Asia Pacific Anti-Corrosion Coatings market latest trends & forecast to 2027 With Top Key Players are RPM International, Jotun, Hempel, BASF, Axalta Coating, Ashland, and Akzonobel
From a regional perspective, the Asia Pacific anti-corrosion coatings market accounted for nearly 50% market share in 2020 and will depict over 4.8% CAGR through 2027, which can be credited to the increasing spending of the regional manufacturers in expanding their geographical footprint and sustain a significant share. For example, in January 2021, Japan-based Kansai Nerolac announced plans to invest Tk 16 crore in Kansai Nerolac Paints Bangladesh, its subsidiary, to boost its business and hold a considerable share in the growing South Asian market.
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In the wake of the COVID-19 outbreak, there have been significant disruptions in the production and consumption of metal, especially steel, leading to the significant slowdown of the anti-corrosion protective coatings business.
The metal industry is, however, placing strong emphasis on monitoring and forecasting the product demand from the end users, which include the automotive and oil & gas industries. These factors will expand the metal industry scope and subsequently add impetus to the anti-corrosion coatings demand over the forecast spell.
On the basis of product, the industry share from acrylic segment is poised to depict nearly 4.6% CAGR through 2027. Acrylic coating resins have excellent color and gloss retention capabilities, along with the increased durability and adhesion to a wide range of substrates. Rising product applications in architectural, industrial, and transportation industries as well as the high weathering and chemical resistance of solvent-based acrylic coatings are likely to amplify segmental growth in years to come.
The alkyd product segment is set to exhibit a CAGR of nearly 4% through 2027. This is a result of its widespread adoption in manufacturing coatings that have weathering properties and synthetic coatings, owing to its low costs and versatility. The segmental expansion will also be impelled by the accelerating product demand for transportation and marine applications. On the other hand, the zinc segment accounted for over 6% of the anti-corrosion coatings market share in 2020.
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With regards to the mode of application, the powder segment is anticipated to register revenue worth around $800 million by 2027, which is attributable to its capability to ensure smooth operation of equipment, coupled with the adoption of powder coating technology as a sustainable option in several industrial coating applications. The segmental growth can further be boosted by the mounting penetration of construction and manufacturing companies.
Considering the end-use, the transport segment held over 11% of the anti-corrosion coatings market share in 2020 and is expected to expand at a CAGR of nearly 4.1% through 2027.
Key anti-corrosion coatings industry participants include Akzonobel, Ashland, Kansai Paints, Axalta Coating, Hempel, Jotun, RPM International, BASF, PPG Industries, The Sherwin-Williams Company, Chugoku Marine Paints, Tnemec, Nippon Paints, and Valspar, among others. These companies are incorporating strategies such as M&A to hold a prominent position in the global market. To illustrate, PPG industries, in January 2020, acquired Industria Chimica Reggiana SpA to boost its industrial & automotive coating businesses.
The global anti-corrosion coatings market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Meters & revenue in USD million from 2017 to 2027 for the following segments:
• Chlorinated rubber
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