According to a new report, published by KBV research, The Global Anti-corrosion Coating Market size is expected to reach $51.5 billion by 2031, rising at a market growth of 6.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 10,859.7 kilo tonnes, experiencing a growth of 27.2% (2020-2023).
The powder coatings segment is anticipating a CAGR of 6.8% during (2024 - 2031). Powder coatings provide robust protection against corrosion by forming a durable and continuous barrier on the substrate surface. This barrier effectively shields the metal substrate from exposure to moisture, chemicals, and environmental contaminants, preventing corrosion and extending the lifespan of coated components. Powder coatings are environmentally friendly and sustainable coatings options. They contain little to no volatile organic compounds (VOCs) or hazardous air pollutants, making them safe for both applicators and the environment.
The Epoxy is leading is leading the Global Anti-corrosion Coating Market by Type in 2023; thereby, achieving a market value of $17.8 billion by 2031. Anti-corrosion coatings based on epoxy are commonly used to protect against corrosion on marine vessels, offshore platforms, docks, and underwater structures due to exposure to moisture, salt, and harsh climatic conditions. These coatings provide excellent adhesion to metal substrates and offer long-term protection against corrosion and biofouling. Epoxy coatings are commonly applied to pipelines, storage tanks, and containment systems in the oil and gas, petrochemical, and water treatment industries.
The Oil & Gas segment is anticipating a CAGR of 6.4% during (2024 - 2031). Oil and gas facilities, including pipelines, storage tanks, refineries, and drilling rigs, constantly expose corrosive elements such as moisture, chemicals, and saltwater. Anti-corrosion coatings provide a protective barrier that helps prevent corrosion and extends the service life of these critical assets. Corrosion can compromise the structural integrity of oil and gas equipment, posing safety risks to workers and the environment. By applying effective anti-corrosion coatings, operators can enhance the safety and reliability of their assets, reducing the likelihood of accidents and ensuring uninterrupted operations.
Full Report: https://www.kbvresearch.com/anti-corrosion-coating-market/
The Asia Pacific region dominated the Global Anti-corrosion Coating Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $21.4 billion by 2031. The Europe region is experiencing a CAGR of 6.4% during (2024 - 2031). Additionally, The North America region would exhibit a CAGR of 7.3% during (2024 - 2031).
By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End Use Industry (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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