(IT-NEWSWIRE.COM, August 24, 2022 ) The Anti-Corrosion Coating Market size is estimated to be USD 24.8 billion in 2017 and is anticipated to reach USD 31.7 billion by 2022, at a CAGR of 5.0%. Rising loss due to corrosion is one of the most significant factors influencing the growth of the anti-corrosion coating market. Additionally, the growth of end-use industries, including automotive & transportation and power generation, is driving the anti-corrosion coatings market demand.
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The acrylic segment is projected to account for the largest market share between 2017 and 2022.
Acrylics are projected to account for the largest market share during the forecast period. Increasing production of waterborne acrylic coatings in line with stringent environmental regulations on the manufacturing solventborne coatings are the major factors driving the demand for acrylic anti-corrosion coatings. Also, the rising demand from the marine, oil & gas, and automotive & transportation industries is driving the acrylic segment.
Power generation is projected to be the fastest-growing end-use industry segment of the anti-corrosion coating market.
Power generation is projected to be the fastest-growing end-use industry segment between 2017 and 2022. The growth of this segment is attributed to the rising need for harnessing renewable energy sources and the corrosiveness of industrial equipment. The power generation segment is projected to register the highest CAGR during the forecast period in Asia Pacific.
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The high dependency of Asia Pacific countries on conventional energy has led to their depletion. This is propelling the need to harness alternative sources such as renewable energy, especially wind and solar. Installations of solar and wind energy systems in high corrosion environments reduce their performance. Thus, the need to protect these systems from corrosion is driving the demand for anti-corrosion coatings in the power generation sector.
Asia Pacific is projected to be the largest market during the forecast period.
The Asia Pacific anti-corrosion coating market is expected to be the largest market between 2017 and 2022. Increasing demand for anti-corrosion coatings from various end-user industries, such as infrastructure, automotive & transportation, and power generation is fueling the growth of the market.
AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Axalta Coating Systems Ltd. (US), PPG Industries, Inc. (US), BASF SE (Germany), Hempel A/S (Denmark), Ashland Inc. (US), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan) led the global anti-corrosion coating market.
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