Rise of Anti Corrosion Coatings Market As Infrastructure Modernization Gains Pace
The anti corrosion coatings market is in trends by increasing infrastructure modernization projects across various industries. Anti corrosion coatings provide protection to materials and infrastructure from oxidation and damage caused by various environmental conditions. These coatings form an invisible shield on metal surfaces, prolonging the life of materials and structures. They find extensive application in oil gas, marine, power generation and construction industries due to their corrosion resistance and durability properties.
The global anti corrosion coatings market is estimated to be valued at US$ 46.90 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period from 2023 to 2030.
Key players operating in the anti corrosion coatings market are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. These companies capture a significant share of the market owing to their broad product portfolio and extensive distribution networks across major countries.
The growing demand from infrastructure, oil gas and construction industries is projected to drive the anti corrosion coatings market substantially over the forecast period. Rapid urbanization and investments in infrastructure development projects especially in Asia Pacific are increasing the demand for anti corrosion protection coatings. The rising offshore and onshore oil gas activities are further augmenting the consumption of these coatings.
Key players operating in the anti corrosion coatings market are expanding their global footprint by enhancing their production capacities and distribution channels across emerging nations. For instance, AkzoNobel strengthened its presence in Latin America by opening three new coating production facilities in Colombia and Brazil in 2022. PPG Industries also acquired specialty material firm Interpon for expanding in the metal pretreatment market.
The development of bio-based and environment friendly anti corrosion coating materials is one of the major trends in this market. Leading manufacturers are focusing on introducing bio-derived and low VOC coating solutions using renewable resources in light of stringent environmental regulations. Adoption of nanotechnology to enhance barrier properties and longevity of protective coatings without compromising on renewable content is another prominent trend gaining traction in the market.
Porter's Analysis
Threat of new entrants: New entrants in the anti-corrosion coatings market face high manufacturing costs. They also need to establish brand reputation and distribution channels.
Bargaining power of buyers: The high performance requirements for anti-corrosion coatings from industries like oil gas, marine, infrastructure limit buyer power.
Bargaining power of suppliers: The presence of many raw material suppliers for anti-corrosion coatings restricts supplier bargaining power.
Threat of new substitutes: There are limited new substitutes for anti-corrosion coatings used in various industries currently.
Competitive rivalry: The anti-corrosion coatings market has many international players competing on performance, pricing, and innovation.
Geographical regions
The North American region accounts for the largest share in the anti-corrosion coatings market currently due to the large oil gas, construction, and automotive industries.
The Asia Pacific region is expected to experience the fastest growth in demand for anti-corrosion coatings during the forecast period owing to increasing investments in infrastructure, marine, and industrial projects in countries such as China, India.