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    Anti-Corrosion Coating Market Size Forecast to Reach $24.7 Billion by 2026
    (I-BusinessNews.Com, October 05, 2021 ) Anti Corrosion Coating market size is forecast to reach $24.7 billion by 2026, after growing at a CAGR of 5.5% during 2021-2026. Anti-corrosion coatings are used to protect metal/alloys from natural degradation caused by different corrosive agents such as moisture, chemicals, salt, and others. They act as a barrier between the surface and the corrosion agent, and prolong the life of the structure as well as enhances its efficiency and aesthetic value. As anticorrosion coatings are extensively used in the oil & gas industry for coating various equipment’s including oil storage tanks, drill bits, and drill pipes, the growth in the oil & gas industry will drive anticorrosion coatings market growth. The growth in automotive production will drive anticorrosion coatings demand. For instance, according to International Energy Agency, in 2018, 3.29 million electric vehicles deployed globally, and the number will increase up to 125 million by 2030. Whereas, the growing demand of Chlorinated Rubber, Epoxy coating, and Polyurethane-alkyd resin coatings due to growing use for maintenance paints, traffic marking, swimming pool paint, adhesives, and fire retardants further drive the growth ofAnti-Corrosion Coating Market.



    COVID-19 Impact



    However, operations in various industries such as oil & gas, automotive, and aerospace is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting the anticorrosion coatings market growth.



    Anti-Corrosion Coating Market Segment Analysis - By Raw Material



    Resin Type segment held the largest share in the anti-corrosion coatings market in 2020 and is anticipated to grow at a CAGR of 6.3% through the forecast period. The Epoxy coating is widely used resin in the anti-corrosion coatings market, owing to its extensive properties such as excellent chemical resistance, low porosity, anti-sagging, strong adhesion, durability, and bond strength. Whereas, silicone resins have properties such as thermal stability, weathering resistance, maintaining elasticity at low temperatures, low surface tension, hydrophobicity, surface activity, release, and lubricating properties. Moreover, zinc-rich inorganic coatings based on ethyl silicate are quite successful for the protection of steel against corrosion under severe exposing conditions such as underground, marine atmosphere, industrial atmosphere, and nuclear power plants. Polyurethane-alkyd resins are derived from the condensation reaction of oil or fatty acid, and polyol. They find their use in numerous applications as well as materials. Medium and long-oil alkyd resins can produce strong films when dried with a dryer.



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    Anti-Corrosion Coating Market Segment Analysis - By Technology



    Solvent-borne technology held the largest share of around 45% in the anti-corrosion coatings market in 2020, as these coatings are widely used in several applications and exhibit more toughness among others. However, it may witness a downturn due to the stringent regulations imposed by government bodies such as Environmental Protection Agency (EPA) and Registration Evaluation Authorization and Restriction of Chemicals (REARC). Solvent-based coatings are made up of liquefying agents that are meant to evaporate via a chemical reaction with oxygen. Typically, moving air surrounding a solvent-based coating will help to speed up the reaction, reducing drying times. These coatings have one major advantage over water-based coatings. They are less susceptible to environmental conditions such as temperature and humidity during the curing phase. Humidity can actually prevent the water in a water-based coating from evaporating, making them impractical in some climates. Waterborne technology is gaining popularity, as it possesses low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).



    Anti-Corrosion Coating Market Segment Analysis - By Application



    Oil & Gas is the dominant application for anticorrosion coatings market and is anticipated to grow at a CAGR of 3.86% through the forecast period. In the oil & gas industry, corrosion in the pipelines or storage system due to reactive chemicals or organic salt in the oil can eventually cause a loss of containment of process fluids or can lead to a serious accident affecting workers, the environment, and the economy. Therefore, to reduce the risk of corrosion and safeguard the equipment containing crude oil and protect the whole refinery process, anticorrosion coatings like Epoxy coating and Polyurethane-alkyd resin-based coatings are widely used in this industry. The oil and gas industry is a tough market that requires tough coatings as constant contact with rough seawater and prolonged exposure to penetrating UV rays threaten to make the life of a coating system short.



    Anti-Corrosion Coating Market Segment Analysis - By Geography



    APAC dominated the anti-corrosion coatings market with a share of approximately 56% in 2019, owning to growing investments in the infrastructure and construction industry in emerging countries such as China, India, and Japan. In 2019, China approved to invest $142 billion in 26 infrastructure projects. In addition, according to India Brand Equity Foundation (IBEF), India plans to spend US$ 1.4 trillion on infrastructure in the next five years. Therefore, the growth in infrastructure projects is driving anticorrosion coatings demand in the region. Furthermore, the growing investment in road safety.



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    Anti-Corrosion Coating Market - Drivers



    Rising investments for infrastructure development



    Anti-corrosion coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion, as well as it is also used as roof-top coating preventing any reaction from the atmospheric pollutants. A surge in economic losses owning to corrosion of structure has increased the usage of anticorrosion coatings in the construction and infrastructure sector. In addition, the investment in infrastructure development is significantly increasing which is driving anti-corrosion coatings market growth. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. In addition, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing anticorrosion coatings demand. In addition, the United States is witnessing noticeable investment in residential construction, and the trend is expected to remain the same in the near future. For instance, according to the USA Census bureau, in January 2020 value of construction put in place in residential and nonresidential construction increased to $567,555 million and $470,986 million from $546,532 million and $466,436 million in December 2019. Mexico is also witnessing high housing demand, therefore attracting noticeable investment into construction. For instance, In January 2019, Inter-American Development Bank (IDB) granted local currency financing program to the Mexican company Procsa up to 150 million Mexican pesos ($7.8 million), in order to finance for land acquisition, development, and commercialization of housing for low and middle-income families in the country. Therefore, the growth in construction projects and investments is driving anticorrosion coatings market growth.



    Growth in automotive and aerospace industry



    According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 35 million by 2025. According to China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs, and commercial vehicles were sold in the Australian market an increase of 0.9% from 2016. According to OICA in 2018, global light commercial vehicles production increased from 19,482,394 to 20, 635,799 i.e., 5.9% from 2017. Due to the increasing expectations of consumers, the automotive manufacturing industries are required to extend vehicle warranties. Thus improvements in corrosion protection are becoming increasingly important, which is driving anticorrosion coatings usage. Therefore, the growth in automotive production is supporting anticorrosion coating market growth. In addition, according to Boeing, 44,000 new jetliners are required over the next two decades owing to a rise in passenger traffic, which is expected to grow at an average annual rate of 4.6% over the next 20 years. Between 2012 and 2018, the world added a net of 176 airports. Most of these (165) were in the Asia-Pacific region. According to Boeing, in the Asia Pacific region the construction of 17 new airports and 17 additional runways are planned by 2030. This will drive the demand for anticorrosion coatings.



    Growing demand for durable and wear-resistant metals



    Globally, large investments are being made in the development of metals products for infrastructure and vehicles, energy production and machinery, building materials, and even consumer products. These investments are fuelled by the need to develop metals that are durable, stronger, and wear-resistant throughout their use. Anti-corrosion coatings protect metal or other surfaces from natural degradation caused by different corrosive agents such as moisture, chemicals, and salt. Globally, corrosion causes huge financial losses in a large number of industries. It also gradually weakens structures, posing a threat to property and life. Therefore, anti-corrosion coatings have become a necessity for industries to safeguard the huge investments they make in terms of money, property, and safety of workers. Therefore, these coatings are used extensively in industries such as marine, oil and gas, petrochemical, infrastructure, and power generation. An anti-corrosion coating protects against humidity, moisture, saltwater, oxidation, and exposure to a variety of environmental or industrial chemicals. Other desired characteristics of anticorrosion coatings comprise lightweight, chemical resistance, abrasion resistance, and gloss retention. Anticorrosion coating provides strong structural integrity and long-term strength to the metals. Therefore, owning to these factors its demand is increasing



    Anti-Corrosion Coating Market - Challenges



    The fluctuating raw material cost



    Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global anti-corrosion coatings market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices, as most of the raw materials are petroleum-based. According to BP statistics, in 2018, the average crude oil price increased to $71/ bbl from $54/bbl in 2017. Fluctuations in crude oil prices impact the cost of raw materials such as acrylic, epoxies, polyurethanes, and alkyds which are used in the production of anti-corrosion coatings. Therefore, the fluctuation in raw materials prices is affecting anticorrosion coatings price which is limiting its market growth.



    Stringent regulations to reduce carbon footprint and VOC emissions



    Several organizations such as the United States Environmental Protection Agency, the California Air Resources Board and others have set various regulations and policies to reduce carbon footprint and VOC emissions from coatings. For instance, the control technique guidelines (CTGs) developed by EPA, which set limits on VOC emissions from coatings for various industries, particularly in areas that exceed certain levels of lower atmospheric ozone. In January 2018, the EU published the German version of DIN EN 16516, a test the standard that uniformly regulates the emission measurement of construction products including coatings. In Canada, regulations such as Volatile Organic Compound (VOC) Concentration Limits for Architectural Coatings Regulations (SOR/2009-264) and Volatile Organic Compound (VOC) Concentration Limits for Certain Products Regulations have set limits on VOC emission from coatings. In addition, in the eastern United States, the Ozone Transport Committee (OTC) makes environmental policy for thirteen states on limiting VOC emission from coatings, including New England, New York, Pennsylvania, Delaware, New Jersey Maryland and the Washington D.C. Growing environmental concern is resulting in more stringent regulations limiting VOC emission from coatings, which is may hinder market growth



    Anti-Corrosion Coating Market Landscape



    Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Anti-Corrosion Coating market. Major players in the Anti-Corrosion Coating market are BASF SE, Hempel A/S, PPG Industries, Kansai Paint Co., Ltd., Jotun, Axalta Coating Systems, AkzoNobel N.V., The Sherwin-Williams Company, RPM International Inc., and Nippon Paint Holdings Co., Ltd., among others.



    Acquisitions/Technology Launches



    In January 2020, BASF announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow BASF to increase its production capacity by 30 percent.

    In February 2019, Hempel launches a powerful new antifouling coating – Atlantic+ – providing flexible and reliable performance. Delivering unparalleled protection, Atlantic+ is designed to protect the hull from fouling throughout service intervals of up to 60 months



    Key Takeaways



    APAC dominated the anticorrosion coatings market with a share of approximately 56% in 2020, owing to growing investments in the infrastructure and construction industry in emerging countries such as China, India, and Japan.

    In oil & gas industry, corrosion in the pipelines or storage system due to reactive chemicals or organic salt in the oil can eventually cause a loss of containment of process fluids or can lead to serious accident affecting workers, environment and economy. Therefore, to reduce the risk of corrosion and safe guard the equipment containing crude oil and protect the whole refinery process, anticorrosion coatings are widely used in this industry.

    Waterborne technology is gaining popularity, as it possesses low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).



    Related Reports:



    A. Corrosion Protective Coatings Market

    https://www.industryarc.com/Research/Corrosion-Protective-Coatings-Market-Research-503440



    B. High-performance Anti-corrosion Coatings Market

    https://www.industryarc.com/Research/High-performance-Anti-corrosion-Coatings-Market-Research-510798



    For more Chemicals and Materials Market reports, please click here



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