Anti-corrosion coatings are imperative for protecting a surface from rusting which occurs on account of exposure to water, air and various forms of chemicals. Some of the key attributes of this form of coating include heightened resistance to chemicals, light weight, abrasion resistance and gloss retention among others. Metals such as titanium and zinc are some of the major rat materials that are used for the production of such types of coatings. Rising application of anti-corrosion coatings from several end-use industries is one of the key factors responsible for the growth of the anti-corrosion coatings market at present.
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Burgeoning growth of the shipbuilding industry is one of the key factors augmenting market growth of anti-corrosion coatings at present. China is spearheading the growth of the shipbuilding industry. According to the Ministry of Industry and Information Technology (MIIT), the completion rate of ships in China accounted for 41.9% of the world total, while it also accounted for 45.5% of the global orders and 44.6% of the holding orders. Further, emerging shipping hubs are appearing in countries such as India, Vietnam, and Philippines among others. Further, according to NACE International, costs due to corrosion amounted to US$ 2.5 trillion annually, which is also equivalent to 3.4% of the global Gross Domestic Product (GDP). These factors have paved the way for the growth of the anti-corrosion coating market. However, high demand for Fiberglass Reinforced Plastic (FRP) is resulting market slowdown of anti-corrosion coatings.
Based on technology, solvent borne coatings emerged as the leading segment in 2017, majorly due to its heightened block resistance feature, wide application, and less drying time. However, water-borne coatings are expected to exhibit the fastest growth during the forecast period due to its low VOC content.
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Asia Pacific is expected to continue leading the anti-corrosion coatings market throughout the forecast period. Rapid penetration of several end-use industries such as automotive, marine, construction and defense among others is one of the key factors pushing the growth of the anti-corrosion coatings market in the region.
Notable players operating in the field of anti-corrosion coatings include BASF S.E., AkzoNobel N.V., PPG Industries, The Sherwin Williams Company, and Axalta Coating Systems LLC among others.
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