PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1342066
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1342066
The anti-corrosion coating market size is projected to reach USD 43.3 billion by 2028 at a CAGR of 3.6% from USD 34.8 billion in 2022. The epoxy, by type segment is estimated to account for the largest share of the anti-corrosion coating market in 2022.
" Epoxy is likely to account for the largest share of anti-corrosion coating market."
Due to the epoxy's compatibility with other coating materials, the anti-corrosion coating market is expected to continue to be dominated by it during the forecast period. It is also the anti-corrosion coating that is most frequently utilised. Epoxy anti-corrosion coating is also expanding as a result of rising demand from a variety of end-use industries, including marine, oil & gas, infrastructure, and automotive & transportation.
" Solvent borne, technology accounted for the largest segment of anti-corrosion coating market."
The solvent borne technology is the largest technology segment in the overall market during the forecast period. The dominance is projected to continue as demand from end-use industries such as automotive, infrastructure, and marine grows. The majority of conventional coatings are solvent-borne, with approximately 25% solid and a rather high organic solvent content. This technique produces VOCs, odours, and is flammable. It does, however, have very excellent block resistance.
"Marine, by end-use industry accounted for the largest segment of anti-corrosion coating market."
In the marine industry, anti-corrosion coatings are utilised that are specifically designed to withstand the most extreme environmental conditions, including salt water, high temperatures, high pressure, and organic compositions. To extend the life and performance of anti-corrosion coatings and shorten maintenance intervals, the industry needs innovation in the form of new product development.
"Asia Pacific, by region is forecasted to be the fastest segment of anti-corrosion coating market during the forecast period."
The Asia Pacific is the fastest anti-corrosion coating market in 2022 and is projected to be the fastest-growing market during the forecast period. Asia Pacific is attributed with growth in the economy, which is followed by considerable investment in areas such as automotive and transportation, infrastructure, power generation, and industrial. Asia Pacific is the most promising market and is projected to remain such in the foreseeable future. Furthermore, multinational corporations are relocating production facilities to Asia Pacific to take advantage of low labour costs and meet local demand.
The key companies profiled in this report are PPG Industries, Inc. (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Jotun A/S (Norway), Kansai Paints Co., Ltd. (Japan).
The anti-corrosion coating market has been segmented based on Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber, and Others), Technology (Solvent borne, Waterborne, Powder-based, and Others), End-Use Industry (Marine, Oil & Gas, Industrial, Infrastructure, Power Generation, Automotive & Transportation, and Others), and by Region (Asia Pacific, Europe, North America, South America, and Middle East & Africa).
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From an insight perspective, this research report focuses on various levels of analyses - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.