Anti corrosion coatings are protective layer applied on substrates and structures to prevent them from corrosion. They provide barrier between substrate material and environment by preventing corrosive elements such as oxygen, water and ions from reaching the surface. The coatings act as sacrificial anode which protects the metal substrate by corroding itself instead of the surface it is protecting.
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. The presence of stringent environmental regulations regarding usage of volatile organic compounds is driving research and development of more environment-friendly and sustainable anti corrosion coatings. Technological advancements in the field of powder and water based coatings are further expected to drive the market growth.
Key opportunities in the anti corrosion coatings market include growing infrastructure development activities across the globe. Reconstruction and repair activities in developing nations propel the demand for anti corrosion coatings in construction industry. Increasing marine freight transportation is augmenting the usage of anti fouling coatings in ships and vessels.
Technological advancements such as development of intumescent and self-healing coatings is fueling the anti corrosion coatings market. Intumescent coatings swell upon exposure to heat and form an insulating char layer that protects the substrate. While self-healing coatings have the inherent ability to repair minor damages and prevent corrosion cracking over the coating lifespan.
Market drivers
Growing industrialization and manufacturing activities in emerging economies of Asia Pacific and Latin America is a key driver for anti corrosion coatings market. Rapid infrastructure development and increasing sea freight globally also contributes to the market growth. stringent environmental regulations regarding emission of VOCs from corrosion resistant coatings further drives research and development for eco-friendly and sustainable coating technologies.
Current challenges in Anti Corrosion Coatings Market:
The anti corrosion coatings market is facing challenges due to stringent environmental regulations regarding VOC emissions. Growing inclination towards powder and water-borne coatings to comply with such regulations is negatively impacting solvent borne coating producers. High production costs and availability of substitutes likeGalvanization are also hindering market growth.Furthermore, fluctuating raw material prices affect the profit margins of manufacturers.
SWOT Analysis
- Strength: Long product life and low maintenance requirements make coatings economically viable. Wide range of product offerings help cater to diverse end-use industries.
- Weakness: High dependence on economic conditions of oil & gas industries may impact demand. Stringent health and safety standards increase production costs.
- Opportunity: Growth in infrastructural and construction activities in developing nations boost new project opportunities. Development of bio-based and environment-friendly coatings presents new revenue streams.
- Threats: Easy availability of low-cost alternatives threatens market shares. Economic slowdowns can negatively impact demand from end-use sectors.
Geographical regions with high market concentration in terms of value include Asia Pacific and North America. In Asia Pacific, countries like China, India and Japan spend significantly owing to extensive industrial and construction activities. The United States accounts for the largest market in North America due to ongoing infrastructure revision projects.
The Middle East region is anticipated to be the fastest growing geographical market for anti corrosion coatings between 2023 to 2030. This is attributed to ongoing construction of new infrastructure and transportation projects under the development visions of GCC countries. Higher spending on revamping aging oil & gas assets will further drive the regional market.
