Surge in economic losses due to corrosion, has increased the demand of anticorrosion coatings from various end use industries. Anticorrosion Coatings Market size is forecast to reach $ 23,263.19 million by 2025, after growing at a CAGR of 5.54% during 2020-2025.
The anticorrosion coatings market is growing at a significant rate during the forecast period, owning to rising losses due to corrosion and increasing demand from various industries. Anti-corrosion coatings protects metal & alloys from natural degradation caused by different corrosive agents such as moisture, chemicals, salt and others. Globally, corrosion causes huge financial losses in a large number of industries. It also eventually weakens structures, posing a threat to property and life. Anti-corrosion coatings have thus become a necessity for industries to safeguard the significant investments they make in terms of money, property and safety of workers. Therefore, the demand for these coatings in significantly increasing from various end use industries such as marine, oil and gas, petrochemical, infrastructure, power generation, automotive, aerospace and others.
According to the Interstate Natural Gas Association of America, in U.S and Canada, a total $791 billion investments in new oil and gas infrastructure will be made from 2018 to 2035. In addition, according to International Monetary Fund, by 2023, oil demand will reach 104.7 mb/d, up by 6.9 mb/d from 2017. Furthermore, according to OICA, in 2018 the production of light commercial vehicles and heavy trucks increased by 5.9% and 3.5% up to 20,635,799 and 4,227,815 from 2017. In addition, according to International Energy Agency, in 2018, 3.29 million electric vehicles deployed globally and the number will increase up to 125 million by 2030. As anticorrosion coatings are extensively used in these industries, to reduce the risk of damage from corrosion, the growth in these industry will drive anticorrosion coatings market growth.
APAC holds a major share of anticorrosion coatings market, owning to increased production of automotive and aircrafts in the region. In 2019, according to International Trade Administration (ITA), China is the world’s second largest civil aerospace and aviation services markets and one of the world’s fastest growing. By the end of 2018, China had more than 59 airlines (passenger & cargo) and 3,615 civil aircraft (an increase of 10% over 2017). In 2016, according to Boeing, China is estimated to require around 6,810 new commercial aircraft, valued at $1 trillion, over the next two decades. Furthermore, according to International Trade Administration (ITA), in 2018 the Indian government spent a total of $645 in the civil aviation sector. Also, India’s rapid aviation growth is expected to drive the demand for 2,300 aircrafts worth $320 billion over the next 20 years, according to Boeing. In addition, according to OICA, automotive production in countries such as India, Indonesia, and Malaysia has increased by 8%, 10.3% and 12.2% up to 5,174,645, 1,343,714 and 402,085 from 2017. Therefore, the growth in aircraft and automotive production is supporting anticorrosion coatings market growth in the region.
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Anticorrosion Coatings Market Growth Drivers:
- Rising investment for infrastructure development:
Anti-corrosion coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion, as well as it is also used as roof-top coating preventing any reaction from the atmospheric pollutants. Surge in economic losses owning to corrosion of structure has increased the usage of anticorrosion coatings in construction and infrastructure sector. In addition, the investment in infrastructure development is significantly increasing which is driving anti corrosion coatings market growth. For instance, in 2019, China approved to invest $142 billion in 26 infrastructure projects. In addition, According to India Brand Equity Foundation (IBEF), India plans to spend US$ 1.4 trillion on infrastructure in the next five years. Furthermore, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing Anticorrosion coating market growth. In addition, the United States is witnessing noticeable investment for residential construction, and the trend is expected to remain the same in the near future. For instance, according to U.S Census bureau, in January 2020 value of construction put in place in residential and nonresidential construction increased to $567,555 million and $470,986 million from $546,532 million and $466,436 million in December 2019. Mexico is also witnessing high housing demand, therefore attracting noticeable investment into construction. For instance, In January 2019, Inter-American Development Bank (IDB) granted local currency financing program to the Mexican company Procsa up to 150 million Mexican pesos ($7.8 million), in order to finance for land acquisition, development and commercialization of housing for low and middle income families in the country. Therefore, the growth in construction projects and investments, is driving anticorrosion coatings market growth.
Research & Development:
The VOC regulations for industrial maintenance coatings has recently tightened in various region. Therefore, most of the current research effort in anticorrosion coatings is focused on the development of coatings that meet more stringent environmental standards dealing with emissions of volatile organic compounds (VOCs). In addition, various major player are competing by increasing their research and development activities to meet the dynamic demand of end consumers, by developing bio based and low VOC emitting coatings. For instance, in March 2019, AkzoNobel opened a trailblazing lab complex in UK to test and develop new products with low VOC emission and improved temperature resistance, high pressure, corrosion and fire resistant.
The Major Players in this Market Include
The major companies in the anticorrosion coatings market include BASF SE, Hempel A/S, Kansai Paint Co., Ltd., PPG Industries, AkzoNobel N.V., The Sherwin Williams Company, RPM International Inc., Nippon Paint Holdings Co. Ltd., Jotun and Axalta Coating Systems among others. In 2020, AkzoNobel N.V launched a water based paint “Hammerite Ultima” which is suitable for all types of metal and provide supreme protective barrier.
In 2019, PPG Industries launched PPG ENVIROCRON™ Extreme Protection Edgecoatings that delivers exceptional edge corrosion protection in one coat. The main focus of the key companies are centered towards the acquisition and product launches in different locations of companies, thus enhancing their product portfolios for various end-use industry. The continuous developments in the anticorrosion coatings are the major factors set to buoy the anticorrosion coatings market during 2020-2025.
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