According to the latest report by IMARC Group, titled "Anti-corrosion Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global anti-corrosion coatings market exhibited moderate growth during 2015-2020. Anti-corrosion coatings are commonly utilized to create a protective barrier between the metal surfaces and chemicals to protect the substrate from corrosion. They aid in protecting the surfaces from degradation that can often be caused due to moisture, oxidation or exposure to chemicals. They are characterized by excellent abrasion and impact resistance while also providing protection against weathering and extreme temperature variations. As a result, they are extensively utilized across numerous industry verticals, such as energy, construction, automotive, and oil and gas for extending the service life of multiple metal components.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Anti-corrosion Coatings Market Trends:
The global market is majorly driven by significant growth in the construction sector. With the rapid expansion of residential housing projects and increasing demand for the renovation of numerous buildings across the globe, there has been a rise in the uptake of anti-corrosion coatings. This is further supported by the growing investments in the development of numerous infrastructural development projects. The market is further driven by rapid industrialization, which has led to the rising demand for anti-corrosion coatings for industrial machinery and equipment to avoid degradation and rusting. Moreover, the widespread utilization of these coatings across the food and beverages sector to be used in flooring applications, water hydration systems, and shelving is also creating a positive outlook for the market. Some of the other factors contributing to the market growth include significant growth in the oil and gas sector and increasing marine operation activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of around 5% during the forecast period (2021-2026).
- On the basis of the technology, the market has been divided into solvent-based, water-based, powder and others.
- Based on the material, the market has been classified into acrylic, alkyd, polyurethane, epoxy, zinc, and others.
- On the basis of the application, the market has been segmented into oil and gas, marine, building and construction, automotive and rail, aerospace and defense, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Akzo Nobel N.V., Ashland, Axalta Coating Systems LLC, BASF SE, Hempel A/S, Jotun, Kansai Paint Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG and The Sherwin-Williams Company.
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