by The global Anti Corrosion Coatings Market is estimated to be valued at US$ 46.90 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Anti corrosion coatings are protective barriers on metal surfaces used to prevent corrosion and protect substrates from harsh environments. They provide long term protection against corrosion by preventing rust formation on structures exposed to moisture, chemicals and weathering. They are waterborne or solvent based coatings used widely in oil & gas, marine, construction and industrial applications. With growing industries, the demand for protective anti corrosion coatings is steadily increasing globally.
The global Anti Corrosion Coatings Market is estimated to be valued at US$ 46.90 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the anti corrosion coatings market is the shift towards eco-friendly waterborne coatings. With stringent environmental regulations, many manufacturers are developing low VOC and zero VOC waterborne coatings. Waterborne coatings emit less VOCs, are non-flammable and less hazardous during the application. Another trend is the use of advanced nanotechnology in coatings. Nanoparticles such as nanoclays and nanotubes are added in coatings to enhance barrier and mechanical properties. Nanotechnology improves coating performance, lifespan and self-healing abilities. These technologically advanced coatings will drive the future growth in the global market.
Porter’s Analysis
Threat of new entrants: Low barrier to entry but established brands have strong customer loyalty and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from various manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and globally sourced raw materials.
Threat of new substitutes: Threat from new substitutes is moderate as coating producers continuously invest in R&D to develop innovative products.
Competitive rivalry: Intense competition among global players and local manufacturers to gain market share.
Key Takeaways
The global anti corrosion coatings market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing infrastructure development and expansion of oil & gas industry.
Regional analysis – Asia Pacific dominates the market and is expected to maintain its lead position during the forecast period. Growth of end use industries such as infrastructure, oil & gas and automotive in China and India is expected to propel the demand. North America and Europe are also significant markets owing to huge investments in machinery manufacturing and transportation sectors.
Key players operating in the anti corrosion coatings market are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. Key players are focusing on new product developments and mergers & acquisitions to strengthen their market presence. For instance, in 2021 BASF acquired polyester resin manufacturer Allnex to expand its coatings additives portfolio.
