Anti-Corrosion Coatings Market

Anti-Corrosion Coatings Market - Global Industry
Insights, Trends, Size, Share, Outlook, and Opportunity
Analysis, 2018-2026
Anti-corrosion coatings protect the material from degradation due to physical contact
or exposure to air, water, and chemicals. The coating acts as a barrier or sacrificial
material. The advantages of corrosion coatings include increased lifespan, and
reduced operating costs. It also imparts various beneficial properties such as
increased gloss or color appearance, durability, increased hardness, increased
durability, and abrasion protection. Corrosion can lead to increased monetary losses
in the form of repair costs, cleanup costs and loss of revenue due to non-productive
time. The cost incurred due to corrosion globally is US$ 2.2 trillion, which is over 3%
of the world’s GDP and more than the GDP of India alone.
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A major challenge to anti-corrosion coatings market is using of alternatives materials,
which are Fiberglass Reinforced Plastic (FRP), polymers and thermoplastics. Usage
of these metals eliminates the need for anti-corrosion coatings. Also, the key raw
materials for coatings manufacture is from the oil industry. The unstable oil industry
will affect availability of raw materials and manufacture of coatings. Environmental
regulations on VOCs are also projected to hinder growth. The market also includes
coating of new infrastructure projects and also the repair, maintenance and recoating
of existing infrastructure.
Epoxy Coatings are largely used in construction industry due to toughness and long
life span. Rapid urbanization in developing countries has led to a commercial and
residential construction boom driving the epoxy coat market. Furthermore,
environmental advantage of low VOC concentration has made it a prime candidate
over other products. Polyurethane coatings provide excellent weathering properties
and hence used in high wear and tear environment. Acrylic coatings are used for
automotive and machine coats, alkyd coats are used for architectural coatings and
product finishing.
The coatings applied are mainly powder and liquid coatings. Powder coatings offer
better durability and are considered to be eco-friendly have the environmental
advantage of not having any VOCs.
The largest end-use industry is marine, as saline water is highly corrosive. Coatings
are applied for protection of metal hulls of ships, boats. According to National
Association of Corrosion Engineers (NACE) which is a professional organization for
the corrosion control industry with headquarters in Houston, TX stated that, coatings
make up 40% of the total direct costs of the marine industry. Oil and gas industry
also utilizes coatings for storage, drilling, production and transportation equipment.
Corrosion of subsea equipment and platforms in deep-water projects require
appropriate corrosion control measures. Failure in pipelines, in both oil and gas and
water transportation industries leads to environmental and financial consequences.
Moreover, steel being the mostly widely used construction equipment requires
coatings as it has a tendency to rust due to oxidation. Increased power generation
from hydroelectric projects also drives need for coatings as equipment is in
continuous exposure to water.
Anti-Corrosion Coatings Market Outlook
○ Asia Pacific is the largest and fastest-growing market owing to growth
of various end use industries. This is a result of increasing middle class
population in the major markets of India, China, Indonesia and ASEAN
countries. A rise in disposable incomes has increased demand for
goods and population has driven new projects and modernization of
existing infrastructure. Increasing energy production (renewables and
non-renewables) to achieve self-sufficiency and water transportation to
densely populated urban areas is driving anti-corrosion coating market
in this region.
○ In North America and Europe, the growth is expected to be slow due to
maturation of these markets. Burgeoning growth of the automotive and
military industries are major drivers in these regions. Increased
environmental scrutiny from regulatory bodies has resulted in
increased R&D and innovations in manufacturing processes and
products.
○ In Latin America, the Brazil and Mexico are growing markets. Coating
manufacturing has also expanded due to proximity to North American
markets. The increase in offshore deep-water oil projects in MENA has
resulted in niche market for subsea equipment coatings. In
addition,the growing construction and transport infrastructure
activities in Middle East such as Qatar is hosting 2022 Soccer World
Cup and has already spend $100 billion for better impending mega
soccer event has led to huge growth in coatings market. Egypt and
Libya have also shown healthy growth across all end user industries.
The need for power generation in energy starved developing nations has resulted in
increased hydropower project investment in Africa and Asia. Also, the added benefit
of drinking and irrigation water supply makes dam construction attractive. This will be
critical to anti-corrosion market growth. Major players in the anti-corrosion coating
market include 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.
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Anti-Corrosion Coatings Market report categorizes global market by coating type, coating technology, and end-user - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-26

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