Global Anti-Corrosion Coatings Market: Overview
Anti-corrosion coatings protect various metal components from oxidation, exposure to industrial and environmental chemicals, moisture, and salt sprays. Preventing contact between corrosive materials and chemical compounds, these coatings might also feature nonstick properties. As rust and corrosion prevention is a key concern of a number of industries that have high humidity, salt, water, and mist, the global market for anti-corrosion coatings market is expected to soar.
Global Anti-Corrosion Coatings Market: Key Trends
Widespread usage in oil and gas equipment such as drill pipes and oil storage tanks is fuelling the demand for anti-corrosion coatings. As these equipment are exposed to underground water and marshy land, they need to be protected from corrosion from moisture. Moreover, the increasing demand for energy generation via oil sands, tar sands, shale gas, and oil shale is likely to further provide an impetus to the market.
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The polyurethane coatings segment has been exhibiting significant growth thanks to the availability of a wide range of colors and glossy finish that attracts consumers. These products can endure temperatures up to 110 degrees Celsius. By application, the solvent based coatings might emerge at the fore due to government regulations emphasizing the use of low volatile organic compounds in products.
Global Anti-Corrosion Coatings Market: Market Potential
In February 2017, NEI Corporation announced that the patent and trademark regulatory body of the U.S. has issued allowance for two patent applications of the firm. These two products possess hydrophobic coatings, displaying high corrosion resistance, apart from their excellent adhesive properties.
In the same month, Güntner launched a new coil protector designed for the food industry. The product possesses powder coating that is highly resistant to corrosion apart from being food safe.
U.S.-based manufacturer of grapheme, Applied Graphene Materials (AGM) has been aiding James Briggs Ltd, a paints manufacturer, in the development of anti-corrosion grapheme coatings.
A group of engineers and scientists has developed a hexagonal boron nitride monolayer that exhibits exceptional resistance to corrosion. Although this product needs to be developed further for it to be introduced in the commercial market, the future potential for it is immense, experts believe. Both anodic and cathodic currents were found to be unsuccessful at penetrating the automatically thin layer coating.
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Global Anti-Corrosion Coatings Market: Regional Outlook
North America dominates the anti-corrosion coatings market, which is supported by rising volume of military investment. The U.S., flaunting one of the world’s largest fleet bases, is likely to represent maximum share of the anti-corrosion coatings market in North America.
Asia Pacific is likely to emerge as a leading regional market owing to the foreign investments that have been pouring in. The extensive growth of the end-use industries such as oil and gas, power and energy, marine, tanks and pipes, and construction are responsible for increasing demand for anti-corrosion coatings in the developing countries of this region such as India, Malaysia, Singapore, Vietnam, Australia, and China. China is slated to emerge at the fore, as a vast population, immense production base, and growing volume of foreign investments propel its expansion.
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Global Anti-Corrosion Coatings Market: Competitive Analysis
Some of the leading companies operating in the global anti-corrosion coatings market are Hempel, The Sherwin-Williams Company, BASF, RPM International, PPG Industries, Chugoku Marine Paints, AICA Kogyo, Jotun, Axalta Coating, Kansai Paints, Ashland, Tnemec, Akzonobel, Sokema, Valspar, Nippon Paints, and AnCatt.
Japan-based Kansai Paint is planning to acquire Sadolin Tanzania, Sadolin Kenya, and Sadolin Uganda, with a view to tap the vast potential of the market in this region.
Several companies are also making sure that they improve their production capabilities. For example, PPG Industries completed a new production line at Wuhu, China. The plant produces highly efficient high solids and waterborne coatings.