By 2027, the market for anti-corrosion coatings will be worth USD 37,213.50 million and is projected to expand at a compound annual growth rate (CAGR) of 4.9%. Over the course of the forecast period, the market’s growth is anticipated to be driven by the rising demand for thin-walled durable metallic components used in the production of lightweight products used in a variety of industries, including building & construction, automotive, marine, and oil & gas. Due to decreased exploration and maritime operations during the global COVID-19 epidemic, the need for anti-corrosion coatings has surged, particularly in the oil & gas and marine application industries. The machines and equipment that are not in use require maintenance to prevent deterioration and rusting since they contain leftover crude oil, water, salt, and other substances that lead to corrosion.
These elements have presented a wide range of investment opportunities in recent years, and they are anticipated to lead to an increase in infrastructure spending, which includes both new infrastructure projects and the renovation of existing facilities around the nation. The need for anti-corrosion coatings in the American construction industry is then anticipated to benefit from this.
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Market Development for Anti-Corrosion Coatings
The market is seen to respond quickly to additions and upgrades in the infrastructure sector, which includes roads, railroads, bridges, and buildings. For instance, the sector is growing as a result of the rapid industrial production and construction activities in developing nations like Africa and the Asia Pacific. Thus, the demand for architectural metals utilised in various construction processes, such as lead, tin, zinc, copper, aluminium, and iron, as well as metal alloys such as brass, bronze, nickel silver, and others, has increased globally. The bulk of these metals have a propensity to corrode, creating a substantial requirement for anti-corrode solutions for corrosion reduction and thereby raising market demand.
Volatile Organic Compounds (VOC) regulations that have been put in place are hindering market expansion. Some of the sources of VOC emissions include industrial coating processes, paints, gasoline-powered lawn and garden equipment, and others. As a result, the anti-corrosion coating products are compliant and up to par. For instance, VOCs are regulated at the federal level for product categories such aerosol coatings, architectural coatings, vehicle refinish coatings, and consumer items by the U.S. EPA (Environmental Protection Agency).
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Some of the main competitors dominating the global Anti Corrosion Coating market include – AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan).
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa