What is Global Industrial Anti-corrosion Coatings Market?
The Global Industrial Anti-corrosion Coatings Market is a vast and dynamic sector that plays a crucial role in the industrial world. It refers to the global market of coatings that are specifically designed to prevent corrosion in various industrial applications. These coatings are applied on the surface of industrial equipment and machinery to protect them from the damaging effects of corrosion, which can lead to significant financial losses due to equipment failure and downtime. The market encompasses a wide range of products, including solvent-based, water-based, and powder-based coatings, each with its unique properties and applications. The market is driven by the growing need for corrosion protection in various industries, including machinery, shipbuilding, chemical, and others. The market's value was estimated at US$ 46580 million in 2022, and it is projected to reach US$ 55960 million by 2029, growing at a CAGR of 2.6% during the forecast period 2023-2029. The largest segment of the market is the solvent-based coatings, which account for about 70% of the total market share.
Solvent-based, Water-based, Powder in the Global Industrial Anti-corrosion Coatings Market:
The Global Industrial Anti-corrosion Coatings Market is segmented into solvent-based, water-based, and powder-based coatings. Solvent-based coatings are the most dominant segment, accounting for about 70% of the market. These coatings are widely used due to their superior adhesion properties and resistance to harsh environmental conditions. They are typically used in industries where high-performance coatings are required, such as the marine, oil and gas, and chemical industries. Water-based coatings, on the other hand, are gaining popularity due to their low VOC content and environmental friendliness. They are commonly used in industries where environmental regulations are stringent. Powder-based coatings are the third type of coatings in the market. They are used in applications where a high level of aesthetic appeal is required, such as in the automotive and architectural industries. Each of these coatings has its unique properties and applications, making them suitable for different industrial applications.
Machinery Industry, Ship Industry, Chemical Industry, Others in the Global Industrial Anti-corrosion Coatings Market:
The Global Industrial Anti-corrosion Coatings Market finds its usage in various industries such as the machinery industry, ship industry, chemical industry, among others. In the machinery industry, these coatings are used to protect machinery and equipment from corrosion, thereby enhancing their lifespan and performance. In the ship industry, anti-corrosion coatings are applied on the surface of ships and marine vessels to protect them from the corrosive effects of seawater. In the chemical industry, these coatings are used to protect chemical processing equipment from corrosion caused by harsh chemicals. Other industries where these coatings are used include the oil and gas industry, power generation industry, and construction industry. The use of anti-corrosion coatings in these industries helps in reducing maintenance costs, improving equipment lifespan, and ensuring safety.
Global Industrial Anti-corrosion Coatings Market Outlook:
The Global Industrial Anti-corrosion Coatings Market, as of 2022, was valued at US$ 46580 million. The market is expected to grow and reach a value of US$ 55960 million by 2029. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 2.6% during the forecast period of 2023 to 2029. The largest segment of this market is the Solvent-Based Coating, which holds about 70% of the market share. This segment's dominance is due to its superior properties, including excellent adhesion and resistance to harsh environmental conditions. These properties make solvent-based coatings ideal for use in industries where high-performance coatings are required.
| Report Metric | Details |
| Report Name | Industrial Anti-corrosion Coatings Market |
| Accounted market size in 2022 | US$ 46580 million |
| Forecasted market size in 2029 | US$ 55960 million |
| CAGR | 2.6% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Akzo Nobel, BASF, Ashland, Jotun, Kansai Paint, PPG Industries, Axalta Coating Systems, The Sherwin-Williams Company, Henkel, Hempel, RPM INTERNATIONAL, Nippon Paint, Chugoku, Sika |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
