North America Anti-corrosion Coating Market Expected to Reach USD 7,547.5 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “North America Anti-corrosion Coating Market by Types, End-use Industries, and Regions: Size, Share, Trends, and Opportunity Analysis, 2017-2027”, the market was valued at USD 5,479.1 Million in 2019 and is expected to expand at a CAGR of 4.8% 2020 to 2027. Some metals and alloys, such as steel, iron, aluminum, and magnesium, are commonly used in oil & gas, shipbuilding, maritime, nuclear, transport, automobile, and other industries that are at a risk of corrosion. Many methods have been used to protect these metals from corrosion. Anti-corrosion coatings has been used for many years due to its longevity and performance. Various corrosion coatings have been developed and tried in an effort to challenge the destructive effects of corrosion on metal. The coating applied on the metal surfaces are different respective to the type of metal owing to variations in the physical and chemical properties of different varieties of metals and alloys. Each coating depends on the type of metal used and applied, such as water-based coating, solvent-based coating, powder coating, and others.

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The North America anti-corrosion coating market is fragmented based on types, end-use industries, and regions. In terms of types, the market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. On the basis of end-use industries, the market is segregated into marine, oil & gas, industrial, construction, energy, automotive, and others. North America is further bifurcated into countries such as the US and Canada.

The influence of COVID-19 is deeply felt in the building industry due to the high reliance of the various industries on imports. Furthermore, the pandemic has led to the closing of many non-essential enterprises, reducing the world’s market for anti-corrosion coatings, which in turn, has impeded the metal industry. Since the COVID-19 pandemic is reducing the end-user demand for construction products worldwide, the demand for anti-corrosion coating is expected to reduce in the short-term. COVID-19 has significantly reduced production of manufacturing units, compelling them to employ 50% of the workforce. Additionally, the global supply chain has stalled due to constraints on national boundaries.

As per GMR industry analyst Akshata Ahire, “The North America anti-corrosion coating market is anticipated to grow significantly during forecast period from 2020 to 2027 driven by increasing manufacturing machines spending globally, as developed and developing counties aim at enhancing public infrastructure owing to the rapidly growing population. Growing damages due to corrosion and increasing demand for anti-corrosion coatings from various end-use industries are key factors that are expected to drive the anti-corrosion coating market during the forecast period. These factors create opportunities in this market. Key players in the market are actively focusing on R&D activities to develop anti-corrosion coatings.”

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Key Takeaways from the Study:

• The US accounts for a major share of the market. The market in US is projected to expand at significant CAGR during the forecast period. The growth of the market in Canada can be attributed to the government initiatives. For instance, The Government of Canada is invested USD 36.4 million to support the development and implementation of deep retrofits for existing buildings and net-zero-energy-ready buildings through research, development, and demonstration (RD&D) initiatives to accelerate the development of technologies.
• The epoxy segment is projected to dominate the anti-corrosion coatings market during the forecast period due to the growing demand for epoxy coatings from the marine, oil & gas, and infrastructure industries.
• The oil & gas segment is projected to expand at a significant CAGR between 2020 and 2027 due to the high demand for anti-corrosion coatings from solar & wind power plants and coal-fired power plants.

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Report Scope:

Target Audience:

• Supply-side: Metal building material manufacturers, raw material suppliers, primary respondents, and distributors
• Demand-side: Marine industry, oil & gas industry, industrial industry, construction industry, energy industry, automotive industry, and others
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
• Associations and Industry Bodies: Environmental Protection Agency (EPA), International, Organization for Standardization (ISO), North American Metals Council (NAMC), Ministry of Health, Labor and Welfare (MHLW), World Trade Organization (WTO), American Institute of Steel Construction(AISC), Occupational, Safety and Health Administration (OSHA), American National Standards Institute (ANSI)

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