Development in the anti-corrosion industry facilitated by self-healing and energy saving coating technique is augmenting the corrosion protection management process adopted by various industries throughout the world. Oxidation induced damages influences accidental catastrophes which results in loss of life and property. This upsurges the requirement for adequate anti-corrosion coating application on metallic and non-metallic surfaces to prevent associated damages in future. With newer advancement such as hydrophobic coating, nano coating, and impregnation coating, anti-corrosion coating market is complying with the modern industrial demands for effective corrosion abatement procedure to accomplish higher productivity and market profit.Emergence of Internet of Things (IoT) integrated deices has significantly revolutionized the modern industrial progress and influenced the manufacturing of smart coating concepts whereby complying with ecological hazards and energy efficient coating solutions for electronic systems. Corrosion inhibitor industry is spurring the global market with introduction of alternative non-toxic eco-friendly coatings which is uplifting the clean technology demands. Low and zero VOC coatings is a transformational trend influencing the anti-corrosion coatings market demand with products such as CSL Silicones’ Si-COAT® 580™ and Hempel’s Avantguard®. Hannover Messe’s corn starch self-healing coating and the Greencoat, is a collaborative patent solution by Vanchem Performance Chemicals and Paul Zelisko,introduced as breakthrough anti-corrosion innovation will significantly promote opportunity scopes for the anti-corrosion coating market growth and revenue generation in the future years. The global anti-corrosion coatings market is anticipated to cross $24.17 billion by 2023, with opportunities increasing at a CAGR of 4.74% during the forecast period 2018-2023.
Globally, corrosion costs around $2.5 trillion in a year. -World Corrosion Organization
Anti-corrosion coating is a necessary industrial procedure as corrosion is a commonplaceacross production facilities. This reflects a major growth scope for the anti-corrosion market uplifted by the demand from offshore industry, pipeline industry, construction industry, automotive and aerospace industries, and many others. These industries largely depend on strong metals for infrastructure construction and designing machineries, systems, and devices, a prime constituent being steel in several manufacturing processes. According to the American Galvanizers Association, nearly 80% of the total steel produced is prone to oxidation and corrosion activities necessitating inhibiting coating for enhanced durability and reduced adversity.
Corrosion affected the U.S. Army costing around $1,081m for aviation and missiles and $1,189m for ground vehicles in 2016.
-U.S. Department of Defense
Rising incidences of corrosion induced damage and degradation is a major concern affecting the economic income of several companies and nations, which indicating an increasing demand opportunity for the anti-corrosion coating market. The Ohio State Fair suffered huge loss due to corrosion occurrence inside the Fireball Gondola in the United States in 2017 and similar accidents are experienced by gas and oil industry, bridge construction industry, and many others signifying huge investment prospect in anti-corrosion coatings for leveraging minimal losses throughout the world. Gathering many interests onto the corrosion prevention, several governmental actions and regulations are introduced in different countries. The Underground Storage Tanks (USTs) proposed by Environment Protection Agency (EPA) residential owners and OEMs to monitor and regulate their UST systems for restricting spills, corrosion, overfills is a major step which is likely to induce effective application of anti-corrosion coating and upheave the market demand.
Geographical Trend and Upsurging Anti-Corrosion Coating Market Outlook:
Asia Pacific is the dominating the global anti-corrosion coating market and gained a huge regional share value of $10.09 billion as of 2018. Expedited growth of automotive, construction, and oil and gas industry APAC is disrupting the domestic anti-corrosion market prospects. The construction and establishment of major projects in APAC is likely to set forth new interventions of anti-corrosion coating industry for greater regional progress. Newer development ventures such as Astana Light Rail metro project in Kazakhstan, Chabahar Port infrastructure project, Dali-Ruili Railway project in Yunnan Province, Gwadar port construction, Melakala Port in Malaysia, and several others will significantly elevate the anti-corrosion coating market demand in APAC in the forthcoming years. APAC is abundant in oil and gas resources, whichare prone to increasing incidence of exposure to pipeline corrosion problems.Consequently, this will expand market demand for corrosion resistant coating industry in this region. Additionally, Sinopec Group is set to build a new shale gas plant in Sichuan (China) which is a benchmark advancement for the anti-corrosion coating market to flourish in this region.
Opportunity and Growth Prospect of Global Anti-Corrosion Market:
- Company Development and Investments:
Smart anti-corrosion technology have initiated thriving opportunities for various companies to sustain in the long run by delivering imperative innovations to the global market. AGM introduced Genable® 3000series which a novel grapheme technology used as an anti-corrosive additive for rust free corrosion abatement in several industrial purposes. Another novel development put forth by the collaboration of Leibniz Institute for new Materials and Saarland University is the scratch resistance corn starch self-healing coating which will leverage greater profit in the future years. Major investments for anti-corrosion solutions seemingly opens up new boundaries for this market development. Recently, Hexigone Inhibitors gained $1.25m funding for producing safer and smarter solution for metal corrosion in automotive and construction industry. Forge Nanoreceived $20m for progressing its technological advancement in building nano coating for Lithium Ion battery materials.
- Industrial and Infrastructure Reparation:
With growing smart city construction and upgradation of infrastructure construction, the anti-corrosion coating market is likely to gain high dependency of maintenance and construction companies. The emergence of impregnated surface coating for porous substrates, hydrophobic coating for textile products, and graphene coating for automobiles have opened up new possibilities for the customized anti-corrosion coating market.Eventually, this anticorrosion methods have penetrated into the mainstream and nascent industries propelled by high utilization and versatile application in several industries to minimize corrosion related accidents.
- Green Technology and Green Coating:
Paints and coatings industries emit high amount of pollution and the production process includes hazardous chemical which is a major constraint in this industry. The advent of bio-polymer coating, self-restoration coating, and energy-efficient coating has transformed the anti-corrosion coating market providing a multitude of growth scopes and revenue generation possibilities. Chromium free anticorrosion primers are necessary for the minimization of adverse effect of chromium induced health hazards in the coatings industry which is furthermore enhanced with the growing VOC free anti-corrosion coating trend in the global market. Growing IoT integrated electronic devices demands effective rust and oxidation resistant coating for longer sustainability which is complimented by the energy saving nano coatings, eventually generating huge demand for the anti-corrosion market.
Innovation Introduction by Leading Companies:
The competitive landscape facilitated by the developments, investments, innovations, and implementation of marketing strategies by leading companies in the global anti-corrosion coatings market which includes Nippon Paint Holdings Co., Ltd., Akzonobel N.V., BASF SE, PPG Industries, The Sherwin-Williams Company, E. I. Du Pont De Nemours And Company, Kansai Paint Co., Ltd., Jotun, The Valspar Corporation, RPM International Inc., Axalta Coating Systems, LLC, Hempel A/S, Diamond Vogel Paints, and others.
Axalta Coating Systems is a renowned powder and liquid coating product manufacturing company offering Abcite® product ranges for pipeline and offshore industry, Corroless and Acothane for coating steel products, and Plascoat thermoplastic coatings. The Abcite 1060 and X60 powder coating for corrosion prevention for steel and metallic platforms, is a major contribution to the anticorrosion coatings market
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