected to register a noteworthy CAGR over the assessment period.
Anti-Corrosion Coating Market – Competitive Analysis
Highly competitive, the Anti-Corrosion Coating Market appears to be fragmented due to the presence of a number of well-established players. These players incorporate strategies such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage in this market. Growth potential demonstrated by the market attracts many new entrants, which, in turn, intensifies the market competition further.
Though big companies have a great geographical presence, the entry of several new companies will pose stiff competition for them. Players make substantial investments to drive new product development initiatives and expansion plans. Manufacturers strive to develop a wide range of diverse products with modified properties, each intended for a particular purpose. To expand their footprints, they acquire small yet promising companies from emerging markets.
Players leading the global anti-corrosion coating market include BASF SE (Germany), 3M (US), Hempel Group (Europe), PPG Industries (US), Kansai Paint Co., Ltd (Japan), The Dow Chemical Company (US), Valspar (US), Wacker Chemie AG (Germany), Bluchem (South Africa), and RPM International Inc.(US), among others.
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January 28, 2020 — Milliken & Company (the US), a diversified industrial manufacturer, announced the acquisition of a US-based global specialty chemicals company Borchers Group Limited from Jordan Company, L.P. Borchers is, known for its innovative high-performance coating additives & specialty catalyst solutions. The acquisition will accelerate the solution range of the Company.
January 14, 2020 — Micro Powders, Inc. (the US), a leading paints & coating company launched its new product – GraphShield 730, a next-generation anti-corrosion additive for powder coating applications. GraphShield 730 is developed in collaboration with Garmor, Inc. (the US), a leading manufacturer of low-cost graphene oxide and technology solutions developer.
October 19, 2019 — Alltimes Coatings Ltd. (the UK), an importer, distributor, and agent of waterproof coatings, launched its Advantage Graphene liquid coatings roofing system. Developed by the incorporation of AGM's graphene technology, the new The Advantage Graphene system is equipped with enhanced anti-corrosion performance.
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