Market Overview
Market Research Future (MRFR) announces the publication of its research report Global Anti Corrosion Coating Market, 2023.
Corrosion resistant coatings are applied on metal bodies to protect them from degradation due to salt spray, moisture, oxidation or exposure to a variety of environmental or industrial chemicals. With the increased demand for corrosion resistant coatings, the anti-corrosion coatings market is expected to reach a valuation of approximately USD 33.27 billion by 2023 registering a CAGR of nearly 5.3% over 2016-2023. Anti-corrosion coatings allow for added protection of metal surfaces and acts as a barrier to inhibit the contact between chemical compounds or corrosive materials. In addition to corrosion prevention, many of coatings also provide a bonus of abrasion resistance, non-stick performance and chemical protection.
The expansion of the marine industry can be considered to explain the growth that is anticipated to be witnessed in the anti-corrosion coatings market. Maritime transportation remains one of the chief means of bulk transportation around the world after air transportation. With greater popularity garnered by the tourism industry, cruise ships are also witnessing greater demand and luxury cruise ships have registered greater production due to burgeoning demand. Marine coatings market is expected to be a multibillion dollar industry by 2023 and anti-corrosion coatings are poised to hold a major share in this market.
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Leading Players:
Key players of the global anti corrosion coating market are 3M, BASF SE, Hempel Group, Kansai Paint Co., Ltd, PPG Industries, The Dow Chemical Company, Wacker Chemie AG, Valspar, Bluchem, RPM International Inc., and Others.
Anti Corrosion Coating Market Segmentation:
The anti-corrosion coating market is segmented on the basis of types, application, and end users.
By types anti-corrosion coating market is categorized into epoxy, acrylic, zinc, polyurethane alkyd, silicone, chlorinated rubber, and others such as fluorocarbons, graphene, co-polymers, ceramic, and glass flakes.
On the basis of application anti-corrosion coating market is classified into solvent-based coating, water-based coating, powder coating, and others which include high-energy cure coatings, antifouling coatings, nano-coatings.
On the basis of end user, anti-corrosion coating market segmented into shipbuilding, oil & gas, transport, marine, energy, automotive, and others such as pipes & tanks, wastewater treatment plants, power plants, wind turbines, construction.
Anti Corrosion Coating Market Regional Analysis:
Asia Pacific is estimated to be the largest anticorrosion coating market due to expansive demand for the product from various end user industries. One of the chief end users of anti-corrosion coatings in the region is the expansive marine and shipbuilding industry, especially that of China. For instance, the merging of CSIC and CSSC, the two state owned ship building companies of China in 2019 resulted in the formation of the largest shipbuilder in the world. The massive shipbuilding industry of China is closely followed by that of Japan, and India. Water-based coatings and solvent-based coatings have registered increased demand in India, Taiwan, and South Korea.
North America is the second highest producer of water-based and solvent-based coatings. The region also has a considerable presence of end user industries especially in the U.S. such as automotive, oil and gas and energy that will add a significant impetus to the anti-corrosion market in the region.
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