High-Performance Anti-Corrosion Coatings Market - Forecast(2023 - 2028)

Report Code: CMR 41009 Report Format: PDF + Excel

High-Performance Anti-Corrosion Coatings Market Overview

The High-performance Anti-corrosion Coatings Market size is forecast to reach US$9.1 billion by 2027, after growing at a CAGR of 5.3% during the forecast period 2022-2027. High-performance anti-corrosion coatings can be categorized into epoxy, zinc phosphate, vinyl esters, phenolic, polyurethane alkyd resin, and more. It is used in a wide range of industries which include oil and gas, infrastructure, power generation, building & construction, automotive, and other industries. According to the German Association of the Automotive Industry (VDA), the global expenditure rose to US$ 51.5 billion in 2020, out of which the German automotive industry accounts for more than one-third of total global R&D expenditure in the automotive sector. In 2019, the Florida Public Service Commission commenced a combined project for the development of two new gas-fired power plants in order to meet the future power demand of cooperative electric consumers, which is scheduled to be completed by the end of 2022. An increase in demand from the automotive and power generation sectors acts as the major driver for the market. On the other hand, fluctuating prices of raw materials including resins, titanium oxides, solvents, pigments, and additives are likely to obstruct the market and hinder its growth.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced construction, and production activities as a result of the country-wise shutdown of construction sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, a slow recovery in new development and construction contracts has been witnessed across many countries around the world since 2021. For instance, according to the General Statistics Office (GSO) of Vietnam, the building & construction industry recorded a growth of 5.7% during the third quarter of 2020, and up to 5.5% during the fourth quarter of 2020. Furthermore, in order to encourage the private investors, the government also offered incentives to developers for the construction of affordable houses and has set aside US$1.3 billion for the construction of affordable houses in the country during the period of 2018 to 2022.

In this way, a steady increase in building and construction activities is expected to increase the demand for high-performance anti-corrosion coatings such as zinc phosphate, and epoxy coating for use in the metal structures that are used to support the entire building for high strength, durability, and corrosion protection. This indicates a slow and steady recovery of the market in the upcoming years.

Report Coverage

The report: “High-performance Anti-corrosion Coatings Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the High-performance Anti-corrosion Coatings Industry.

By Resin Type: Epoxy, Zinc Phosphate, Vinyl Esters, Polyurethane, Alkyd, Thermoplastic, Chlorinated Rubber, Fluoropolymer, Phenolic, Polytetrafluoroethylene (PTFE), Others.
By Coating Technology: Water-borne, Solvent-borne, Powder, UV-curable.
By End-Use Industry: Oil and Gas, Infrastructure, Automotive, Power Generation, Marine, Building & Construction, Aerospace, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

  • The Epoxy Resin held the largest share in the high-performance anti-corrosion coatings market in 2021. Its wide range of characteristics, corrosion resistance, and heat resistance properties made it stand out in comparison to other resins in the market.
  • Water-borne coating technology in High-performance Anti-corrosion Coatings Market is expected to see the fastest growth, especially during the forecast period, owing to its increasing demand and benefits over other types of high-performance anti-corrosion coating technology.
  • Asia-Pacific dominated the High-performance Anti-corrosion Coatings Market in 2021, owing to the increasing demand for high-performance anti-corrosion coatings from the infrastructure sectors of the region. In November 2021, the Ministry of Transport (MoT) of Vietnam launched 67 new infrastructure projects as part of the 2021-2025 mid-term public investment plan.

Figure: Asia-Pacific High-performance Anti-corrosion Coatings Market Revenue, 2021-2027 (US$ Billion)

High-Performance Anti-Corrosion Coatings Market

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High-Performance Anti-Corrosion Coatings Market Segment Analysis – By Resin Type

The epoxy segment held a significant share in the High-performance Anti-corrosion Coatings in 2021, owing to the increasing demand for epoxy resin due to the characteristics and benefits it offers over other types of resin. For instance, it has a wide range of characteristics, easy processing, and they are less affected by heat, water, and other factors as compared to vinyl esters, phenolic, polyurethane alkyd resin, and other types of resins. Moreover, epoxy resins are easier to process, have high strength, high mechanical properties, low reduction during cure, along with high corrosion resistance, which makes them ideal for use in high-performance anti-corrosion coatings in comparison to other resins. Hence, all of these properties are driving its demand over other types of resin, which in turn, is expected to boost the market growth in the upcoming years.

High-Performance Anti-Corrosion Coatings Market Segment Analysis – By Coating Technology

The water-borne coating held the largest share in the High-performance Anti-corrosion Coatings Market in 2021 and is expected to grow at a CAGR of 5.4% between 2022 and 2027, owing to a range of advantages they offer over other types of coating technology. Waterborne coatings are surface coatings that contain 80% water and a small number of other solvents such as polyvinyl ether and glycol. It offers a wide range of properties and benefits such as excellent adhesion properties, good resistance to heat and abrasion, along with anti-corrosion properties in comparison to solvent-borne and other types of coatings. Moreover, water-borne coatings are environment friendly due to low VOC and HAP levels which makes them less toxic and flammable in comparison to solvent-borne, and other coating technology. Thus, all of these benefits are driving its demand over other types of coating technology, which in turn, is anticipated to drive the growth of the market during the forecast period.

High-Performance Anti-Corrosion Coatings Market Segment Analysis – By Geography

The Asia Pacific held the largest share in the High-performance Anti-corrosion Coatings Market in 2021 up to 31%. The consumption of high-performance anti-corrosion coatings is particularly high in this region due to its increasing demand from the infrastructure and industrial sectors. For instance, in December 2021, the construction of the Dung Quat industrial power plant began in Vietnam. The development of the industrial power plant is expected to be completed and become operational by the end of 2023.

Furthermore, in September 2019, the Ministry of Power, India commenced the construction of the Buxar industrial power plant in Bihar. The project is scheduled to be completed by 2023. In November 2020, the Ministry of Railways, India announced its plans to complete 513 infrastructure projects including railways, expressways, ports, and more by the end of 2024.

High-performance anti-corrosion coatings are used to protect concrete, steel, and reinforced concrete structures used in industrial buildings, bridges, railways, dams, and other infrastructures from harsh environments and climate while protecting them from corrosion. Thus, an increase in the development of industrial buildings and infrastructure in the region is expected to increase the demand for high-performance anti-corrosion coating, leading to the growth of the market in the upcoming years.

High-Performance Anti-Corrosion Coatings Market – Drivers

An increase in demand from the automotive industry is most likely to increase demand for the product

According to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions worldwide. Likewise, according to the European Automobile Manufacturers Association (ACEA), the EU demand for new passenger cars significantly increased by 25.2% from January-June 2021 and reached around 5.4 million units in total.

High-performance anti-corrosion coatings such as vinyl esters, zinc phosphate, and epoxy coating are used in areas of vehicles that are most vulnerable to deterioration and harsh environments. It is used to protect the automobile substrate by providing a barrier between the metal and its external environment. Hence, an increase in demand and production of automobiles is expected to increase the demand for high-performance anti-corrosion coating, leading to the growth of the market in the upcoming years.

An increase in demand from the power generation industry is most likely to increase demand for the product

Power generation plants sustain high pressure and high temperatures in harsh operations and severe environmental conditions. High-performance anti-corrosion coating is used in power plants to protect critical equipment, machinery, and systems abrasion, wear, and corrosion. In 2019, the Florida Public Service Commission approved the commencement of a combined project for the development of two new gas-fired power plants in order to meet the future power demand of cooperative electric consumers. Seminole Electric Cooperative is responsible for the construction of a new 1.1 GW power plant in Putnam County, which is expected to start its services by end of 2022. Meanwhile, Shady Hills Energy Center is responsible for building a new 573 MW natural gas facility in Pasco County. Likewise, in 2019, the Comision Federal de Electricidad (CFE), a state power utility company of Mexico, approved the construction of three natural gas-fired power plants with an overall capacity of 1720 MW.

In this way, such an increase in power projects is expected to increase the demand for high-performance anti-corrosion coatings such as vinyl esters, zinc phosphate, and epoxy coating for the protection of important equipment, and machinery used in the power plants from wear, and corrosion, thus, resulting in the growth of the market in the upcoming years.

High-Performance Anti-Corrosion Coatings Market – Challenges

Fluctuating prices of raw materials including resins, titanium oxides, solvent, pigments, and additives may confine the market growth

Shortage and lack of availability of key raw materials along with a significant increase in prices are causing disruption to the coatings industries in the UK, Europe, and other regions across the world. For instance, BCF’s monthly raw material prices survey shows the largest increase in prices of solvent in January 2021 in comparison to last year. The results depicted an increase in prices of acetone by 123%, n-butyl acetate by 91%, IPA by 41%, and n-butanol by 54%. Likewise, a sharp increase in prices for epoxy resins has been seen during the first quarter of 2021, an increase of 60% in comparison to the third quarter of 2020. Other raw materials prices are also expected to increase by 2022. Hence, fluctuating prices of such raw materials may confine the market growth.

High-performance Anti-corrosion Coatings Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the High-performance Anti-corrosion Coatings Market. High-performance Anti-corrosion Coatings top 10 companies are:

  1. PPG Industries Inc.
  2. BASF SE
  3. AkzoNobel NV
  4. Nippon Paints
  5. RPM International Inc.
  6. Sherwin-Williams Company
  7. Beckers Group
  8. H.B. Fuller Company
  9. HEMPEL AS
  10. Jotun

Recent Developments

  • In January 2022, IGL Coatings launched its clear graphene reinforced anti-corrosion coating. The new product is capable of enduring and protecting against atmospheric corrosive conditions while allowing consumers to identify early signs of corrosion defects with its transparency.
  • In February 2021, PPG Industries launched PPG HI-TEMP 1027HD coating for corrosion-under-insulation applications in North America. It is a high-build product that is capable of providing excellent protection against corrosion on pipes, vessels, and construction parts when plants are in operation. It is designed to withstand severe temperature cycles ranging from -196 degrees Celsius to 540 degrees Celsius.
  • In November 2019, BASF launched MasterProtect 9000, an anti-corrosion coating system that ensures 25 years of maintenance-free protection for offshore and marine structures. It offers reliable, consistent, and highly durable protection against steel corrosion.

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1. High-performance Anti-corrosion Market- Market Overview
    1.1 Definitions and Scope
2. High-performance Anti-corrosion Market - Executive Summary
    2.1 Key Trends by Resin Type
    2.2 Key Trends by Coating Technology
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. High-performance Anti-corrosion Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. High-performance Anti-corrosion Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. High-performance Anti-corrosion Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. High-performance Anti-corrosion Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. High-performance Anti-corrosion Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. High-performance Anti-corrosion Market– By Resin Type (Market Size - US$ Million/Billion)
    8.1 Epoxy
    8.2 Zinc Phosphate
    8.3 Vinyl Esters
    8.4 Polyurethane
    8.5 Alkyd
    8.6 Thermoplastic
    8.7 Chlorinated Rubber
    8.8 Fluoropolymer
    8.9 Phenolic
    8.10 Polytetrafluoroethylene (PTFE)
    8.11 Others
9. High-performance Anti-corrosion Market– By Coating Technology (Market Size - US$ Million/Billion)
    9.1 Water-borne
    9.2 Solvent-borne
    9.3 Powder
    9.4 UV-curable
10. High-performance Anti-corrosion Market– By End-Use Industry (Market Size - US$ Million/Billion)
    10.1 Oil and Gas
    10.2 Infrastructure
    10.3 Automotive
    10.4 Power Generation
    10.5 Marine
    10.6 Building & Construction
    10.7  Aerospace
    10.8 Others
11. High-performance Anti-corrosion Market - By Geography (Market Size - US$ Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. High-performance Anti-corrosion Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs, and Partnerships
13. High-performance Anti-corrosion Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Geography - Major companies
    13.4 Market Share at Country Level - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. High-performance Anti-corrosion Market – Key Company List by Country Premium Premium
15. High-performance Anti-corrosion Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"Financials would be provided on a best efforts basis for private companies*"

LIST OF TABLES

1.Global High-performance Anti-corrosion Coatings Market Analysis, by Product Market 2019-2024 ($M)
2.Global Competition Landscape Market 2019-2024 ($M)
3.Global High-performance Anti-corrosion Coatings Market Analysis, by Product Market 2019-2024 (Volume/Units)
4.Global Competition Landscape Market 2019-2024 (Volume/Units)
5.North America High-performance Anti-corrosion Coatings Market Analysis, by Product Market 2019-2024 ($M)
6.North America Competition Landscape Market 2019-2024 ($M)
7.South America High-performance Anti-corrosion Coatings Market Analysis, by Product Market 2019-2024 ($M)
8.South America Competition Landscape Market 2019-2024 ($M)
9.Europe High-performance Anti-corrosion Coatings Market Analysis, by Product Market 2019-2024 ($M)
10.Europe Competition Landscape Market 2019-2024 ($M)
11.APAC High-performance Anti-corrosion Coatings Market Analysis, by Product Market 2019-2024 ($M)
12.APAC Competition Landscape Market 2019-2024 ($M)
13.MENA High-performance Anti-corrosion Coatings Market Analysis, by Product Market 2019-2024 ($M)
14.MENA Competition Landscape Market 2019-2024 ($M)

LIST OF FIGURES

1.US High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
2.Canada High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
3.Mexico High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
4.Brazil High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
5.Argentina High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
6.Peru High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
7.Colombia High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
8.Chile High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
9.Rest of South America High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
10.UK High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
11.Germany High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
12.France High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
13.Italy High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
14.Spain High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
15.Rest of Europe High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
16.China High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
17.India High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
18.Japan High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
19.South Korea High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
20.South Africa High-performance Anti-corrosion Coatings Market Revenue, 2019-2024 ($M)
21.North America High-performance Anti-corrosion Coatings By Application
22.South America High-performance Anti-corrosion Coatings By Application
23.Europe High-performance Anti-corrosion Coatings By Application
24.APAC High-performance Anti-corrosion Coatings By Application
25.MENA High-performance Anti-corrosion Coatings By Application