Anti-Corrosion Coating Market Expected to Reach USD 47.41 Billion by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Anti-Corrosion Coating Market- (By Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber, Others), By Technology (Solvent-borne, Waterborne, Powder-based coating, Others), By End-use Industry (Marine, Oil & Gas, Industrial, Infrastructure, Power Generation, Automotive & Transportation, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Anti-Corrosion Coating Market is valued at USD 34.1 Bn in 2022, and it is expected to reach USD 47.41 Bn by 2031, with a CAGR of 3.8% during a forecast period of 2023-2031.

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Anti-corrosion coatings do a great job of protecting components used in severe conditions from deterioration. Coatings designed to prevent corrosion work by slowing or halting the electrochemical reactions that impair metal's structural integrity and give corroded metals their distinctive look. Thin-walled, long-lasting metallic components are increasingly needed in the building & construction, automotive, marine, and oil & gas industries to produce lightweight goods. It is projected to drive the market forward throughout the forecast period. As a result, the development of bio-based anti-corrosion coatings presents promising new avenues for expanding the anti-corrosion coating market over the next few years. But rising government rules could soon become a further barrier to the anti-corrosion coating industry's expansion.

Additionally, the rising demand for residential development from the rising population is anticipated to fuel the market expansion further. Introducing new technology and sustained Economic growth indicate the anti-corrosion coating market's future growth.

List of Prominent Players in the Anti-Corrosion Coating Market:
• PPG Industries, Inc.
• Akzonobel N.V.
• The Sherwin-Williams Company
• Jotun
• Kansai Paint Co., Ltd.
• Axalta Coating Systems Ltd.
• BASF Se
• Hempel A/S
• Rpm International Inc.
• Nippon Paint Joldings Co., Ltd.
• Nycote Laboratories, Inc.
• Diamond Vogel
• Eoncoat, Llc
• The Dow Chemical Company
• Advanced Nanotech Lab
• 3M
• Heubach Color
• The Magni Group, Inc.
• Wacker Chemie Ag
• 10 Sk Formulations India Pvt. Ltd.
• Noroo Paints & Coatings
• Ancatt Inc.
• Greenkote Plc
• Renner Herrmann Sa
• Secoa Metal Finishing
• Others

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Market Dynamics:
Drivers-
Growing demand for anti-corrosion coating is expected to expand rapidly thanks to developments in end-use sectors. In addition, there is an increasing demand for thin-walled, sturdy steel parts in producing lightweight products used in various industries, comprising construction, manufacturing, oil and gas, and more, fueling the expansion of the anti-corrosion coating industry.

Challenges:
The prime challenge is the changeable raw material costs, unwillingness and slowness to try new things or adopt cutting-edge technology, hindering the development of the anti-corrosion coating business because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the anti-corrosion coating market. However, volatile raw material costs. Most of the components of anti-corrosion coatings, including acrylic, epoxies, and alkyds, are obtained from petroleum. Fluctuation in the price of crude oil would dramatically affect input costs, hampering the overall growth of the anti-corrosion coating market over the coming years.

Regional Trends:
The Asia Pacific anti-corrosion coating market is anticipated to record a major market share in revenue. It is projected to grow at a high CAGR in the near future because there is a growing demand for EVs worldwide. The anti-corrosion coating market in the area is expected to grow at a healthy rate throughout the projected period, helped by the presence of some automobile manufacturers. In addition, sustained economic expansion will fuel further advancements in the anti-corrosion coating industry across the region.

Besides, Europe had a considerable share in the market due to its developed economy and because infrastructure, power generation, and oil & gas companies all have a growing need for anti-corrosion coating. Moreover, the existance of key market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global anti-corrosion coating market.

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Recent Developments:
• In March 2023, The marine coating SIGMAGLIDE® 2390 was introduced by PPG. The coating assisted ship owners in reducing their power consumption and carbon emissions, thereby meeting the demand for increased performance without negatively impacting the marine environment. The biocide-free fouling release coating was based on PPG HYDRORESETTM technology, which modified the coating when submerged in water to create a uniform surface that marine organisms did not recognize and, therefore, could not adhere to.
• In September 2022, A new study centre for electrophoretic dip coating was opened by BASF Coatings at its headquarters in Münster-Hiltrup, Germany. The electrophoretic or cathodic dip coat (e-coat) did two things: it protected the car body's surfaces, edges, and spaces from corrosion; it also smoothed out the rough metal surfaces so that the next paint layers would stick better.

Segmentation of Anti-Corrosion Coating Market-
By Type -
• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Zinc
• Chlorinated Rubber
• Others
By Technology -
• Solvent-borne
• Waterborne
• Powder-based coating
• Others
By End-use Industry -
• Marine
• Oil & Gas
• Industrial
• Infrastructure
• Power Generation
• Automotive & Transportation
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.