Anti-corrosion Coatings Market Size Worth $38.6 Billion By 2027: Grand View Research, Inc.

SAN FRANCISCO, Sept. 22, 2020 /PRNewswire/ -- The global anti-corrosion coatings market size is anticipated to reach USD 38.6 billion by 2027, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.6% over the forecast period. Rising demand for anti-corrosion coatings in industries, such as oil & gas, building & construction, and marine, is expected to drive the market over the forecast period. The primary purpose of the anti-corrosion coating is to protect the metal substrates from environmental exposures, such as humidity, moisture, and oxidation.

Key suggestions from the report:

• The global market was valued at USD 27.2 million in 2019 and is estimated to register a CAGR of 4.6% from 2020 to 2027
• The marine application segment is expected to witness the fastest CAGR of 5.3% over the forecast period in terms of revenue
• The high CAGR is attributed to the rising spending on navy defense infrastructure across developed and developing countries and rising cross border trade through marine transportation
• The oil & gas application segment accounted for the largest share of over 36% in 2019 and will retain the dominant position throughout the forecast years
• This is credited to rising product demand in the oil & gas sector due to the presence of Sulphur in the crude oil, which causes corrosion in pipelines, vessels, and containers
• The Asia Pacific accounted for the maximum market share of over 36% in 2019. India, in particular, is estimated to witness the fastest CAGR 5.8% from 2020 to 2027

Read 110 page research report with ToC on "Anti-corrosion Coatings Market Size, Share & Trends Analysis Report By Material (Acrylic, Polyurethane), By Technology (Solvent-based, Powder), By Application (Marine, Oil & Gas), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/anti-corrosion-coatings-market

These coatings act as a barrier to prevent the interaction between the corrosive materials, compounds, chemicals from the metal surfaces. In addition, these coatings enhance the surface finish of the metallic components. The rising demand for sustainable and durable metallic products, especially in the oil & gas and building & construction industries, is expected to drive the product demand over the forecast period. The Asia Pacific is anticipated to be the largest regional market over the forecast period.

This is owing to various factors, such as government initiatives like Make in India, construction of a silk route project connecting Xian, China to Trieste, Italy through both road and marine transportation. In addition, various companies in clean energy production and aerospace are planning to establish manufacturing facilities in India post COVID-19 pandemic, which will support market growth. With the rising number of building & construction projects in North America, particularly in the U.S., demand for electric automotive, and R&D investments for developing advanced, environmentally-friendly anti-corrosion coatings will boost the market growth in North America.

Grand View Research has segmented the global anti-corrosion coatings market on the basis of technology, material, application, and region:

• Anti-corrosion Coatings Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• Solvent-based
• Water-based
• Powder
• Others
• Anti-corrosion Coatings Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Zinc
• Others
• Anti-corrosion Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Oil & Gas
• Marine
• Building & Construction
• Automotive & Rail
• Aerospace and Defense
• Others
• Anti-corrosion Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• THE U.K.
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• Southeast Asia
• Malaysia
• Indonesia
• Thailand
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia

List of Key Players of Anti-corrosion Coatings Market:

• 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.
• The Sherwin-Williams Company

Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:

• Recycled Plastic Market – The demand for medical & healthcare products has increased owing to the growing number of COVID-19 positive cases. Moreover, the demand for electrical & electronic products, such as laptops and mobiles, has increased as educational institutions have shifted from classroom learning to online classes. Asia Pacific market is anticipated to witness the fastest CAGR over the forecast period.
• Flexitanks Market – Flexitanks are typically used for the transportation of non-hazardous liquids, including edible oils, juice concentrates, syrups water, food additives, pharmaceuticals, malt, industrial oils, and emulsions. Flexitanks are significantly cheaper than conventional bulk liquid transport containers, such as ISO containers, IBC's, drums, and barrels. Moreover, flexitanks carry higher payloads than IBC's and drum, which prove them to be more economical means of bulk transportation.
• Polymethacrylimide Foam Market– The demand for lightweight and efficient aircraft and commercial planes capable of carrying huge loads have increased, which, in turn, is driving the product demand. In addition, countries are focusing on clean sources of energy to fulfill their electricity needs, which is driving the demand for wind energy, positively impacting the PMI foam market over the forecast period. Asia Pacific is anticipated to witness the fastest CAGR over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.