The global anti-corrosion coatings Market is estimated to surpass $22.36 billion by 2023 growing at an estimated CAGR of more than 5% during 2018 to 2023. These coatings are in high demand as they help to reduce corrosion, protect the valuable assets, and increase the efficiency of the machines. APAC is dominating this market with a share of approximately 50% in 2017 and generating revenue $8.91 billion in in 2017. It is expected to grow at a CAGR of more than 6.43% to reach $12.17 billion by 2023 which is mainly attributed to the growing demand from the construction industry. Oil and Gas is the industry application with major revenues and volumes.
What is an Anti-corrosion coating?
Corrosion is the surface deterioration of metal/alloys within particular environment because of moisture, salt spray, oxidation or exposure to industrial chemicals. Anti-corrosion coatings prevent the corrosion of metals/alloys by acting as a barrier between the metals and the corrosive materials in contact. The coatings are highly useful for enhancing the sheet life, its usages and aesthetic value. These sheets are being utilized in various industries ranging from automotive, marine, oil & gas, industrial, power generation, and others.
What are the major applications for Coatings?
The various end users assessed include Oil & gas, automotive, aerospace, construction & infrastructure, marine, and energy & power. In marine industry, corrosion control is used to reduce or entirely eliminate sea water corrosion problems. Many destructive attacks can occur in the structure and other equipment of ships due to direct contact of these parts with saline sea water. Aqueous corrosion is the problem encountered after coming in contact with the sea water. Marine industry can also experience atmospheric corrosion due to exposure of metallic parts in the atmosphere containing reactive chemical compounds.
Automotive industry uses anti-corrosion paint technology as solution from rusting in various parts of the vehicle. These uniform anti-corrosion coatings provides effective base coat for paints, sealers, e-coat, and other topcoats above the metallic vehicle parts. These coatings can be used in fasteners, body hardware, door closure, and lock part.