The "Anti-corrosion Coating Market by Type, Technology and End-User Industry: Global Opportunity Analysis and Industry Forecast 2020-2027" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global anti-corrosion coating market was valued at $22.8 billion in 2019, and is projected to reach $41.2 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.
The global market is heading toward growth stabilization phase in its industry life cycle. Therefore, the market is anticipated to witness large number of product development activities in the coming years. This is largely linked with the growing popularity of water borne and power coating technology, which has least amount of VOC content.
Furthermore, increased globalization is a key factor that affects the anti corrosion coating industry. Rapid economic growth in India and China has led to increased construction activities, resulting in high consumption of anti corrosion coatings. As majority of the countries in Asia-Pacific are still largely rural, the economic growth is set to fuel the ongoing urbanization, transforming India and China into manufacturing hubs for marine, automobile, food & beverages, pharmaceutical, and chemical industries. Moreover, increase in population in these countries is expected to boost the demand for housing & commercial infrastructure, which in turn is projected to drive the anti-corrosion coating market share.
Based on technology, the solvent-borne anti corrosion coating segment was the largest revenue generator in 2019, as these coatings are widely used in several applications. However, it is expected to witness a downturn due to the stringent regulations imposed by government bodies such as Environmental Protection Agency (EPA) of the U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe. Waterborne and powder anticorrosion coatings are gaining popularity as they possess low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).
Based on end-use industry, the marine industry was the largest revenue contributor in 2019, and it is further anticipated to maintain its lead on the global market. However, automotive and construction industries are offering promising growth opportunities in response to the growing automotive production and heavy investments in construction activities.
- Based on type, the epoxy segment emerged as the global leader with more than 40% share in 2019. This can be highly attributed to high demand of epoxy-based coatings in various end use industries.
- By technology, solvent-born coating segment dominated the global anti-corrosion coatings market with around 60% global market share in 2019
- Countries such as China, India, and Indonesia are emerging as an investment centric hub due to wide scope in manufacturing sector
- AkzoNobel N.V.
- BASF SE
- Hempel Holdings A/S
- Kansai Paints Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- The Dow Chemical Company
- The Sherwin-Williams Company
- Wackerchemie AG
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