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Europe Anti-corrosion Coatings Market By Method (Solvent-based, Powder, Water-based, Others), By Product (Acrylic, Epoxy, Polyurethane, Alkyd, Chlorinated Rubber, Zinc, Others), By End-user (Shipbuilding, Oil & Gas, Infrastructure, Energy, Industrial markets (Tanks, Pipes, etc), Transport, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
Published Date: April 2021 | Publisher: Graphical Research Report ID: GR1741 | Delivery : PDF  Request Free Sample

Europe Anti-corrosion Coatings Market size exceeded USD 3,214 million in 2020 and is anticipated to exhibit a CAGR of 4.1% between 2021 and 2027. The growing energy sector, increasing need for new infrastructure, and rising installations of metal-based structures are set to fuel the market demand.

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Anti-corrosion coatings provide added protection to metal surfaces by acting as a barrier between the surface and corrosive materials or chemical compounds. Moreover, many anti-corrosion coatings provide abrasion resistance, non-stick performance, and chemical protection. Therefore, the effective use of coatings with anti-corrosion properties helps in ensuring an extended lifespan to metal components.

Machinery and other equipment succumbing to corrosion by coming into straight contact with heat, water, and sunlight is a common challenge faced by several industries. Corrosion, which can be caused by a wide range of chemical and physical factors is a key threat to concrete and metal-based structures. Industries that extensively use anti-corrosion properties include oil & gas, aerospace, chemical manufacturing, transportation, construction, power generation, and marine, among others. Therefore, anti-corrosion coatings are formulated in such a way that safeguard assemblies exposed to enormously corrosive environments. Structures and components, including ships, vessels, tanks, pipes, containers, turbines, manufacturing equipment, oil well drilling rigs, turbines, sea power utilities, and other drilling equipment generally employ coatings with superior anti-corrosion properties.

On the other hand, following the shutdown of many economical activities caused by the COVID-19 crisis, the metal & metal-based components witnessed a significant reduction in demand. The imposed lockdowns restricted manufacturing operations and the production & consumption of metal declines, negatively affecting the market size. In 2020, the anti-corrosion coatings industry witnessed a severe downfall in demand of over 9% compared to the year before. However, the regions have entered into a recovery phase and economic activities are again on their normal course, which is expected to boost product consumption and create a positive outlook for the future.

European Market, By Product

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Epoxy coatings segment dominated over 42% of the market share in 2020. The strong product demand for industrial applications is the major factor supporting the segment growth. Epoxy coating is exclusively used for metal surfaces by numerous industries. These coatings possess superior anti-chemical and anti-rust resistance and find wide applications in industries like oil & gas, infrastructure, and marine. Epoxy coating provides protection against salt spray, moisture, industrial chemicals, oxidation, and exposure to a variety of environmental factors.

European Market, By Method

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Based on the method, water-based coatings segment size was over USD 1,367.7 million in 2020. The demand for water-based coatings is primarily supported by the environmental compliance of the product. Most of the research activities in anti-corrosion coatings revolve around developing a coating with limited or no VOC content. Stringent environmental regulations have encouraged industry participants to use high-solids or water-borne coatings as a means to limit exposure to detrimental solvents.

European Market, By End-user

Among end-use industries, the oil & gas segment accounted more than 19% Europe anti-corrosion coatings market share in 2020 and is predicted to register a growth of over 4.3% from 2021 to 2027. The oil & gas industry consumed over 145 kilotonnes of anti-corrosion coatings in 2020 and is expected to observe a substantial rise in consumption by 2027. Additionally, the infrastructure sector is another key consumer of these coatings and also accounted for a considerable market share. High investments in construction projects and a growing population are some of the major factors driving the demand for anti-corrosion coatings from the segment.

Competitive Industry Landscape

Some of the key manufacturers of anti-corrosion coatings include BASF SE, Kansai Paint Co., Ltd., PPG Industries, Chugoku Marine Paints, Ltd., Nippon Paint Holdings Co., Ltd., Ashland Global Holdings Inc., Axalta Coating Systems, Hempel Group, Jotun Group, RPM International Inc., and Sokema Advanced Technology Painting Systems.
 

Frequently Asked Question(FAQ) :

The market for anti-corrosion coatings in Europe generated revenues of USD 3,214 million in 2020 and will grow at a 4.1% CAGR up to 2027.
Epoxy-based anti-corrosion coatings captured 42% of the market share in 2020 and will continue to dominate the industry trends.
Water-based coatings segment generated USD 1,367.7 million in 2020 and will see higher demand owing to environmental compliance of the product.
Oil & gas sector held 19% revenue share of European market in 2020 and will grow at a CAGR of 4.3% through 2027.

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