Chicago, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The Anti-Corrosion Coating Market size was USD 34.8 billion in 2022 and is projected to reach USD 43.3 billion by 2028, at a CAGR of 3.6% between 2023 and 2028, as per the recent study by MarketsandMarkets™. The global anti-corrosion coatings market is growing at a high rate due to the increased demand from various sectors. The Asia Pacific accounted for the major share of the overall market in 2022. Huge demand from the Asia Pacific region is drives the anti-corrosion coating market. Over the past ten years, China's industrialization has accelerated due to changes in industrial policies, the liberalisation of foreign trade and investment, and other factors.
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Browse in-depth TOC on "Anti-Corrosion Coating Market”
130 - Market Data Tables
71 - Figures
208 - Pages
List of Key Players in Anti-Corrosion Coating Market:
- PPG Industries, Inc. (US)
- AkzoNobel N.V. (Netherlands)
- The Sherwin-Williams Company (US)
- Jotun A/S (Norway)
- Kansai Paints Co., Ltd. (Japan)
Drivers, Opportunities and Challenges in Anti-Corrosion Coating Market:
- Drivers: Increasing damage and losses due to corrosion
- Restraint: Environmental Regulations
- Challenges: Entry of local players in the market
- Opportunity: Demand for high-efficiency anti-corrosion coatings
Key Findings of the Study:
- Epoxy segment is expected to hold largest share of the anti-corrosion coating market during the forecasted period.
- Solvent borne coating technology segment hold the largest segment in overall anti-corrosion coating market during forecast period.
- Marine end-use industry accounted largest share of the global anti-corrosion coating market during forecasted period.
- Asia Pacific region likely to account the largest share of the global anti-corrosion coating market during forecasted period.
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Based on type, silicone elastomers are classified into, HTV (high-temperature vulcanization) also The solvent borne technology segment is estimated to accounted a largest share in 2022 terms of volume. Due to growing demand from end-use industries like the automotive, infrastructure, and marine sectors, the dominance is anticipated to last. Most traditional coatings are solvent borne, comprise around 25% solids, and have a significant proportion of organic solvents. This technology releases VOCs, odours, and is flammable. However, it has a remarkable block resistance feature.
Marine end-use industry dominated the overall anti-corrosion coating market, in terms of volume, in 2022. The anti-corrosion coatings used in the marine industry are particularly developed to withstand a variety of adverse conditions, including salt water, high temperatures, high pressure, and organic compounds. To extend the life and performance of anti-corrosion coatings and shorten the maintenance period, the industry needs innovation in the form of new product development.
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Asia Pacific is the leading market for anti-corrosion coating market. Economic growth in Asia Pacific is attributed to significant investment in sectors including infrastructure, manufacturing, automotive & transportation, and power generation. The most potential market is in Asia Pacific, and it is likely to be the case in the foreseeable future. Additionally, to take advantage of the cheap labour and meet local market demand, multinational corporations are moving their production plants to Asia Pacific.
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