August 11, 2022 02:00 ET | Source: Graphical Research Graphical Research
Pune, India, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Heavy-Duty Anti-Corrosion Topcoat
As per a recent industry report put forward by Graphical Research, the Europe anti-corrosion coatings market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 4.5 billion by 2027.
The market growth is due to the growth in the energy sector, growing need for new infrastructure, and the increasing installation of metal-based structures. Anti-corrosion coatings offer added protection to the metal surfaces by acting as a barrier between the surface and corrosive materials or the chemical compounds.
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Anti-corrosion solutions offer abrasion resistance, protection from chemicals, and non-stick performance, expanding the lifespan of metal components. It is worth mentioning that the temporary shutdown of several economic activities caused due to the coronavirus pandemic in 2020 had widely affected the sale of the coatings. The imposed lockdowns restricted the manufacturing operations along with affecting the production and consumption of metal.
In the year 2020, anti-corrosion coatings market recorded a heavy downfall in the demand of more than 9% when compared to the previous year, but the regional market size is anticipated to reach USD 4.5 billon by 2027. As of 2021, a notable part of the region has entered the recovery phase and economic activities are on their normal course, which will boost the consumption of coatings across Europe.
Expounded below are some of the factors likely to influence Europe anti-corrosion coatings market through 2027.
Favorable characteristics of epoxy coatings
Superior properties of epoxy coatings like anti-chemical and anti-rust resistance are some of the integral factors supplementing the compound use. Moreover, these coatings are widely used for metal surfaces by various industries, primarily oil and gas, marine, transportation, and others. The efficacy of epoxy coatings against oxidation, moisture, industrial chemicals, and other environmental factors is driving the product adoption.
Widespread use in oil and gas industry
Among the various end-users, anti-corrosion coatings find extensive use in Europe oil and gas sector over the years. In the year 2020, the oil and gas industry consumed more than 145 kilotons of these coatings and is expected to witness a considerable rise in consumption through 2027.
Moreover, the infrastructure sector has emerged as a key consumer of anti-corrosive coatings, accounting for a considerable market share. Superior investments in construction projects along with a rising population are some of the leading factors driving the demand for anti-corrosion coatings in Europe.
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High adoption of water-based method
With respect to the method, water-based anti-corrosion coatings have drawn a large consumer base and also contributed a significant share to the European market. The demand for the compounds is supported by the environmental compliance i.e. they comprise low levels of VOC content. In addition to this, strict regulations established by the regional governments that regulate the use of harmful compounds is also encouraging the manufacturers to use water-based coatings.
Anti-corrosion coatings are formulated in a way that safeguards the assemblies that are exposed to corrosive environments. Structure and components like vessels, ships, tanks, pipes, turbines, containers, oil well sea power utilities, and other drilling equipment that mainly use coatings with enhanced anti-corrosion characteristics.
A major factor supporting the growth trends in Europe anti-corrosion coatings market is the presence of many leading industry players that are actively aiming at introducing advanced products that meet the growing need of various sectors of the economy. Some of the prominent anti-corrosion coatings companies in Europe include Hempel Group, BASF SE, Jotun Group, Sokema Advanced Technology Painting Systems, Chugoku Marine Paints, Ltd., and Nippon Paint Holdings Co. Ltd., to name a few.
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