The North America anti-corrosion coating market was valued at USD 5,479.1 Million in 2019 and is projected to reach USD 7,547.5 Million by 2027, expanding at a CAGR of 4.8% during the forecast period. Anti-corrosion coating slows down or eliminates electrochemical reactions that adversely decorate the structural integrity of metals and modify its corrosion-induced appearance. This anti-corrosion coating property makes it beneficial to a wide variety of end-user industries such as energy (power plants, solar, and wind turbines), oil & gas, construction, industrial, automotive, marine, and other industries. Solvent-bearing, water-bearing, anti-corrosion powder coating and high-energy curing coating are commonly used technologies.
Turbomachinery, transition parts, and compressor blades are some primary coating applications in the power generation industry. Power generation modules are exposed to different production processes under different thermodynamic conditions. These conditions are responsible for causing corrosion on metal surfaces used in power generation machines.
The anti-corrosion coating market is projected to create lucrative opportunities during the forecast period, due to factors such as increased demand for steel in the construction & automotive industry. Moreover, rise in coastal expansion, growth of the marine industry in North America, and the upgrade of infrastructure across various regions are boosting the demand for anti-corrosion coating during the forecast period. Conversely, threats such as increase in government legislations are limiting the growth of anti-corrosion coatings market.
The demand for anti-corrosion coating is driven by factors such as growing offshore exploration operations, expanding oil & gas activities in North America, increasing disruptions due to corrosion, modernization of facilities, and developments in end-use industries. However, the market is likely to be restricted by the entrance of local players into the market, the implementations of volatile organic compound (VOC) control regulations, and fluctuating raw material prices.
Growing investments in infrastructure, particularly in developed and emerging economies, are fueling the demand for anti-corrosion coatings. Steel is one of the primary raw materials used in the infrastructure industry. However, steel has high tensile strength and is vulnerable to corrosion and use of other metals for same application is costly compared to steel. Rise in economic losses due to the deterioration of buildings is driving the demand for coatings across the globe. Rapid growth of the vehicle industry is a key factor driving the demand for anti-corrosion coatings. Several raw materials used in the manufacture of anti-corrosion coatings pose a significant danger to the atmosphere and human health. Hazards also contributed to a surge in government controls that have reduced the demand for these coatings. Research & developments to produce bio-based anti-corrosion coatings are projected to create growth opportunities in the market.
The anticorrosion coatings market is driven by increasing R&D activities from major market players to satisfy the dynamic demand of end-users. Moreover, rise in environmental regulations further boosts R&D activities, thus creating opportunities in the market.
The market is fragmented and a large part of the overall market share is made up of regional players, and thus it is highly price sensitivity. Moreover, low initial investments have increased the threat of new entrants, particularly in emerging and developed economies. The anti-corrosion market; therefore, faces strong competition, which is projected to remain high during the forecast period.
On the basis of types, the North America anti-corrosion coating market is segmented as epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. The epoxy segment is projected to lead the market during the forecast period owing to the growing demand for epoxy coatings from the marine, oil & gas, and infrastructure industries. Increased demand for acrylic coatings is projected to fuel the market between 2020 and 2027. These coatings provide better mechanical and structural properties than other anti-corrosion coatings such as vinyl and alkyd coatings. Acrylic coatings have high color retention quality and are chemically inert.
Pure polyurethane (PU), epoxy modified fluorinated polyurethane (EFPU), epoxy modified polyurethane (EPU), and fluorinated polyurethane (FPU) are the four polyurethane resins used for the preparation of PU anti-corrosion coatings. The PU anti-corrosion coatings offer a prominent organic adhesive exhibited corrosion resistance property due to the existence of epoxy group and atomic fluorine in the coatings. The PU anti-corrosion coating is applied to water drums, tanks, and fluid containers, which are made of steel. Low-Costs associated with this coating increases their applications in various industries in North America. This coating dries quickly, and thus can be reapplied in short intervals of time. High spending on industrial maintenance in the US is fueling the PU segment in the country.
Based on end-use industry, the anti-corrosion coating market is categorized as marine, oil & gas, industrial, construction, energy, automotive, and others. The marine segment is anticipated to hold a significant market share during the forecast period, due to anti-corrosion coatings high usage in various industries. Anti-corrosion coatings are extensively used in the oil & gas industry. In terms of demand, the oil & gas segment is projected to offer significant opportunities for the anti-corrosion coating market between 2020 and 2027. Rise in maintenance and repair activities in the global oil & gas industry, particularly for transmission pipelines, offshore construction machinery, oil drilling equipment, and process vessels are likely to be a major factor driving the market during the forecast period.
The industrial end-uses include large scale business and manufacturing units of multiple commodities such as fast-moving consumer goods (FMCG), in-plant logistic machines, and multiple industrial machines. Industrial anti-corrosion coatings are products designed, specifically for its functional and protective properties. Most industrial anti-corrosion coatings are used for corrosion control of concrete and steel and are significantly used by original equipment manufacturers (OEMs). The impact of Covid-19 and the trade war between the US and China have significantly hampered the machine tool and industrial production of various commodities and have declined the sales of industrial ant-corrosion coatings in North America.
On the basis of country, the North America anti-corrosion coating market has been bifurcated into the US and Canada. The US is a promising country of the market. The market is this country constituted 76.5% share of the North America market in 2020. The market in Canada is projected to expand at a CAGR of 4.5% due to the increase in government spending and rise in R&D investments in the country.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers supply chain analysis of products including raw materials, distributors, and manufacturers.
According to this Growth Market Reports report, the market from anti-corrosion coating is likely to register a CAGR of 4.8% during forecast period 2020-2027, with an anticipated valuation of USD 7,547.5 million by the end of the 2027.
In addition to market size (in USD Million) and Company Market Share (in % for base year 2019), other data such as COVID-19 impact, North America based distributor list is provided, for Anti-corrosion coating market is available in final report.
Growing industrialization, rapid development of the construction industry, increasing government initiatives in construction market, and increase in R&D expenditure by manufacturers for developing new anti-corrosion coating is expected to drive the market growth during forecast period.
Marine, oil gas, industrial, construction, energy, automotive, and others are the key end-use industries that are driving the anti-corrosion coating market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness declining of over 3.0% between 2019 and 2020 owing to the considerable impact of COVID-19 pandemic on the Anti-corrosion coating market.
The base year considered for the North America anti-corrosion Coating Market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Major Manufactures include, 3M Co., Ancatt Inc., Ashland Inc., Axalta Coating Systems LTD., Diamond Vogel, E.I. Du Pont De Nemours and Company, Nycote Laboratories, Inc., PPG Industries, Inc., RPM International Inc., The DOW Chemical Company, The Magni Group, Inc., and The Sherwin-Williams Company
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