Anticorrosion Coatings Market - Forecast(2020 - 2025)

Report Code: CMR 0067 Report Format: PDF + Excel (Delivery in 48 Hrs)
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. Major factors driving anticorrosion coatings demand includes growth in construction project, expansion of oil and gas activities in Asia pacific and North America and growth in automotive production. According to OICA in 2018, global light commercial vehicles production increased from 19,482,394 to 20, 635,799 i.e., 5.9% higher from 2017. Asia Pacific road projects such as the Bharathmala project, in India, and the ongoing Belt and Road project, in China are also increasing the consumption of anti-corrosion coatings. Furthermore, increasing government regulations on VOC emission is creating need to develop coatings with low VOC emission and enhanced corrosion properties which is expected to influence the global anticorrosion coatings market growth in the coming year. However fluctuation in raw materials prices is expected hinder market growth. 

Report Coverage
The report: “Anticorrosion Coatings Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Anticorrosion Coatings Industry. 

By Raw Material: Resin Type, Solvents, Pigments, Others 
By Technology: Solvent-Borne, Water-Borne, Solvent -Free, Hot Melt, Others
By Application: Oil and Gas, Marine, Construction and Infrastructure, Energy and Power, Automotive, Aerospace, Others
By Geography: North America, South America, Europe, APAC, Middle East & Africa

Key Takeaways
  • Asia-Pacific dominates the global Anticorrosion coating market, owing to increased construction activities and various government initiatives such as 100 smart cities and Housing for all by 2022 in the region. 
  • 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. As, anticorrosion coatings are extensively used in oil & gas industry for coating various equipment’s including oil storage tanks, drill bits and drill pipes, the growth in oil & gas industry will  drive anticorrosion coatings market growth. 
  • However, operations in various industries such as automotive, aerospace, oil & gas and others is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is expected to limit anticorrosion coatings market growth for the next two years. 

Raw Material - Segment Analysis
Resin Type segment held the largest share in the anticorrosion coatings market in 2019. The Epoxy resin is the widely used resin in the anticorrosion coatings market, owning to its extensive properties such as excellent chemical resistance, low porosity, anti-sagging, strong adhesion, durability and bond strength. Epoxy resins have distinct advantages such as low shrink during cure, excellent moisture, good electrical property, augmented mechanical and fatigue strength, no VOCs, long shelf life and more which provide them an edge over the other thermoset or thermoplastic resins. Epoxy anticorrosion coatings derive their use in various applications pertaining to steel industry as well which include plash zones, refineries, power plants, bridges, buildings and mining equipment and more. Furthermore, epoxy paint systems also deliver advanced corrosion resistance for crucial oil and gas components and structures operating in corrosive environments. 

Technology - Segment Analysis
Solvent-borne technology held the largest share in the anticorrosion coatings market in 2019, as these coatings are widely used in several applications and exhibit more toughness among others. These coatings have one major advantage over water-based coatings, i.e., they are less susceptible to environmental conditions such as temperature and humidity during the curing phase. However, solvent borne technology may witness a downturn due to the stringent volatile organic compounds (VOC) regulations imposed by government bodies such as Environmental Protection Agency (EPA) and Registration Evaluation Authorization and Restriction of Chemicals (REARC). Waterborne technology is gaining popularity during the forecast period, as it possess low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).

Application - Segment Analysis
Oil & Gas is the dominant application for anticorrosion coatings market and is anticipated to grow at a CAGR of 3.86% through the forecast period.  The applications for anticorrosion coatings for the oil & gas includes drilling, wellhead, sub-sea equipment, pipelines and others. In oil & gas industry, corrosion in the pipelines or storage system due to reactive chemicals or organic salt in the oil can eventually cause a loss of containment of process fluids or can lead to serious accident affecting workers, environment and economy. Therefore, to reduce the risk of corrosion and safe guard the equipment containing crude oil and protect the whole refinery process, anticorrosion coatings are widely used in this industry. However, oil & gas industry is facing huge crisis due to COVID-19 outbreak, as most of countries have issued “stay at home guidance” i.e., lockdown, which is impacting oil & gas industry operations. Thus, limiting anticorrosion coatings market growth. 

Geography - Segment Analysis
Asia Pacific held the largest share in the Anticorrosion Coatings market in 2019, up to 56%, owning to growth in construction projects and rising automotive production in countries such as India, Malaysia and others. Surge in economic losses owning to corrosion of structure has increased the usage of anticorrosion coatings in construction and infrastructure sector. These coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion. Construction projects and investments in Asia Pacific region is significantly increasing, which is driving Anticorrosion coating market. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. In addition, in February 2020, the Asian Development Bank approved a loan of $631 million to develop the Vishakhapatnam-Chennai industrial corridor. Furthermore, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing Anticorrosion coating market growth. 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 construction projects and automotive production is supporting anticorrosion coatings market growth in the region.

Drivers – Anticorrosion Coatings Market

  • Growth in automotive and aerospace industry   
According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 35 million by 2025. According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs and commercial vehicles were sold in the Australian market, an increase of 0.9% from 2016.  According to 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. Due to the increasing expectations of consumers, the automotive manufacturing industries are required to extend vehicle warranties. Thus improvements in corrosion protection are becoming increasingly important, which is driving anticorrosion coatings usage. Therefore, the growth in automotive production is supporting anticorrosion coating market growth. In addition, according to Boeing, 44,000 new jetliners are required over the next two decades owning to rise in passenger traffic, which is expected to grow at an average annual rate of 4.6% over the next 20 years. Between 2012 and 2018, the world added a net 176 airports. Most of these (165) were in the Asia-Pacific region. According to Boeing, in Asia Pacific region the construction of 17 new airports and 17 additional runways are planned by 2030. This will drive the demand for anticorrosion coatings.  

Challenges – Anticorrosion Coatings Market 

  • The fluctuating raw material cost
Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global anticorrosion coatings market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices, as most of the raw materials are petroleum-based. According to BP statistics, in 2018, average crude oil price increased to $71/ bbl from $54/bbl in 2017.  Fluctuations in crude oil prices impact the cost of raw materials such as acrylic, epoxies, polyurethanes, and alkyds which are used in the production of anti-corrosion coatings. Therefore, the fluctuation in raw materials prices is affecting anticorrosion coatings price which is limiting its market growth.  

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Anticorrosion Coatings Market. In 2019, the market of Anticorrosion Coatings Market has been consolidated by the top five players accounting for 34% of the share. Major players in the Anticorrosion Coatings market are 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. 
 
Acquisitions/Technology Launches
  • In February 2020, PPG industries acquired Alpha Coating Technologies, LLC a manufacturer of powder coatings for metal and light industrial applications. 
  • In April 2020, AkzoNobel N.V. acquired Mauvilac Industries Ltd., to strengthen its position in Sub Saharan Africa. The transaction includes a local production facility, four concept stores and access to strong distribution networks.
  • In March 2020, AkzoNobel launched a water-based paint “Hammerite Ultima” which is suitable for all types of metal and provide supreme protective barrier. It can be applied directly onto metal as well as rust without applying primer.
  • In January 2020, BASF announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow BASF to increase its production capacity by 30 percent.

1. Anticorrosion Coatings Market- Market Overview
    1.1 Definitions and Scope
2. Anticorrosion Coatings Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Raw Material
    2.3 Key Trends by Technology
    2.4 Key Trends by Application
    2.5 Key Trends by Geography
3. Anticorrosion Coatings Market- Landscape
    3.1 Comparative analysis 
        3.1.1 Market Share Analysis- Top Companies
        3.1.2 Product Benchmarking- Top Companies
        3.1.3 Top 5 Financials Analysis
        3.1.4 Patent Analysis- Top Companies
        3.1.5 Pricing Analysis
4. Anticorrosion Coatings Market - Startup companies Scenario Premium (Premium) 
    4.1 Top startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Anticorrosion Coatings Market– Industry Market Entry Scenario Premium (Premium) 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top companies
6. Anticorrosion Coatings Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Market Opportunities
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. Anticorrosion Coatings Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product life cycle
    7.4 Suppliers and distributors Analysis
8. Anticorrosion Coatings Market– By Raw Material (Market Size -$Million)
    8.1 Resin Type
        8.1.1 Epoxy 
        8.1.2 Polyurethane 
        8.1.3 Alkyd resins
        8.1.4 Silicone 
        8.1.5 Polyamides 
        8.1.6 Phenolic resins
        8.1.7 Amino resins 
        8.1.8 Polyesters 
        8.1.9 Ethyl Silicates 
        8.1.10 Others
    8.2 Solvents
        8.2.1 Aliphatic hydrocarbons
        8.2.2 Aromatic hydrocarbons 
        8.2.3 Ketones
        8.2.4 Alcohols 
        8.2.5 Esters 
        8.2.6 Ethers 
        8.2.7 Others
    8.3 Pigments
        8.3.1 Zinc Chromate 
        8.3.2 Magnesium 
        8.3.3 Red Oxide 
        8.3.4 Others
    8.4 Others
9. Anticorrosion Coatings Market– By Technology (Market Size -$Million)
    9.1 Solvent-Borne 
    9.2 Water-Borne 
    9.3 Solvent -Free 
    9.4 Hot Melt 
    9.5 Others 
10. Anticorrosion Coatings Market– By End Use (Market Size -$Million)
    10.1 Oil and Gas 
    10.2 Marine 
    10.3 Construction and Infrastructure 
    10.4 Energy and Power
        10.4.1 Wind Turbines
        10.4.2 Power Plants
        10.4.3 Solar Energy
    10.5 Automotive 
    10.6 Aerospace 
    10.7 Others 
11. Anticorrosion Coatings Market - By Geography (Market Size -$Million)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 South America
        11.2.1 Brazil
        11.2.2 Argentina
        11.2.3 Colombia
        11.2.4 Chile
        11.2.5 Rest of South America
    11.3 Europe
        11.3.1 Germany
        11.3.2 UK
        11.3.3 France
        11.3.4 Italy
        11.3.5 Spain
        11.3.6 Netherlands
        11.3.7 Denmark
        11.3.8 Belgium
        11.3.9 Rest of Europe
    11.4 Asia Pacific
        11.4.1 China
        11.4.2 Japan
        11.4.3 South Korea
        11.4.4 India
        11.4.5 ANZ
        11.4.6 Taiwan
        11.4.7 Malaysia
        11.4.8 Rest of APAC
    11.5 Middle East & Africa
        11.5.1 Saudi Arabia
        11.5.2 UAE
        11.5.3 South Africa
        11.5.4 Israel
        11.5.5 Rest of Middle East & Africa
12. Anticorrosion Coatings Market- Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Market Share Analysis (Premium)
    13.1 Market Share by Country- Top companies
    13.2 Market Share by Region- Top companies
    13.3 Market Share by type of Product / Product category- Top companies
    13.4 Market Share at global level- Top companies
    13.5 Best Practices for companies
14. Anticorrosion Coatings Market- List of Key Companies by Country (Premium) 
15. Anticorrosion Coatings Market Company Analysis
    15.1 Market Share, Company Revenue, Products, M&A, Developments
    15.2 Company 1
    15.3 Company 2
    15.4 Company 3
    15.5 Company 4
    15.6 Company 5
    15.7 Company 6
    15.8 Company 7
    15.9 Company 8
    15.10 Company 9
    15.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

List of Tables:

Table 1. Anticorrosion Coating Market Volume, By Application, 2015-2021 (Kt)
Table 2. Competitor Benchmarking – Based On Product Characteristics
Table 3. Market Drivers
Table 4. Market Constraints & Challenges
Table 5. Opportunity Analysis
Table 6. Anticorrosion Coatings Market Revenue, By Base Material, 2015-2021 ($Billion)
Table 7. Alkyd Resin Application, By Type
Table 8. Composition Of The Alkyd Resins
Table 9. Anticorrosion Coatings Market – By Application
Table 10. Anti-Corrosion Coatings Market Revenue, By Application, 2015-2021 ($Billion)
Table 11. Anticorrosion Coatings, Application Mapping, Oil And Gas Industry
Table 12. Typical Refinery Elements Contributing To Elevated Corrosion Rates
Table 13. World Petroleum And Other Liquids Consumption (Million Barrels Per Day)
Table 14. Deliveries Of New Buildings, Major Vessel Types And Countries Where Built (2014, Thousands Of Gt)
Table 15. World Motor Vehicle Production, 2014 – 2015 (Units)
Table 16. Europe’s Total Production Of Vehicles For 2014-2015 (Units)
Table 17. Anticorrosion Coatings Market Volume, By Region , 2015-2021 (Kilo Tons)
Table 18. North America: Anticorrosion Coatings Market Volume, By Country, 2015-2021 (Kt)
Table 19. Europe: Anticorrosion Coatings Market Volume, 2015-2021 (Kt)
Table 20. Apac: Anticorrosion Coatings Market Volume, 2015-2021 (Kt)
Table 21. Shale Gas Projects In China, 2014
Table 22. Developments, 2012-2016 (June)



List of Figures:

Figure 1. Anticorrosion Coatings : Industry Breakdown Analysis
Figure 2. Anticorrosion Coatings Market Revenue, By Region, 2015 And 2021 (%)
Figure 3. Anticorrosion Coating Market Revenue, By Application, 2015-2021 ($Billion)
Figure 4. Anticorrosion Coatings Market Share Analysis, By Company 2015 (%)
Figure 5. End User Profiling
Figure 6. Financial Analysis – Akzonobel N.V.
Figure 7. Financial Analysis – Ppg Industries Inc.
Figure 8. Financial Analysis – Sherwin Williams Co.
Figure 9. Financial Analysis – Rpm International Inc.
Figure 10. Financial Analysis – Hempel A/S
Figure 11. Earnings Per Share (Eps – Top Lighting System Suppliers)
Figure 12. Bargaining Power Of Suppliers – Anticorrosion Coatings Industry
Figure 13. Bargaining Power Of Buyers – Anticorrosion Coatings Industry
Figure 14. Threat From Substitutes – Anticorrosion Coatings Industry
Figure 15. Threat From New Entrants – Anticorrosion Coatings Industry
Figure 16. Anticorrosion Coatings Industry - Porter’s Five Forces
Figure 17. Anticorrosion Coatings Value Chain
Figure 18. Epoxy Anti-Corrosion Coatings Market Pricing Analysis ($’000/Ton)
Figure 19. Alkyd Anti-Corrosion Coatings Market Pricing Analysis ($’000/ Ton)
Figure 20. Acrylic Anti-Corrosion Coatings Market Pricing Analysis ($’000/ Ton)
Figure 21. Urethane Anti-Corrosion Coatings Market Pricing Analysis ($’000/ Ton)
Figure 22. Anticorrosion Coatings Market Life Cycle, 2015-2021
Figure 23. Anticorrosion Coatings Market Revenue Share, By Base Materials, 2015 (%)
Figure 24. World Production Of Plastic Materials*, 2006 Vs. 2015
Figure 25. Epoxy Based Anticorrosion Coatings Market Revenue, 2015-2020 ($Billion)
Figure 26. Alkyd Based Anticorrosion Coating Market Revenue, 2015-2020 ($Billion)
Figure 27. Acrylic Based Anticorrosion Coatings Market Revenue, 2015-2020 ($Billion)
Figure 28. Urethane Based Anticorrosion Coatings Market Revenue, 2015-2020 ($Billion)
Figure 29. Vinyl Based Anticorrosion Coatings Market Revenue, 2015-2020 ($Billion)
Figure 30. Other Anticorrosion Base Materials Market Revenue, 2015-2020 ($Billion)
Figure 31. Anti-Corrosion Coatings Market Volume, By Application, 2015 And 2021 (%)
Figure 32. World Petroleum And Other Liquids Consumption (Million Barrels Per Day)
Figure 33. Oil And Gas Industry Anti-Corrosion Coatings Market Revenue And Volume, 2015-2021 ($Billion) And (Kt)
Figure 34. Marine Industry Anti-Corrosion Coatings Market Revenue And Volume, 2015-2021 ($Billion) And (Kt)
Figure 35. Top 10 Nuclear Generating Countries, 2015 (Billion Kwh)
Figure 36. Energy & Power Industry Anti-Corrosion Coatings Market Revenue And Volume, 2015-2021 ($Billion) And (Kt)
Figure 37. Value Of Building Permits In Canada, 2011 - 2015 (All Permits)
Figure 38. Construction & Infrastructure Industry, Anti-Corrosion Coatings Market Revenue And Volume, 2015-2021 ($Billion) And (Kt)
Figure 39. Automotive Industry, Anti-Corrosion Coatings Market Revenue And Volume, 2015-2021 ($Billion) And (Kt)
Figure 40. General Aviation Airplane Shipments Of Airplane Manufactured Worldwide (1994–2015)
Figure 41. Aerospace Industry, Anti-Corrosion Coatings Market Revenue And Volume, 2015-2021 ($Billion) And (Kt)
Figure 42. Other Industries, Anti-Corrosion Coatings Market Revenue And Volume, 2015-2021 ($Billion) And (Kt)
Figure 43. Anticorrosion Coatings Market Revenue Share, By Region, 2015/2021 (%)
Figure 44. North America Fleet Size, 2014 And 2034 (Units)
Figure 45. North America: Anticorrosion Coatings Market Revenue, 2015-2021 ($Billion)
Figure 46. North America: Anticorrosion Coatings Market Revenue, By Type, 2015-2021 ($Million)
Figure 47. North America: Anticorrosion Coatings Market Revenue, By Application, 2015-2021 ($Million)
Figure 48. U.S Crude Oil Production, 2013-2015 (Mb/D)
Figure 49. United States: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 50. Canada: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 51. Mexico: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 52. Others: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 53. Europe Motor Vehicle Production, 2013-2015 (Units)
Figure 54. Europe: Anticorrosion Coatings Market Revenue, 2015-2021 ($Billion)
Figure 55. Europe: Anticorrosion Coatings Market Revenue, By Type, 2015-2021 ($Million)
Figure 56. Europe: Anticorrosion Coatings Market Revenue, By Application, 2015-2021 ($Million)
Figure 57. U.K: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 58. France: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 59. Germany: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 60. Russia: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 61. Turkey: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 62. Others: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 63. Construction Industry Growth Rate, By Country (2015-2020)
Figure 64. Apac: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 65. Apac: Anticorrosion Coatings Market Revenue Share, By Country, 2015 (%)
Figure 66. Apac: Anticorrosion Coatings Market Revenue, By Type, 2015-2021 ($Million)
Figure 67. Apac: Anticorrosion Coatings Market Revenue, By Application, 2015-2021 ($Million)
Figure 68. Global Annual Wind Capacity Installation, 2000-2015
Figure 69. China: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 70. Indices Of Industrial Production For Manufacturing Industries, 2012-2014
Figure 71. Japan: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 72. India: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 73. South Korea New Orders In Ship Building (Units)
Figure 74. South Korea: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 75. Others: Anticorrosion Coatings Market Revenue, 2015-2021 ($Million)
Figure 76. Middle East: Number Of Active Rigs
Figure 77. Row, Anticorrosion Coatings Market Revenue, 2015-2021 ($Billion)
Figure 78. Global Anticorrosion Coating Market Developments Breakdown, 2012-2016*(%)