April 12, 2024

Anti Corrosion Coatings Market is gaining traction through adoption of powder coatings

Anti corrosion coatings are chemical and physical barriers that are applied to metallic surfaces to inhibit corrosion. They protect surfaces by trapping air and moisture between the coating and the metal, thus isolating the surface from exposure to the elements. Anti corrosion coatings find widespread application across various industries including marine, oil & gas, infrastructure, power generation, automotive and transportation sector.

The global anti corrosion coatings market is estimated to be valued at US$ 46.90 Bn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the anti corrosion coatings market are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. With the increasing demand from various end-use industries, key market players are focusing on capacity expansion and new product development. The growing infrastructure development activities across emerging economies of Asia Pacific and Latin America is driving the demand for anti corrosion coatings in this region. Furthermore, the increasing adoption of powder coatings across various industries owing to their advantages over conventional liquid coatings is expected to drive the global anti corrosion coatings market during the forecast period.

The global anti corrosion coatings market is witnessing strong growth on account of rising infrastructure development activities worldwide. Particularly across emerging economies in Asia Pacific, Latin America and Middle East, significant investments are being made in order to develop roadways, transportation, utilities and commercial real estate. This is translating into higher demand for anti corrosion protective coatings from the construction industry. Furthermore, initiatives related to pipeline infrastructure development by regional governments is another major factor propelling the consumption of anti corrosion coatings in the oil & gas sector.

Adoption of powder coatings is emerging as a key trend in the global anti corrosion coatings market. Powder coatings offer various advantages over conventional liquid coatings such as zero VOC emissions, considerable savings in baking oven energy consumption and lower raw material costs. They can be easily recycled and enable high film thickness in single or double coat application. Leading coating manufacturers are focusing on development of advanced powder coating technologies in order to strengthen their product portfolio and gain competitive advantage. The increasing popularity of powder coatings across end-use industries is expected to drive the anti corrosion coatings market during the forecast period.

Porter’s Analysis

  • Threat of new entrants: The anti-corrosion coatings market requires high R&D investments and established distribution channels. Regulations also act as a barrier.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from various brands.
  • Bargaining power of suppliers: Suppliers of raw materials including resins and pigments have low to moderate bargaining power as this is a fragmented market.
  • Threat of new substitutes: Substitutes including powder and vacuum metallization offer alternative options.
  • Competitive rivalry: Intense competition exists among key players to gain market share through differentiation and new product launches.

Geographical regions where the market in terms of value is concentrated mainly include Asia Pacific and North America. The Asia Pacific region dominates the global anti-corrosion coatings market and accounted for over 45% market share in 2024, driven by growth in construction and infrastructure industries in China, India and other Asian countries.

Another region witnessing the fastest market growth during the forecast period is Central and South America. Countries like Brazil, Argentina, Chile are expected to drive the demand for anti-corrosion coatings from oil & gas pipelines, petrochemical manufacturing and shipbuilding industries. Factors such as increasing investments in industrial development projects, expansion of manufacturing sector and rising exports will support the regional market expansion through 2030.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it