By 2031, the global anti-corrosion coatings market is anticipated to be worth US$48.2 billion and increase at a compound annual growth rate (CAGR) of 4.6%.
Anticorrosion coatings are coatings applied on a surface to prevent it from corrosion. Other desired characteristics of anticorrosion coatings comprise light weight, chemical resistance, abrasion resistance and gloss retention among others. Heavy metals such as zinc and titanium are among major raw materials employed in the production of anticorrosion coatings. Major application segment for anticorrosion coatings include building & construction, automotive, industrial machinery and electronics among others. Building & construction is the most dominant application segment for anticorrosion coatings and this trend is anticipated to continue during the forecast period.
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The increasing use of advanced materials, such as aluminum and stainless steel, in various industries is driving the demand for corrosion-resistant coatings. In the automotive industry, for example, the use of aluminum in the manufacturing of vehicle bodies and components is on the rise, due to its lightweight and corrosion-resistant properties. This is expected to drive the demand for anticorrosion coatings in the automotive industry.
In the marine industry, the increasing number of offshore oil and gas exploration and production activities is driving the demand for anticorrosion coatings. These coatings are used to protect offshore structures, such as platforms and pipelines, from the corrosive effects of seawater and other environmental factors.
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The development of infrastructure, such as bridges and buildings, in developing countries is also expected to drive the demand for anticorrosion coatings. In addition, the increasing use of coatings in the aerospace industry to protect aircraft and spacecraft from the corrosive effects of harsh environmental conditions is expected to drive the market growth.
Overall, the growing demand for protective coatings from various industries is expected to drive the global anticorrosion coating market in the coming years.
North America is the second largest market for anticorrosion coatings followed by Europe. Demand for anticorrosion coatings in North America and Europe is expected to foresee a sluggish growth rate primarily owing to market saturation coupled with surge in environmental regulations.
Moreover, reviving automotive segment in Europe is anticipated to drive anticorrosion coatings market growth in the region. High growth in the developing economies of South America and Africa is anticipated to offer huge growth opportunity for anticorrosion market.
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