In the Report “Anticorrosion Coatings Market: By Base Material (Epoxy, Alkyd, Acrylic, Urethanes, Vinyl and Others); By Applications (Oil & Gas, Marine, Energy And Power, Construction and Infrastructure, Automotive, Aerospace and Others), By Geography– With Forecast 2018-2023)” published by IndustryARC, the market is influencing the growth, due to the increasing adoption in power generation, automotive & transportation, construction and infrastructure industry.
Browse 22 Market Tables, 78 Figures spread through 156 slides and an in-depth TOC on “Global Anticorrosion Coatings Market (2018 - 2023)”
Asia-Pacific with major share in the Anticorrosion Coatings Market
Asia-Pacific dominates the anticorrosion market with a share of approximately 50% in 2018 and is slated to generate a revenue of $1.54 billion in 2018. The market for APAC is forecast to grow at a CAGR of 7.24% and will reach $2.32 billion by 2023, which is mainly attributed to the growing demand from the construction industry. Europe anticorrosion coatings market is scrutinized with respect to countries including U.K, France, Germany, Russia, Turkey and others. These regions are poised on the basis of its modesty in the automotive and aerospace industry. The total market for anti corrosion protection in Europe was $673.04 million in 2018 and is estimated to grow with a CAGR of 4.03% to reach $842.93 million during the forecast period of 2018-2023. Research activities are being carried out to innovate and are responsible to drive the anti-corrosion protection market.
The global market for anticorrosion coating by base material was $18.79 billion in 2018 and is anticipated to see a surge during the prediction. The market will grow at a CAGR of 4.74% and to reach $24.40 billion till 2023. The major types of base materials used to protect from contact with water, high humidity, mist, salt and sand and other factors are as such epoxy, alkyd, acrylic and more. Epoxy paint based anticorrosion coating sector generated the maximum revenue of $7.51 billion in the overall anticorrosion coatings market at a CAGR of 4.75% to reach $9.31 billion by 2023. Epoxy coating based coating market is set to experience a surge due to the growing advancements in the oil & gas marine industry. Acrylic resins is a type of material, which do not hold a significant share in the overall anti corrosion coating market, yet they are anticipated to have a high and fast growth rate to a surface and mainly depends on the resin which is used in its formulation.
Another type of material is alkyd based, which is applied to a surface and mainly depends on the resin which is used in its formulation. This type of material possesses properties like hardness, flexibility, abrasion resistance, alkali and adhesion resistance. The material used in services has shown a better functionality, thus playing a very important role in the coating formulation. Urethane resins are used in numerous applications such as foams, coatings, elastomers, resins, and medicine. The market for urethane based anti corrosion coating is estimated to grow at a CAGR of 5.84%, and will generate a revenue of $3.50 billion till 2023. Vinyl resin is highly resistant to heat and is durable as well. Vinyl also provides maximum corrosion resistance to most fuels, vapors as well as chemicals. The market is set to grow at a CAGR of 5.56% and to reach a revenue of $3.10 billion till 2023.
Excerpts on Market Growth Factors
- Suppliers are working in the development of new improved product performance, by reducing the pricing factor coupled with product differentiation. This new entrant in the industry is prone to such fears for competitors and will be seen at a high growth rate.
- The increasing oil and gas drilling and exploration activities in the recent past have been the indirect cause of the rising consumption of high performance anti-corrosion coatings. The upsurge of these activities has led to an urgent need for maintenance in the industrial equipment. This has spurred the demand for protective coatings that improve the lifespan of metal surfaces and prevent it from corroding or getting damaged due to weathering and harsh climatic conditions.
- Recent developments in raw materials for these coatings might automate the product differentiation process, which going further will act as a serious threat for the current providers. Services such as specialty coatings will still see large players maintain their position in the market.
Key players of the Anticorrosion Coatings Market
The key players operating in anticorrosion coatings market are AkzoNobel N.V., BASF SE, Diamond Vogel Paints, PPG Industries, The Sherwin-Williams Company and others. AkzoNobel N.V. is the leading supplier in the anticorrosion coatings market contributing to nearly 18% of the overall revenue. AkzoNobel through its broad range of products and constant product launches and innovation, such as Resicoat and Cromadex are consequently maintaining their hold over the market. PPG Industries Inc. has been successful in catering to industrial and manufacturing needs, but their strong hold in the oil and gas sector is the prime reason they are amongst the leading suppliers. Aqaupon, Speedhide, PITT-TECH, 8340/2320 are some of its products that are utilized across the globe. The other finding says that for coming years, PPG Industries is supposed to maintain its position in the market.
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