Corrosion is a natural process which deteriorates the material by undergoing the chemical or electrochemical reaction with the environment. Precisely, corrosion degrades the mechanical and physical properties of the materials including strength, appearance and resistance to loads and so on which lead to loss of functionality and damage to equipment. The corrosion is most commonly seen in iron and steel alloys along with products such as pipes, metal plates, coils and metal bars. Emphasis to reduce material losses caused due to corrosion and make the materials sustainable to environmental impacts has been amplifying the utilization of anticorrosion coatings which is stimulating the market
act as a barrier to hamper the contact between the chemical compounds and the materials. These coatings assist in increasing the life span of metal components. Moreover, anti-corrosion coatings are widely used in oil & gas, automotive, manufacturing, marine and processing industries. Owing to the continuous rise in need for these type of coatings in numerous industry verticals, the market is anticipated to grow in the coming years. Corrosion also has an adverse effect on non-metals. Additionally, stringent government regulations concerning product lifespan also elevated the utilization & demand for these coatings in various industry verticals propelling its market growth.
As per the statistics by NACE International, the annual global cost of corrosion is $2.5 trillion, which approximately equals to 3.4% of world’s overall GDP. Moreover, the failure costs occurred due to corrosion amounts to about $375-$475 billion and by using anti-corrosion coatings, this cost can be reduced to 15-20%. The cost of corrosion annually is over $1.1 Trillion in 2016 in U.S. This has bolstered the growth of anti-corrosion coatings sales and intensified the market growth in that region. Emergence of high performance coatings like multi-functional coatings which provide high corrosion resistance, adhesiveness and more have been raising the demand for anticorrosion coating and is estimated to continue over the forecast period.
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