Anti corrosion coatings provide a protective layer on metal surfaces to prevent corrosion. They offer advantages like enhanced aesthetics, improved functionality and increased asset lifespan. With growing infrastructural activities worldwide, the need for anti corrosion coatings is increasing in end use industries like oil gas, marine, power generation and transportation to protect critical assets and infrastructure from corrosion damage.

The Anti Corrosion Coatings Market is estimated to be valued at US$ 46.90 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving growth in the anti corrosion coatings market is the increasing investments in infrastructure development projects globally. Governments across countries are focusing more on redevelopment and expansion of infrastructure like roads, bridges, ports, rail etc. which is generating high demand for anti corrosion protective coatings. For instance, the US government has launched the Infrastructure Investment and Jobs Act with an outlay of $1.2 trillion over 5 years for rebuilding critical infrastructure. Similarly, the Chinese government’s ambitious Belt and Road Initiative involves massive infrastructure development spending. The growing construction activities associated with such large infrastructure projects are boosting consumption of anti corrosion coatings for asset protection.

Porter's Analysis
Threat of new entrants: The anti corrosion coatings market requires high capital investment for RD which reduces the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however customized solutions attract buyers.
Bargaining power of suppliers: Major raw material suppliers have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of new substitutes is low as anti corrosion coatings have well established demand and substitutes require huge investments.
Competitive rivalry: Intense competition exists among existing players.

SWOT Analysis

• Strength: Anti corrosion coatings protects assets from corrosion damage and improves durability. They have wide applications in oil gas, marine, construction etc.
  
  
• Weakness: Stringent environmental regulations increases production costs. Require advanced technologies for new formulations.
  
  
• Opportunity: Growing construction and infrastructure sectors offer new opportunities. Demand from power generation and automotive industry expected to rise.
  
  

Threats: Economic slowdowns affect demand from end use industries. Volatility in raw material prices poses challenges.

Key Takeaways
The global anti corrosion coatings market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing investments in oil gas, construction and automotive industries. Asia Pacific dominates the market currently due to presence of large construction and manufacturing sectors in China and India. North America and Europe also offer significant growth potential.

Regional analysis: Asia Pacific accounts for over 40% of the global market led by China, India and other developing nations. Increasing demand from various end use industries drives the anti corrosion coatings market in the region. Europe and North America are other major markets globally while Middle East Africa and Latin America are expected to grow at above average rates.

Key players operating in the anti corrosion coatings market are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S.