International. Global industrial growth and negative impacts of corrosion on a wide range of major markets are helping to grow the global anticorrosive coatings market, according to a report by BCC Research.
The expansion comes as the global paint and coatings production market shifts from developed regions such as the United States and Europe to developing nations such as India and China.
The global market is expected to see a compound annual growth rate (CAGR) of 5.9% through 2022, to reach an estimated value of US$31 billion, according to the Anti-corrosion Coatings: Global Markets 2022 report.
Asia-Pacific is the largest regional market for anti-corrosion coatings and has high growth potential, with a CAGR through 2022 projected at 6.2%. The growth in the Asia-Pacific region is mainly due to growing end-user industries such as infrastructure, manufacturing, and water and wastewater.
Anti-corrosion coating epoxy currently has the best opportunity for coating manufacturers worldwide. In 2016, epoxies accounted for 45% of the global anticorrosive coatings market and have a CAGR through 2022 of 5.2%.
Among end users, the maritime industry is one of the most prominent segments of the global anti-corrosion coatings market. These are used to protect ships, ships and marine vessels. In addition, these coatings also improve the aesthetic appearances of the containers. The marine segment has a kiloton CAGR of 5.6%
"The impact of corrosion has created a huge demand for anti-corrosion coatings around the world," said BCC Research Senior Editor Gordon Nameni. "For example, there is an observable increase in the number of casualties and financial losses due to corrosion. In the public sector, power shutdowns and industrial plants have led several governments to invest in new anti-corrosion technologies."
Environmental regulations are also influencing the market. For example, U.S. paint manufacturers have been forced to devote an increasing amount of resources to producing materials with low amounts of volatile organic compounds (VOCs), the report notes. Today, coating manufacturers see the creation of low-VOC and zero-VOC products as a business driver, although the demand to reduce VOC emissions is lower in developing countries.
The major market players mentioned in this report include 3M, AkzoNobel, BASF, Diamond Vogel Paints, Hempel, Jotun, Kansai Paint, Nippon Paint, PPG Industries, Royal DSM, SK Formulations India, The Sherwin-Williams Company, and Wacker Chemie.
