Anti-Corrosion Coatings Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-26

Anti-corrosion coatings protect the material from degradation due to physical contact or exposure to air, water, and chemicals. The coating acts as a barrier or sacrificial material. The advantages of corrosion coatings include increased lifespan, and reduced operating costs. It also imparts various beneficial properties such as increased gloss or color appearance, durability, increased hardness, increased durability, and abrasion protection. Corrosion can lead to increased monetary losses in the form of repair costs, cleanup costs and loss of revenue due to non-productive time. The cost incurred due to corrosion globally is US$ 2.2 trillion, which is over 3% of the world’s GDP and more than the GDP of India alone.

A major challenge to anti-corrosion coatings market is using of alternatives materials, which are Fiberglass Reinforced Plastic (FRP), polymers and thermoplastics. Usage of these metals eliminates the need for anti-corrosion coatings. Also, the key raw materials for coatings manufacture is from the oil industry. The unstable oil industry will affect availability of raw materials and manufacture of coatings. Environmental regulations on VOCs are also projected to hinder growth. The market also includes coating of new infrastructure projects and also the repair, maintenance and recoating of existing infrastructure.

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Epoxy Coatings are largely used in construction industry due to toughness and long life span. Rapid urbanization in developing countries has led to a commercial and residential construction boom driving the epoxy coat market. Furthermore, environmental advantage of low VOC concentration has made it a prime candidate over other products. Polyurethane coatings provide excellent weathering properties and hence used in high wear and tear environment. Acrylic coatings are used for automotive and machine coats, alkyd coats are used for architectural coatings and product finishing.

The coatings applied are mainly powder and liquid coatings. Powder coatings offer better durability and are considered to be eco-friendly have the environmental advantage of not having any VOCs.

The largest end-use industry is marine, as saline water is highly corrosive. Coatings are applied for protection of metal hulls of ships, boats. According to National Association of Corrosion Engineers (NACE) which is a professional organization for the corrosion control industry with headquarters in Houston, TX stated that, coatings make up 40% of the total direct costs of the marine industry. Oil and gas industry also utilizes coatings for storage, drilling, production and transportation equipment. Corrosion of subsea equipment and platforms in deep-water projects require appropriate corrosion control measures. Failure in pipelines, in both oil and gas and water transportation industries leads to environmental and financial consequences. Moreover, steel being the mostly widely used construction equipment requires coatings as it has a tendency to rust due to oxidation. Increased power generation from hydroelectric projects also drives need for coatings as equipment is in continuous exposure to water.

Anti-Corrosion Coatings Market Outlook

Asia Pacific is the largest and fastest-growing market owing to growth of various end use industries. This is a result of increasing middle class population in the major markets of India, China, Indonesia and ASEAN countries. A rise in disposable incomes has increased demand for goods and population has driven new projects and modernization of existing infrastructure. Increasing energy production (renewables and non-renewables) to achieve self-sufficiency and water transportation to densely populated urban areas is driving anti-corrosion coating market in this region.

In North America and Europe, the growth is expected to be slow due to maturation of these markets. Burgeoning growth of the automotive and military industries are major drivers in these regions. Increased environmental scrutiny from regulatory bodies has resulted in increased R&D and innovations in manufacturing processes and products.
In Latin America, the Brazil and Mexico are growing markets. Coating manufacturing has also expanded due to proximity to North American markets. The increase in offshore deep-water oil projects in MENA has resulted in niche market for subsea equipment coatings. In addition, the growing construction and transport infrastructure activities in Middle East such as Qatar is hosting 2022 Soccer World Cup and has already spend $100 billion for better impending mega soccer event has led to huge growth in coatings market. Egypt and Libya have also shown healthy growth across all end user industries.

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The need for power generation in energy starved developing nations has resulted in increased hydropower project investment in Africa and Asia. Also, the added benefit of drinking and irrigation water supply makes dam construction attractive. This will be critical to anti-corrosion market growth. Major players in the anti-corrosion coating market include 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.

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