Anti Corrosion Coatings Market to Grow at 7.9% CAGR by 2030
Rising awareness pertinent to eco-friendly products, superior performance of anti-corrosion coatings, and growing investment across the major end use industries are the factors driving the growth of Anti Corrosion Coatings industry during the forecast period of 2020-2030.
The Anti Corrosion Coatings market is expected to witness a CAGR of around 7.9% from 2020-2030, as per a new report published by Next Move Strategy Consulting.
As per the report published by Next Move Strategy Consulting, the global Anti Corrosion Coatings market rising significantly during the past few years. Rising awareness and adoption of eco-friendly products due to environmental awareness is driving the anti-corrosion coatings market growth. Moreover, wide application scope of anti-corrosion coatings such as is also driving oil & gas, shipbuilding, marine, energy, transport, automotive, and others is also promoting its growth. These coatings are known for durability and efficiency and applied on various metal surfaces that protects from environmental impact. On the other hand, the growth of this market is restrained by strict environmental regulatory issues that may limit the adoption of these coatings over the coming years.
Based on the type, the Anti Corrosion Coatings market is segmented into epoxy anti-corrosion coating, polyurethane anti corrosion coating, acrylic anti-corrosion coating, alkyd anti-corrosion coating, zinc anti-corrosion coating, chlorinated rubber anti-corrosion coating, others. Epoxy coatings segment has accounted for the largest anti corrosion coatings market share and it is expected to continue its dominance during the forecast period. Some of the associated advantages associated with epoxy coatings include superior corrosion resistance and water resistance. One of the recently observed anti corrosion coatings market trends includes high demand for multi component coatings. Since, acrylic is the two-component coating system and known for its versatility, it is expected to remain as a most lucrative segment over the forecast period.
Based on the technology, the global market is segmented into solvent borne, water borne, powder coatings, and others. Solvent borne anti corrosion segment is the prominent market segment being largely preferred industrial applications due to its associated properties. However, water borne coating segment anticipated to open up new growth opportunities during the forecast period. These coatings have low VOC content and growing environmental awareness resulting into adoption of eco-friendly products thereby driving growth for water-based coatings.
Based on application, the anti-corrosion coatings market is segmented into marine, oil & gas, industrial, construction, energy, automotive, and others. Among all, marine application segment anticipated to be the largest segment due to high demand for anti-corrosion coatings products. Automotive applications of anti-corrosion coatings is widening due to new technologies introduced and changing specification in the automotive manufacturing.
The prominent players in this market are BASF SE, PPG Industries, Inc., Axalta Coating Systems Ltd., AkzoNobel N.V., Ashland Inc., Hempel A/S, RPM International Inc. Jotun, The Sherwin-Williams Company, and Kansai Paint Co., Ltd., among others.
Browse key industry insights from the report at https://www.nextmsc.com/report/anti-corrosion-coatings in detail along with the table of contents:
Key Insights from the Anti Corrosion Coatings Market Report:
- Asia Pacific expected to be the largest regional market during the forecast period by being largest manufacturer and consumer for Anti Corrosion Coatings.
- Automotive industry ended being largest application segment by the end of forecast period due to widening demand for Anti Corrosion Coatings.
- Next Move Strategy Consulting has identified key players in this market includes BASF SE, PPG Industries, Inc., Axalta Coating Systems Ltd., AkzoNobel N.V., Ashland Inc., Hempel A/S, RPM International Inc. Jotun, The Sherwin-Williams Company, and Kansai Paint Co., Ltd., among others.
The report Anti Corrosion Coatings Market – Segmented by Type, Technology, and Application, and Geography
About Next Move Strategy Consulting
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