The Global Anti Corrosion Coatings Market is estimated to be valued at US$ 46.90 Bn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the anti-corrosion coatings 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. The increasing demand from end-use industries like construction, oil & gas, automotive is fueling the growth of anti-corrosion coatings market. Additionally, the expansion of oil & gas industry across regions is further propelling the market growth.
The growing demand from construction industry is driving the anti-corrosion coatings market. Anti-corrosion coatings play a vital role in infrastructure development activities by protecting buildings and structures from corrosion. Furthermore, the increasing residential and commercial construction is contributing to market growth.
The global anti-corrosion coatings market is expanding strongly across regions due to increasing investments in oil & gas exploration and production activities. Countries like US, India, China and Middle Eastern countries are witnessing higher capital expenditure on oil & gas projects which requires extensive use of anti-corrosion coatings.
Market drivers
One of the major drivers for anti-corrosion coatings market is extensive infrastructure development activities across both developed and developing regions. Government investments in transportation, utility and commercial infrastructure projects demand significant volumes of anti-corrosion coatings. Moreover, growing population and urbanization is fueling more infrastructure projects thus driving market growth. Additionally, increasing energy demand globally has augmented oil & gas exploration and production activities necessitating the demand for anti-corrosion coatings.
The current geopolitical situation is impacting the growth of the anti corrosion coatings market. Geopolitical tensions have led to disruptions in global supply chains which is affecting the availability of raw materials required for manufacturing anti corrosion coatings. Rising nationalist sentiments in certain regions are discouraging cross border trade and foreign investments which is slowing down infrastructure development activities in those areas and thereby reducing demand for anti corrosion coatings.
However, some countries are investing heavily in infrastructure projects to boost their economy in response to geopolitical challenges. For instance, countries in Asia Pacific region are focusing on projects like roads, bridges, rail networks etc to increase domestic and international connectivity. This is creating new opportunities for anti corrosion coatings market. Still, continued geopolitical uncertainties can dampen the overall confidence of investors and delay capital expenditures.
To sustain growth, manufacturers must diversify their supplier base globally and establish local sourcing and manufacturing hubs in strategically important regions. They also need to focus on developing innovative and sustainable coating solutions that comply with various countries' environment and trade policies. Forming new international collaborations can help gain access to new markets and offset risks arising from geopolitical risks in certain territories.
In terms of value, the North American region accounts for the largest share in anti corrosion coatings market currently owing to large infrastructure, oil & gas and automotive industries in the US and Canada demanding these coatings. The Asia Pacific region is expected to witness the fastest growth during the forecast period supported by increasing investments in construction and energy sectors across China, India and Southeast Asian nations. Countries are expanding road, rail and power networks to meet rising domestic demand and integrate economies regionally.
The geographical region which is currently witnessing the fastest growth for anti corrosion coatings market is Asia Pacific due to increasing construction activities for mega infrastructure projects and expanding manufacturing sector. Countries like China, India, Indonesia, Thailand and Vietnam are seeing massive investments in building new roads, urban rail systems, power plants and industrial facilities. This is driving significant demand for anti corrosion coatings to protect rebar, pipelines and metal structures from corrosion in harsh tropical climates of the region. Additionally, growth in ship building and automobile production in Asia Pacific acts as a key contributor for market growth.
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