As per the report published by Allied Market Research, the global anti-corrosion coating industry garnered $22.8 billion in 2019, and is projected to garner $41.2 billion by 2027, witnessing a CAGR of 8.3% from 2020 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in awareness about eco-friendly products, rise in investment across end-user industries, and superior performance of anti-corrosion powder coatings propel the growth of the global anti-corrosion coating market. However, limitations of epoxy anti-corrosion coating and government impede the market growth. On the other hand, increase in demand for anti-corrosion coating in the marine industry to improve efficiency and rise in applications of anti-corrosion coating in the solar and wind energy industry offer lucrative opportunities to the market players.
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COVID-19 Scenarios:
The global pandemic has caused the complete anti-corrosion coating industry to a standstill. COVID-19 has damagingly impacted the global anti-corrosion coating industry, due to pauses of other supporting industries including oil & gas, marine, and infrastructure companies, as per government restrictions. On the other hand, the stringent rules and global lockdown have also urged other stakeholders in coating industries to curtail down businesses.
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The global anti-corrosion coating market is segmented on the basis of type, technology, end-user industry, and region. Based on type, the market is further divided into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. The epoxy segment accounted for around two-fifths of the total share of the global anti-corrosion coating market in 2019. Whereas, the acrylic segment is expected to portray the largest CAGR of 9.4% from 2020 to 2027.
Based on technology, the market is segmented on the basis of solvent-borne, waterborne, powder, and other anti-corrosion coatings. The solvent-borne segment accounted for the largest market share with more than three-fifths of the total share in 2019, and is estimated to maintain its lead position throughout the forecast period. Contrarily, the water-borne segment is expected to register the fastest CAGR of 9.5% from 2020 to 2027.
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Based on region, Asia-Pacific accounted for the highest share, holding more than one-third of the total share in 2019, and is estimated to maintain its dominant share during the forecast period. Furthermore, the region is also anticipated to manifest the fastest CAGR of 8.7% from 2020 to 2027. The market also analyses regions including Europe, North America, and LAMEA.
The key market players analyzed in the report involves BASF SE, NIPPON PAINT HOLDINGS CO. LTD, PPG Industries Inc., The Sherwin-Williams Company, AkzoNobel N.V, Hempel Holdings A/S, Kansai Paints Co. Ltd, The Dow Chemical Company, WackerChemie AG, and 3M.
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