The global high-performance anticorrosion coatings market size was valued at USD 15.75 Billion in 2022 and is projected to reach USD 25.94 Billion by 2031, expanding at a CAGR of 5.7% during the forecast period 2023-2031.
Anticorrosion coatings are widely used to prevent the formation of a corrosive layer on metals and other substances that generally occurs, due to moisture in air, chlorine, salt water, and by other chemicals. Anticorrosion coatings are applied on the metal and other surface area to make them strong in terms of durability and strength, and to avoid rusting due to environmental conditions. Coatings such as paint, binders, resins, anti-corrosive pigments, and solvents are called as high-performance anticorrosion coatings. Anticorrosion coatings are mostly used in coatings of oil tanks, water tanks, pipes, and in marine machineries. Anticorrosion coatings are highly used in industries such as water resources, oil & gas, and marine.
High Performance Anticorrosion Coatings Market Trends, Drivers, Restraints, and Opportunities:
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Increasing demand for high-performance anticorrosion coatings from industries such as oil & gas, power generation, and others, and growing population that leads to increasing disposable income are some factors that drive the high-performance anticorrosion coatings market.
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The marine industry is estimated to boost in the forthcoming years, due to increasing use of anti-corrosion coatings in container ships, cargos, offshore and onshore vessels, surface warships, and submarines to avoid corrosion.
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Changing raw material cost and strict government protocols are expected to hinder the overall market growth during the forecast period.
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In the construction of bridges, highways, roadways, waterways, airports, railways, and other infrastructural development, materials such as metal and steel are used in large quantity. This creates ample opportunities for the players in the high-performance anticorrosion coatings market in the near future.
Scope of High Performance Anticorrosion Coatings Market Report
The report on the global high-performance anticorrosion coatings market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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High-Performance Anticorrosion Coatings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Solvent-based Coatings, Water-Based Paint Coatings, and Powder Coatings), Categories (Urethane Coatings, Epoxy Coatings, Alkyd Coatings, Acrylic Coatings, and Latex Coatings), Applications (Oil & Gas, Marine Construction, Tanks and Pipes, Power Generation, Paper & Pulp, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Akzo Nobel N.V., The 3M Company, Chugoku Marine Paints, Ltd., Nippon Paint Co., Ltd., Hempel A/S, Jotun A/S, PPG Industries Inc., and The Sherwin-Williams Company
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High-performance Anticorrosion Coatings Market Segment Insights
High adoption of solvent-based coatings in industries to drive the market
Based on types, the high-performance anticorrosion coatings market is segmented into solvent-based coatings, water-based paint coatings, and powder coatings. The solvent-based coatings segment is projected to hold a major market share. Solvent-based coatings are chemicals that are used to prevent corrosion on the surface area of materials. These chemicals have a thin layer that protects the material surface and increases its durability. Solvent-based coatings are highly adopted by industries such as oil & gas, marine construction, pulp & paper, and power generation to impart high durability to machines and equipment.
High quality and physical properties of acrylic coatings to drive the market
On the basis of categories, the high-performance anticorrosion coatings market is segmented into urethane coatings, epoxy coatings, alkyd coatings, acrylic coatings, and latex coatings. The acrylic coatings segment held a substantial market share in 2020. Acrylic coatings are high in performance and prevents rusting of material. Acrylic coatings are high in quality and have more physical properties than any other coatings. Acrylic coatings allow metal material to maintain its colour for a long time, as these coatings are chemically active in nature.
Large use of anticorrosion coatings in oil & gas industry to drive the market
In terms of applications, the high-performance anticorrosion coatings market is segmented into oil & gas, marine construction, tanks and pipes, power generation, paper & pulp, and others. The oil & gas segment held a substantial market share in 2020. The oil & gas industry deals with heavy work and equipment such as oil drilling work machines and equipments, process vessels, pipes, and offshore installation machine. High-performance anticorrosion coatings are used to avoid corrosion and rusting of equipment and increase the life and durability.
North America dominates the global market
Based on regions, the global high-performance anticorrosion coatings market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to dominate the global high performance anti-corrosion coatings market during the forecast period, owing to high growth in nuclear power, thermal, wind, solar, and hydroelectric sectors. Extensive developments in energy-efficient smart grids and transmission systems in North America is expected to drive the market in the region.
Segments
By Types
- Solvent Based Coatings
- Water-Based Paint
- Powder Coatings
By Categories
- Urethane Coatings
- Epoxy Coatings
- Alkyd Coatings
- Acrylic Coatings
- Latex Coatings
By Applications
- Oil & Gas
- Marine Construction
- Tanks and Pipes
- Power Generation
- Paper & Pulp
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the global high-performance anticorrosion coatings market include Akzo Nobel N.V., The 3M Company, Chugoku Marine Paints, Ltd., Nippon Paint Co., Ltd., Hempel A/S, Jotun A/S, PPG Industries Inc., and The Sherwin-Williams Company. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.