Anti-Corrosion Coating Market Size, Share And Forecast To 2031

(MENAFN- Straits Research) Introduction

The electrochemical reactions that lead to corrosion-induced changes in the appearance of metals and detrimental effects on their structural integrity are slowed down or stopped by anti-corrosion coating. These coatings are helpful in various end-user industries because of their anti-corrosion qualities, including marine, oil and gas, industrial, construction, energy (power plants, solar, wind turbines), and automotive. In-depth explanations of the various anti-corrosion coating production technologies are also provided in the report. Solvent-borne, water-borne, powder anti-corrosion coatings, and high-energy cure coatings are frequently used technologies.

Market Dynamics Superior Performance of Anti-Corrosion Powder Coating Drives the Global Market

The anti-corrosion powder coating application process is more efficient than solvent-borne and water-borne coating processes because it does not call for flash-off or drying time. With this efficient and simple powder coating process, there is little need for operator training or oversight. Powder coating delivers a consistent coating because it does not drop or run. It has a high resistance to chipping, scratching, and wear and tear because of the thermal bonding process. It is free of VOCs and does not emit harmful air pollutants or HAPs. The over-sprayed powder coating can be recycled, resulting in maximum utilization and minimal waste. Lower exhaust volume makes it possible to recycle air into the plant, saving energy. Powder coatings are also available in various high and low gloss colors, textures, and basic and decorative performance qualities. The most efficient use of powder coatings results in cost savings, which raises the demand for anti-corrosion powder coatings.

Anti-corrosion coating manufacturers can significantly reduce frictional resistance in the propellers and machinery parts of ships, yachts, and boats by developing cutting-edge coating systems. Marine paints must develop in the crucial area of energy efficiency, according to VSM of the German Shipbuilding and Ocean Industries Association. One of the new initiatives the Indian Minister of Shipping implemented in 2019 to enhance operations at important ports is the construction of new berths and terminals to increase capacity. These are some of the center's actions to increase trade at essential ports. This is expected to open up new opportunities for the anti-corrosion coating market over the forecast period.

Regional Analysis

Asia-Pacific is the most significant global anti-corrosion market shareholder and is anticipated to grow at a CAGR of 8.6% during the forecast period. Shipbuilding and repair centers are located in Southeast Asian countries like the Philippines, Thailand, Indonesia, Hong Kong, Singapore, Japan, South Korea, and China. The easy accessibility of efficient anti-corrosion solutions, lower labor costs, and robust regional shipping traffic contribute to Asia-Pacific's maritime anti-corrosion coating industry. The Asia-Pacific region's population and economic growth expand the construction industry. Additionally, renewable energy sources like solar and wind development are aided by rising consumer spending power and quickly advancing technology in China, India, and Japan. As a result of the expanding construction sector and rising energy consumption, the market for anti-corrosion coatings is expected to expand in the Asia-Pacific region over the forecast period.

North America is anticipated to exhibit a CAGR of 8.3% over the forecast period. The production of solvent- and water-based coatings is the highest in North America. The American Association of Galvanizers produces over 13 million tons of zinc annually. Steel corrosion prevention uses more than half of the annual production of zinc coatings. More zinc is recycled every year because it can be recycled indefinitely; 80% of the zinc available for recycling is recycled. Due to the strict environmental regulations and growing concerns about VOC emissions in North America, the market for anti-corrosion powder coatings is growing. The expansion of the automotive industry is aided by both the technological advancement of the area and the growing acceptance of electric vehicles. The demand for anti-corrosion coatings in North America is expected to increase significantly over the next few years due to significant government spending on the military and the thriving oil and gas sector.

Key Highlights

• The global anti-corrosion coating market was valued at USD 7,524.52 million in 2022. It is estimated to reach USD 11,975.78 million by 2031, growing at a CAGR of 5.3% during the forecast period (2023–2031).
• Based on type, the global anti-corrosion coating market is bifurcated into epoxy, polyurethane, acrylic, alkyd, zinc, and chlorinated rubber. The epoxy segment is the highest contributor to the market and is expected to grow at a CAGR of 8.3% over the forecast period.
• Based on technology, the global anti-corrosion coating market is bifurcated into solvent–borne, water-borne, and powder coating. The solvent-borne segment owns the highest market share and is anticipated to grow at a CAGR of 7.9% during the forecast period.
• Based on the end-user industry, the global anti-corrosion coating market is bifurcated into marine, oil and gas, industrial, construction, energy, and automotive. The marine segment dominates the global market and is expected to grow at a CAGR of 11.8% over the forecast period.
• Asia-Pacific is the most significant global anti-corrosion market shareholder and is anticipated to grow at a CAGR of 8.6% during the forecast period.