Anti-Corrosion Coatings Market boasts of an extensive application landscape encompassing the biomass, oil & gas, nuclear, solar, and hydropower sectors. These coatings find widespread usage in drill bits, oil storage tanks, and drill pipes as they supposedly help prevent the accumulation of rust that occurs as a result of their contact with underground water as well as marshlands. In addition, the oil & gas equipment sector, which accumulated a revenue of USD 130 billion in 2010, is projected to hit the revenue margin of USD 278 billion by 2025, which in turn, will push the market trends. The ability of these coatings to provide an aesthetic value to the surface along with their beneficial features such as rust resistance, longevity, and UV resistance will provide numerous opportunities to large scale corporations to exploit the opportunities offered by anti-corrosion coatings market. As per Global Market Insights, Inc., anti-corrosion coatings industry is slated to accrue the revenue of USD 20.21 billion by 2025, recording a CAGR of 5% over 2016-2025.
U.S Anti-Corrosion Coatings Market size, by product, 2015 & 2025 (USD Million)
Anti-corrosion coatings are extensively used across the transportation, manufacturing, construction, aerospace, oil & gas, infrastructure, chemical, energy, marine, and shipbuilding sectors. Infrastructure sector, which contributed more than USD 2 billion towards anti-corrosion coatings market revenue in 2015, is predicted to boost the business expansion. The development can be credited to government legislations supporting public infrastructural growth along with the escalation in the number of residential and commercial ventures. Anti-corrosion coatings market size in the energy sector is set to register substantial gains of 5% from the period of 2016 to 2025, driven by the product’s ability to protect the instruments from corroding.
Considering the topographical trends, Asia Pacific anti-corrosion coatings industry will witness notable gains of over 5% from 2016 to 2025, driven by the expanding construction sector along with a rise in the number of ship maintenance & repair activities. Easy accessibility of cost effective labor force and viable anti-corrosion services coupled with thriving shipping business will further steer the business expansion. Japan, China, Singapore, South Korea, India, Indonesia, Hong Kong, Philippines, and Thailand are likely to drive the regional share.
North America anti-corrosion coatings market, which was estimated at USD 1.5 billion in 2015, is projected to experience a noteworthy surge over the next few years, subject to high government funding across the military sector along with the flourishing oil & gas sector. U.S. anti-corrosion coatings industry is set to record a CAGR of more than 4.5% in the years ahead.
Epoxy, chlorinated rubber, polyurethane, zinc, acrylic, and alkyd are the key anti-corrosion coatings products. Polyurethane anti-corrosion coatings industry, worth USD 3 billion in 2015, is forecast to observe a substantial expansion over the next few years. The growth can be attributed to the product’s ability to impart a lustrous appearance to the surface. The thriving polyurethane (PU) market will also contribute to the growth of this product segment.
Epoxy anti-corrosion coatings market is foreseen to record a cumulative growth of 4.5% during the period of 2016-2025, driven by its extensive application in concrete and metallic surfaces pertaining to the properties such as rust, moisture, abrasion, acid, and alkali resistance.
Water- based, Solvent-based, and Powder-based coatings are the application modes of anti-corrosion coatings. Water-based anti-corrosion coatings industry is projected to register notable gains in the future, driven by the execution of strict rules by the government supporting the usage of the products having low VOC (Volatile Organic Compounds) content.
Solvent based anti-corrosion coatings market, which dominated the application mode landscape in 2015, is projected to experience a remarkable growth over the span of the next few years due to its beneficial characteristics.
Akzo Nobel N.V., Kansai Paint Company Limited, Nippon Paints Holdings Company Limited, Sokema, Axalta Coating Systems, PPG Industries Incorporation, Ashland Incorporation, Hempel A/S, BASF SE, RPM International Incorporation, The Valspar Corporation, AnCatt Company, The Jotun Group, The Sherwin-Williams Company, AICA Kogyo Company Limited, and Chugoku Marine Paints Limited are the major participants of anti-corrosion coatings industry.