Anti Corrosion Coating Market

Growth in the automotive industry

Corrosion is a long-term challenge for automakers, not least because it is caused by a variety of variables, some of which are beyond the OEMs' control. Because vital elements like brake and suspension components are critical to road safety, manufacturers and suppliers are constantly developing advanced corrosion protection solutions. A few recent recalls involving Mazda, Toyota, Kia, and Mitsubishi illustrate the issue of suspension part corrosion. The automotive industry is a rapidly growing sector of most country’s economies. Because of consumer and population growth, the continuous need for a better, safer, and more cost-effective transportation approach with low emissions are growing.

The automobile sector's profitable growth prospects are driven by variables such as vehicle electrification projects, flourishing public transit, and urbanization. According to the European Automobile Manufacturer Association, South American automobile production increased by 11% in 2021, while US car production increased by 3.1%. The International Organization of Motor Vehicle Manufacturers (OICA) reports that worldwide passenger vehicle production climbed from 55,834,456 units in 2020 to 57,054,295 units in 2021.

The electric vehicle (EV) market has witnessed robust growth in the past few years and is likely to expand rapidly. The demand for EVs increased in recent years, which is attributed to the growing sentiments of consumers as well as manufacturers toward environmental concerns. The development of Fuel Cell Electric Vehicles (FCEVs) is a breakthrough in the automotive industry. This is expected to boost both the demand for and production of EVs shortly. International conventions and conferences, such as the Kyoto Protocol, the Montreal Protocol, and the Paris Agreement, are laying down binding regulations to limit pollution across the globe.

This regulatory trend is expected to continue in the future and is likely to fuel e-mobility, which is expected to account for 30% of automotive production.

Thus, the growth in automotive industry are likely to drive the growth of the Anticorrosion Coating market revenue.

The Global Anticorrosion Coating Market Industry is experiencing growth driven by increasing infrastructure development across various regions. Governments are investing heavily in infrastructure projects, including bridges, highways, and buildings, which require effective anticorrosion solutions to enhance durability and longevity. For instance, the global infrastructure spending is projected to reach approximately 34.6 USD Billion in 2024, highlighting the demand for protective coatings. This trend is expected to continue, as aging infrastructure necessitates maintenance and upgrades, further propelling the need for advanced anticorrosion coatings that can withstand harsh environmental conditions.

By Region, the study segments the market into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific Anticorrosion Coating market accounted for USD 11.35 billion in 2021 and is expected to exhibit a 4.47% CAGR during the study period. This is attributed to the robust growth of the automotive, oil & gas and other industry in China, India. This high share is attributable to the rising demand for Electric Vehicles (EVs) in countries, such as China, India, and Japan.

In addition, the presence of various automotive manufacturers, which are involved in research & development activities is fueling the demand for Anticorrosion Coating.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  ANTICORROSION COATING MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

North America Anticorrosion Coating market accounts for the significant market share due the automotive & rail application segment is expected to witness considerable growth owing to increasing demand for smart EVs in the region, which requires lightweight and durable components to improve vehicular efficiency. Further, the USA Anticorrosion Coating market held the largest market share, and was the fastest growing market in the region

The Europe Anticorrosion Coating Market accounted for second-largest market share from 2022 to 2030. The regional market is driven by the growth of the major application sectors, such as oil & gas and marine applications. Moreover, Germany's Anticorrosion Coating market held the largest market share and was the fastest growing market in the European region.

The  Anticorrosion Coating market is characterized by the presence of , regional, and local players. The market is highly consolidated, with all the players competing to gain significant market share. The key market players of Anticorrosion Coating compete based on cost, product quality, availability of raw materials, and durability of the product. They are engaged in expanding their production capacity and investing in R&D activities to gain an edge over competitors. Furthermore, the growing popularity of Anticorrosion Coating in automotive industry is expected to offer lucrative opportunities to manufacturers in the coming years.

However, scarcity of raw materials is expected to hinder the growth of the market studied significantly.

Additionally, the adoption of various strategies by Anticorrosion Coating industry such as expansion, R&D, agreements, acquisitions, collaborations, and investments is expected to help these players to gain maximum revenue and long-term growth during the review period. The key participants in the  Anticorrosion Coating market are 3M (US), BASF SE (Germany), Hempel Group (Europe), Kansai Paint Co. Ltd (Japan), PPG Industries (US), The Dow Chemical Company (US), Wacker Chemie AG (Germany), Valspar (US), Bluchem (South Africa), and RPM International Inc.(US).

3M is a diversified technology company with a  presence. It operates through four business segments: safety and industrial, transportation and electronics, healthcare, and consumer. The company produces over 60,000 products under different brands, including abrasives, adhesives, laminates, personal protective equipment, window films, passive fire protection, paint protection films, and many more. The company operates through 64 manufacturing facilities in 29 states in the US. Internationally, the company has 97 manufacturing and converting facilities across 35 countries.

Also, BASF SE (BASF) is one of the largest chemical producers in the world. The company has divided its business segments into six divisions, namely, materials, industrial solutions, chemicals, surface technologies, agricultural solutions, and nutrition & care.  The company operates through 12 divisions that manage 54  and regional business units and develops strategies for the 86 strategic business. BASF has a presence in 80 countries and operates through six Verbund sites, which interlink the working of production plants, energy flows, and infrastructure in different regions.

BASF primarily operates in Europe and has an active presence in the Americas, Asia-Pacific, and the Middle East & Africa.