The Indian Market Research Future firm published figures in January 2018 on the evolution of the corrosion market globally and growth prospects by 2023.
The global anti-corrosion coating market is expected to experience significant growth of approximately USD 33.27 billion by 2023 with an annual growth rate of approximately 5.3% between 2016 and 2023.
This study reminds us that many techniques are used to protect metals and alloys such as steel, iron, aluminum and magnesium from corrosion. Corrosion resistant coatings have been concerned for many years due to their durability and effectiveness. The various coatings have been produced and tested with the aim of reducing the destructive effects of corrosion on the metal. Due to variations in the physical and chemical properties of different types of metals and alloys, each coating depends on the type of metal it is applied to and the application such as water-based coating, water-based coating solvent, powder coating, and others in which it is exposed.
Anti-corrosion solutions have found many applications in the oil and gas, shipbuilding, marine, energy, transportation, automotive, and other industries. The increased demand from the marine industry and shipbuilding is likely to drive the growth of the anti-corrosion coating market. In addition, increased offshore production, growth of marine industry in the Asia-Pacific and North America region, and upgraded infrastructure in various regions have boosted the global anti-corrosion coatings market during the forecast period. .
Anti-Corrosion Market Analysis by Region
Asia-Pacific is the largest anticorrosion coating market due to demand in various applications such as marine industry and shipbuilding in China, followed by Japan and India. APAC has a growing demand for water-based coatings and solvent-based coatings, especially in India, Taiwan and South Korea. On the other hand, North America is the second largest producer of water-based and solvent-based coatings. Anti-Corrosion Coating’s third largest market is Europe, followed by Latin America and the Middle East. Latin America has witnessed the growth of the anticorrosive coating market due to various applications such as oil and gas, shipbuilding, marine, energy, transportation, automotive and others.
Anti-corrosion market segmentation
The global market is primarily segmented on the basis of:
Types of anticorrosion coatings:
epoxy
zinc
acrylic
silicone
polyurethane alkyd
chlorinated rubber
fluorocarbons
copolymers
graphene
ceramic
glass flakes
Anti-corrosion applications:
water-based coating
solvent-based coating
powder coating
anti-fouling coatings
high energy curing coatings
nano-coatings
Industrial applications:
oil and gas
shipbuilding
Marine
energy
transport
automobile
pipes and tanks
treatment plants
construction
Geographical areas:
North America
Europe
Asia Pacific
Latin America
Middle East
Africa
