The Anti-Corrosion Coatings Market is projected to exceed $20 billion by 2027, Says Global Market Insights Inc.
The growing demand for the energy and infrastructure industry will boost the anti-corrosion coatings market growth throughout the assessment period, says this report.
SELBYVILLE, Del., March 18, 2021 (Newswire.com) - Based on Global Market Insights Inc. report, the global Anti-Corrosion Coatings Market size was estimated at $13.5 billion in 2020 and is slated to surpass $20 billion by 2027, registering a CAGR of 4.3% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
The acrylic segment is projected to record a CAGR of over 4.6% throughout the forecast period. Acrylic anti-corrosion coating resins possess excellent color and gloss retention as well as excellent durability and good adhesion to a large number of substrates. These coating paints are most widely used in architectural applications. Solvent-based acrylic coatings have generally better weathering and chemical resistance than water-based acrylics. These are extensively used for industrial as well as transportation applications.
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The alkyd segment is projected to register a CAGR of over 4% throughout the assessment period. Zinc is another major segment with a market share of over 6% in 2020. Alkyd resins are widely used in the manufacturing of coatings with weathering properties and considered as important ingredients in many synthetic coatings due to their versatility and low cost. Alkyd resins are widely used in transportation and marine sectors. These coatings are extensively used for applications that require smooth durability.
On the basis of mode of application, the powder segment is projected to generate a revenue of over USD 800 million by 2027. Powder coatings help in maintaining important applications and equipment to run smoothly. Powder coating technology is viewed as a sustainable option in many industrial coating applications. The growth in the manufacturing and construction sector along with the rising demand for more sustainable solutions are driving the demand for powder coatings in the anti-corrosion coatings market.
On the basis of end users, the transport segment held a market share of over 11% in 2020 and is anticipated to grow at a CAGR of over 4.1%. The growing demand for automobiles mainly in the developing regions coupled with the increasing product application in the aviation industry will boost the anti-corrosion coatings market growth during the review period.
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The major players in the global anti-corrosion coatings market are adopting various organic and inorganic growth strategies to attain a larger market dominance. For instance, in January 2020, PPG industries acquired Industria Chimica Reggiana SpA, which will strengthen its industrial and automotive coating operations.
Key manufacturers operating in the anti-corrosion coatings industry share include Valspar, AnCatt, AICA Kogyo, Sokema, Tnemec, Nippon Paints, Chugoku Marine Paints, The Sherwin-Williams Company, PPG Industries, Kansai Paints, RPM International, Jotun, Hempel, BASF, Axalta Coating, Ashland, and Akzonobel, among others.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
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Source: Global Market Insights Inc.
