According to the findings a report available on Radiant Insights, Inc., the worldwide anti-corrosion coating market is estimated to exhibit rapid growth rate over the forecast period (from 2016 to 2022). Expansion of end-use industries such as automotive and transportation and power generation is expected to drive the growth of the global market in future. Rising energy demand across the globe is also anticipated to contribute toward the growth of this market. These coatings are commonly used in energy industries such as gas, oil, coal, biomass, and hydro as they protect all kinds of equipment – including oil drill pipes, drill bits, and storage tanks – from harsh weather conditions. This is also expected to augment the demand for anti-corrosion coatings over the next few years.
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Rising demand for energy production through shale gas, tar sands, oil shale, and oil sands is also expected to help boost market growth over the coming years. Fluctuating costs of raw materials are likely to have a negative impact on the overall market in future. However, rising losses caused by corrosion and high demand for these coatings from a wide variety of end use industries are expected to augment the global market and create opportunities for many.
The anti-corrosion coating market is categorized on the basis of solvent, application, end user, and region. Based on solvent, the market is categorized into solvent-based coating, water-based coating, and others. Based on application, the market is segmented into heavy-duty anti-corrosion coating and general anti-corrosion coating. Based on end user, the market is categorized into industrial, containers, marine, offshore constructions, and others.
Based on region, the market is divided into Middle East and Africa (MEA), Asia Pacific (APAC), Southeast Asia, Europe, North America, and Latin America. North America, mainly led by the United States, was the largest regional market for anti-corrosion coatings in the past due to high government and military investments. The rapidly developing gas and oil sector in the region is further expected to augment market growth.
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The APAC region is expected to grow at a high CAGR from 2016 to 2022. This growth can be attributed to the rising demand for these coatings from the automotive and transportation and power generation industries. Economic development in the region is also slated to have a positive impact on the market.
Recently, Chinese academicians and researchers introduced an innovation in heavy-duty anti-corrosion coatings by using modified graphene. The Chinese Academy of Sciences (CAS) has found that the newly developed coating finds application in marine engineering and equipment and petrochemical engineering. It is said to change the monopoly by foreign heavy-duty coating products in China and protect various engineering equipment in the tropical marine fields of the region. This new development can also contribute toward the overall growth of the APAC region.
Some of the key manufacturers in the global anti-corrosion coatings market are Jiangsu Lanling Chemical Group Co., Ltd.; Shenzhen Zhanchen Paints Co., Ltd.; Twin Tigers Coatings Co., Ltd.; Shanghai Coatings Co., Ltd.; RPM International, Inc.; Kansai Paint Co., Ltd.; and Akzo Nobel N.V.
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