Anti-corrosion Nanocoatings Market - Analysis and future growth opportunities by 2024

Corrosion is increasingly becoming a major issue for owners of industrial equipment and plants. Corrosion, which is mostly caused by a chemical attack, can lead to significant industrial losses. Corrosion, in its various forms, is estimated to cost the global economy US$3 Trn per year. The presence of corrosive chemicals can result in deterioration of a structure or equipment and is also a potential risk to personnel. It may also lead to permanent structural failure, which can be deemed costly in terms of repair. The corrosion phenomenon majorly affects economies of industrial companies. However, with the advent of innovative technologies, it is possible to eliminate corrosion in prior stages through anti-corrosion nanocoatings. Anti-corrosion nanocoatings consist of homogeneous thin films made up of alkoxides with chemically attached nanoparticles. Corrosion and high temperature oxidation can be reduced by coating materials made up of thin layer of chemically resistant oxides. Such films are primarily suitable for metallic surfaces. They offer various advantages such as low temperature processing, high purity, and control of the composition.

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Nanocoatings are materials manufactured by shrinking raw materials at the molecular level to form a denser product. Nanocoatings are preferred over traditional coatings due to their lower content of VOCs. Additionally, nanocoatings offer characteristics such as resistance to scratch, UV, and chemical; low maintenance; anti-corrosion; and color and gloss retention. Nanocoatings are classified as anti-fingerprint, anti-microbial, anti-fouling and easy-to-clean, self-cleaning (bionic and photocatalytic) and others (specialty coatings, etc.). Anti-microbial is a highly used nanocoating across various end-user industries. Anti-microbial nanocoatings are employed in end-user industries such as medical and health care, water treatment, food manufacturing, and packaging. Anti-fouling and easy-to-clean nanocoatings are also employed on a large scale in marine, food manufacturing, automotive, and electronics industries, etc. The anti-fingerprint nanocoatings segment is expected to expand substantially in the near future due to the increasing demand in electronics, automotive, and medical and health care industries. Other types of nanocoatings are used in building & construction, packaging, and textiles industries.

The global anti-corrosion nanocoatings market is expanding owing to the high demand in medical and automotive coatings industries. Growth in the coatings sector, rising demand, and urbanization in BRIC countries has been driving the global anti-corrosion nanocoatings market since the last few years. Anti-corrosion nanocoatings are used in medical equipment and implants. The medical and health care industry is likely to expand significantly in the next few years. Energy and electronics are high-growth end-users of anti-corrosion nanocoatings. This trend is estimated to continue in the next few years. Furthermore, increase in usage of anti-corrosion nanocoatings in automotive to retain color and gloss of the surface is likely to drive the anti-corrosion nanocoatings market in the near future. Demand for nanocoatings is high in the building & construction industry, as they inhibit microbial growth, mildew, and algae. Anti-corrosion nanocoatings are also used in food manufacturing, packaging, textiles, and water treatment industries, among others.

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The global anti-corrosion nanocoatings market is expected to witness significant growth due to the ability of these nanocoatings to provide high degree of adhesion and excellent chemical and abrasion resistance to meet the regulatory requirement. North America and Europe are the major markets for anti-corrosion nanocoatings, driven by the implementation of stringent emission standards to comply with the emission of volatile organic compounds (VOCs). Growth in the medical and health care industry in North America is estimated to drive the anti-corrosion nanocoatings market in the near future. Currently, the demand for medical equipment and implant coatings is high in North America. It is projected to rise owing to the increase in development in technology. Asia Pacific is anticipated to be a rapidly growing market for anti-corrosion nanocoatings in the next few years. Demand for anti-corrosion nanocoatings is likely to increase in Asia Pacific due to growth in automotive and electronics industries.

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