The Global Anti-Corrosion Coating Market was valued at USD 13.8 billion in 2020 and is expected to reach USD 21.1 Billion by 2027, growing at a CAGR of 4.5% during the forecast period (2021–2027).
Anti-corrosion coatings protect metal components against deprivation and degradation due to moisture, and other harsh environmental condition or industrial chemicals. Metals and alloys such steel, iron, etc are at a threat of corrosion. These metals are highly used in oil, gas, infrastructure and marine industry among many others. Anti-corrosion coating contest the destructive effects of corrosion. Increasing in demand of marine and shipbuilding industry is likely to drive the anti-corrosion coating market growth. According to Paint and Coatings, pcimag.com, report of 2019, Singapore has one of the busiest ports in the world. This in turn will increase ship maintenance and repair activities which will aid in boosting the growth of the anti-corrosion coating market. Growth in the construction sector due to rising demand of the growing population is also another factor leading to the growth of the anti-corrosion coating market. The growth in the aircraft industry is also said to enhance the growth of the anti-corrosion coating market. According to a 2019 report in Boeing, 45,000 new jetliners will be added in next two decades owning to rise in passenger traffic.
A major setback of the anti-corrosion coating market is the implementation of stringent policies by the government to use eco-friendly and less harsh materials in order to protect the environment. Fluctuating raw material prices due to the crude oil crisis poses a drawback for the anti-corrosion coating market.
Companies focussing on production of eco-friendly products is seen as an opportunity in the anti-corrosion coating market. For instance, Substrate Inc. has developed TegaTeknology products, which is a range of chemical-graft coatings and are said to focus on anti-corrosion coatings for steel and aluminium. Companies are heavily investing in research and development to develop the efficiency of anti-corrosion coating which is expected to increase the demand from consumers. For instance, Heubach has developed a zinc-free anti-corrosive pigment, which is silica-based and is used in thin-film applications, particularly coil coatings.
Based on region, the Asia Pacific market is predicted to grow fastest during the forecast period. Rising urbanization and industrialization in the Asia Pacific region have made it the fastest growing market with a share of 55% in 2020. With two of the fastest developing economies in the region, India and China, are said to further drive the growth of the anti-corrosion coating market. Construction sites are growing due to the rising population in this region and this will fuel the demand for anti-corrosion coatings. For instance, projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India will drive the growth of the anti-corrosion coating market in the region. Additionally, according to OICA, automotive production in India has increased by 10%. Hence, all these factors will bolster the growth of the anti-corrosion coating market in the Asia Pacific region.