Dublin, Dec. 31, 2020 (GLOBE NEWSWIRE) -- The "Anti-corrosion Coatings Market by Technology, Type, End User Industry - Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The global anti-corrosion coating market was valued at USD 27.39 billion in 2019 and is projected to reach USD 63.72 billion by 2030, expanding at a CAGR of 7.9% during the forecast period, from 2020 to 2030. In terms of volume, the market stood at 7,046.9 kilotons in 2019 and is projected a reach 13,940.5 kilotons by 2030, expanding at a CAGR of 6.3% during the forecast period.
These coatings have wide applications in sectors such as aerospace & defense, building & construction, maritime, oil & gas, automotive, and energy, as they offer superior structural strength, protection against UV radiations, and heat resistance.
Market Dynamics and Trends
The growth of the global anti-corrosion coating market is attributed to increasing government initiatives to improve public infrastructures, favourable regulatory standards for products with low volatile organic compound (VOC), rising awareness about eco-friendly products, and growing number of residential and commercial projects. Furthermore, modernization of infrastructure, increasing losses due to corrosion, and growing demand for anti-corrosion coatings in the end-use industries are expected to fuel the market during the forecast period.
However, the implementation of stringent environmental regulations regarding the use of several aggressive chemicals, limitations of epoxy anti-corrosion coatings, fluctuations in the cost of crude-oil and high cost of raw materials hamper the market growth. Conversely, growing use of anti-corrosion coating in solar and wind energy industries and increasing demand for high-efficiency anti-corrosion coatings are anticipated to create opportunities in the market.
Market Segmentations and Scope of the Study
The global anti-corrosion coating market is fragmented in terms of technology, type, end user industry, and geography. Based on technology, the market is segmented into solvent-borne, water-borne, powder, and others. On the basis of type, the market is epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. In terms of end user industry, the market is classified as marine, oil & gas, industrial, construction, energy, automotive, and others. Based on geography, the global anti-corrosion coating market is fragmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Geographical Analysis
The market in Asia-Pacific is anticipated to expand at a high CAGR during the forecast period, owing to the growing demand for anti-corrosion coating in the power generation industry, increasing need for high-quality infrastructures, high maintenance requirement in the automotive industry, and implementation of stringent government rules & regulations in this region. Moreover, easy accessibility of anti-corrosion solutions, low labour costs, and high shipping traffic in the region fuel the market in the region.
North America is estimated to account for the largest share of the market due to factors such as increasing government military investments, presence of a large naval base, and rapid growth of the oil & gas industry in this region.
Key Topics Covered:
1. Introduction
2. Market Snapshot, 2019-2030 Million Usd
3. Porter's Five Force Model Analysis
4. Market Dynamics
5. Global Anti-Corrosion Coating Market, by Type
6. Global Anti-Corrosion Coating Market, by Technology
7. Global Anti-Corrosion Coating Market, by End Use Industry
8. Global Anti-Corrosion Coating Market, by Region
9. Company Profiles
- BASF SE
- 3M Co.
- Wacker Chemie AG
- AkzoNobel N.V.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- The Dow Chemical Company
- Hempel A/S
- Kansai Paints Co., Ltd
- Nippon Paints Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/eivzca
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