Anti Corrosion Coatings Market is Estimated to Witness High Growth Owing to Increasing Demand from Oil and Gas Industry
Anti corrosion coatings are protective coatings applied to prevent corrosion and degradation of metals and alloys. They help increase the lifespan of materials and components by creating a barrier between the surface and environment. Anti corrosion coatings find major application in oil & gas industry, marine, construction, power generation and automotive to protect assets, components and structures from rusting and corrosion.
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. These companies are focusing on new product development and expansion strategies to gain higher market share.
The key opportunities in the anti corrosion coatings market include increasing demand from infrastructure development projects across developing nations of Asia Pacific and Latin America. Moreover, growth in shipbuilding and marine industry will also drive the demand.
The global expansion of anti corrosion coatings market is driven by growing foreign investments in construction, infrastructure and oil & gas sectors globally. Regional players are analyzing opportunities in developed markets of North America and Europe through partnerships and joint ventures. Stringent regulations regarding use of ecofriendly coatings is also shaping new product development strategies of manufacturers.
Market drivers
The anti corrosion coatings market is estimated to witness high growth owing to increasing demand from oil & gas industry where anti corrosion coatings have major applications in offshore and onshore pipelines, storage tanks, drilling Equipment etc. Growing oil & gas explorations and extraction activities globally especially in Middle East and North America are driving the consumption of anti corrosion coatings. With increasing awareness regarding asset protection and maintenance, oil companies are focusing on coating solutions to increase the lifespan of infrastructure and avoid corrosion related replacements.
PEST Analysis
Political: Changes in environmental policies and regulations directly impact the demand for anti-corrosion coatings. Strict regulations to curb VOC emissions necessitate innovation and development of environmental-friendly coatings.
Economic: Economic growth and infrastructure investment drive the construction industry’s demand for anti-corrosion coatings. Recovery in the construction sector post COVID-19 pandemic has benefited demand.
Social: Increased awareness about long-term cost savings through use of protective coatings fuels demand. Availability of innovative, eco-friendly products also attracts consumer preference for sustainably-sourced products.
Technological: Development of advanced high-performance coatings with extended lifespan drive replacement demand. Nanotechnology and powder coatings reduce environmental footprint and speed up application process.
Geographical regions with high market concentration in terms of value include Asia Pacific, North America, and Europe. Asia Pacific dominates owing to large manufacturing and construction sectors in China, India. North America and Europe also have well-established end-use industries.
The fastest growing region for anti-corrosion coatings is expected to be Asia Pacific due to ongoing infrastructure growth in developing economies. Government initiatives to strengthen industrial and construction sectors will drive additional coatings demand over the forecast period in the region. Countries like China and India offer immense opportunities for market expansion.
“*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it”
