Asia-Pacific Anti-corrosion Coatings Market Outlook, 2029

Asia-Pacific Anti-corrosion Coatings Market Outlook, 2029

The APAC anti-corrosion coating market has matured over the past couple of decades in tandem with the rapid industrialization and economic growth that the region has witnessed. From mere basic protection for steel and infrastructure, the market has graduated to a wide range of state-of-the-art technologies. Beginning with the adoption of conventional coatings like epoxy and polyurethane for corrosion issues in the burgeoning sectors of construction, oil & gas, and marine industries marked the beginning of the growth trajectory. Over time, new solutions such as nano-coatings and self-healing coatings entered the market, matching the rising demand for durability and sustainability. As for Asia-Pacific, if China, Japan, and South Korea are leaders in the shipbuilding industry, new shipping centers appear in Vietnam, India, and the Philippines. Both Australia and New Zealand are island nations, and the geographic scale of Australia's coastline and waterways has given rise to a very significant number of recreational, commercial, and defense vessels. China is actually both the largest importer and exporter of crude oil in the world. Hence, any alterations in the expansion measures associated with the oil and gas industry are likely to dent the anti-corrosion coatings in China. Multinational large infrastructure projects usually seek uniform anti-corrosion standards and solutions. For instance, regional programs and finances, such as those that are financed by the Asian Infrastructure Investment Bank, are funding projects necessitating high-performance anti-corrosion products to sustain longevity. Hybrid coatings that retain the properties of several types of coatings are becoming increasingly common. Such coatings carry advanced performance variables, among them enhanced adhesion, flexibility, and corrosion resistance.

According to the research report ""Asia-Pacific Anti-corrosion Coating Market Outlook, 2029,"" published by Bonafide Research, the Asia-Pacific Anti-corrosion Coating Market is anticipated to grow with more than 6% CAGR from 2024–2029.There is a growing propensity toward maintaining assets and asset management, which focuses on extending the life of an asset while minimizing operational expenditure. Anti-corrosion products form an integral part of maintenance strategies, as they avoid damage due to corrosion and reduce frequent repairs or replacement of the same. There is an expanding demand for Electric Vehicles (EV) in countries like China, India, and Japan. The presence of numerous automobile companies, including Tata Motors, Mahindra and Mahindra Ltd, and Bajaj Auto Ltd. that conduct their research & development activities in this region shall augment the development of the industry within the next seven years. Anti-corrosion coatings in industrial and infrastructural projects are employed in such a manner that the respective structure has both longevity and safety. This has led to an increase in the consumption of anti-corrosion products as companies and governments seek solutions against such adversities arising from moisture, chemicals, and environmental exposure. The government's ambitious infrastructure plans in India, under the National Infrastructure Pipeline, will involve a renovation of roads, bridges, and urban infrastructure. That is expected to surge demand for anti-corrosion coatings to protect these assets. For instance, China and India are both in the process of developing stringent regulations to help control the ecological impact of coatings in the quality of products. The increasing pressure imposed by environmental legislation is forcing manufacturers in developing low-VOC and eco-friendly coatings. China has introduced strict environmental regulations in their Five-Year Plans and through the guidelines of the Ministry of Ecology and Environment. These regulations focus on the reduction of volatile organic compounds in the coatings and urge the formulation of such materials that are environmentally friendly. The careful attitude exists in India because the CPCB, in combination with the state environmental agencies, insists that VOC-emitting and hazardous substances be kept under check. The EPA of South Korea sets regulations for chemical substances and their emissions.

Market Drivers

• Booming Construction and Manufacturing Sectors:The Asia-Pacific anti-corrosion coating market is propelled by the booming construction and manufacturing sectors in countries like China, India, and Southeast Asia. Rapid urbanization and industrialization in these regions have led to an unprecedented demand for infrastructure development, including residential, commercial, and industrial projects. These developments require extensive use of anti-corrosion products to protect steel structures, machinery, and other assets from corrosion, particularly in humid and coastal areas. The growth of the manufacturing sector, which involves significant use of metals and machinery, drives the demand for corrosion protection solutions.

Market Challenges

• Intense Price Competition: Intense price competition is a major challenge in the APAC anti-corrosion coating market. The region is home to numerous local and international players, all vying for market share. Price-sensitive customers often prioritize cost over quality, leading to a preference for cheaper, lower-performance products. This competitive landscape puts pressure on companies to reduce prices, which can squeeze profit margins and limit investments in research and development. Additionally, the influx of low-cost imports from neighboring countries intensifies the competition, making it difficult for premium product manufacturers to sustain their market position.

Market Trends

• Rising Demand for Waterborne Coatings: A key trend in the APAC anti-corrosion coating market is the rising demand for waterborne coatings. Environmental concerns and regulatory pressures in countries like China and Japan are driving the shift from solvent-based to waterborne coatings, which emit fewer volatile organic compounds (VOCs) and are more environmentally friendly. Waterborne coatings are gaining popularity in various applications, including automotive, construction, and industrial sectors, due to their lower environmental impact and improved safety for workers. As environmental regulations become more stringent across the region, the adoption of waterborne coatings is expected to accelerate, reshaping the anti-corrosion coating market in APAC.

Rapid urbanization and infrastructure development, coupled with protection needs against varied and harsh environmental conditions, could be the key growth driver of the building and construction industry in the region for the APAC anti-corrosion coating market.

The APAC region is growing unprecedentedly in terms of urban populations and economic activities, pushing extensive construction and infrastructure projects, notably high-rise buildings, bridges, highways, sea ports, and power plants. In general terms, very diverse climatic conditions, ranging from high rates of humidity, considerable levels of rainfall, and coastal environments to severe air pollution in certain particular areas, present majorily related corrosion threats to these huge assets. This has accounted for tremendous demand for state-of-the-art anti-corrosion solutions for new infrastructure protection and life span enhancement of existing structures. This segment is driven by several factors, such as massive investment made in the infrastructure development through various initiatives, including the Belt and Road Initiative of China and Smart Cities Mission of India, which focus on long-lasting and sustainable building and construction practices. The expanding trend to adopt international standards and regulations with respect to the safety of structures and protection of the environment is boosting anti-corrosion coating market. Advanced corrosion protection technologies, including high-performance coatings, galvanization, corrosion inhibitors, and cathodic protection systems, are in demand to counter the adverse effects of corrosion and reduce maintenance expenses. The need to reinforce infrastructure to stand against typhoons, earthquakes, flooding, and so on, enhances demand for good anti-corrosion facilities.

The largest share of the APAC anti-corrosion coating market goes to epoxy coatings, which are cost-effective, versatile, and can attend to the diversified industrial needs in the region.

Cementing epoxy coatings over and above as versatile and very reliable corrosion protection, the solution with APAC describes itself in the face of fast-paced industrialization, massive infrastructure projects, and varied climatic conditions. Superior adhesion to a broad spectrum of substrates, including steel, concrete, aluminum, and others, ensures that the material can be used in a huge number of sectors from developing automotive to growing marine. High chemical and abrasion resistance levels welded with high adhesion furnish a solution for heavy and growing industrial sectors as well as for the petrochemical sector. Its resistance to extreme temperatures and high humidity recommends it in the tropical and subtropical zones in APAC. The epoxy coatings present an economical solution when considering their long-term durability and reduced maintenance requirements as this factor strongly resonates in economies that tend to search for an economical solution with high performance. This is important in markets where cost drives the projects' decisions. The adaptability of these systems allows them to be tuned to conform to regional needs, which even include offering UV resistance for outdoor usage in countries witnessing a very high intensity of exposure to sunlight rays. This factor expanded the demand for epoxy coatings in the architectural and infrastructure applications of the booming construction sector of APAC with all its major economies. Versatility in application methods is similarly evident, such as from spray systems down to roller applications both for new construction and maintenance situations meeting a diversity of project requirements across the region.

The supremacy for the solvent-based anti-corrosion coating segment in the APAC market is due to its strong industrial growth and the soundness of infrastructure development in the region, with superior performance attributes such as fast-drying properties and good durability.

The rapid industrialization and infrastructure expansion in APAC have generated huge demand for hard-wearing and efficient anti-corrosion coatings. Among these, the solvent-borne type has come out as the top choice based on past performance and reliability. Such coatings represent a fast-drying need, which is key in the construction and manufacturing industries in the region. High durability gives effective protection from elements of aggression in the environment, such as extreme temperatures and chemical exposure, very common in the petrochemical and marine industries of APAC. The durability thus derived extends life, reducing the frequency of maintenance and repaints, which are rather expensive and time-consuming. They exhibit strong adhesion properties. It means that solvent-based coatings can attach very well to most all substrates for example, metal and plastics. They are thus variably suited to industrial machinery through to massive infrastructure projects. The fact that they can be applied in a number of environments boosts their attraction, whereby they can be used indoors and outdoors without any performance issues. The oil and gas sector is one of the dominant APAC end-users, and it has a long history of using anti-corrosion coatings based on solvent carriers. This is still the major share holder in the market due to its already developed infrastructure and familiarity with these coatings. There is a growing push for more environmentally friendly options with increasing regulatory pressures, but the shift is gradual and still based on proven effectiveness and reliability.

The rapid industrialization and huge investments flowing into the infrastructure development of China explain its leading position in the anti-corrosion coatings market of the Asia Pacific region.

Growth in China for the last couple of decades has been tremendous, powered by massive industrialization and urbanization, consequently raising the demand for anti-corrosion coatings. Among the largest consumers of the coatings, several sectors have seen a surge in China, including construction, automotive, marine, and energy. Particularly, the construction industry is booming as the government pays great attention to the building up of quality infrastructure to support urbanization and economic growth. This includes roads, bridges, railways, and public buildings, all of which require effective corrosion protection to ensure durability and a long lifespan. Besides construction, the Chinese automotive industry is among the largest in the world, demanding high-performance anti-corrosion coatings to ensure the integrity of vehicles against natural elements that can cause corrosion. Not to forget, there is the marine industry as in shipbuilding and maritime transport, China is very dominant. The demands of anti-corrosion solutions in shipbuilding and maintenance are huge due to the aggressive marine environments vessels are exposed to. Its rapidly growing industries and increasing population have boosted the energy demand in China, due to which huge investments are made in the oil and gas industry. Anti-corrosion coatings will be required in order to protect the pipelines, drilling rigs, and storage tanks from corrosion and hence enable efficient and safe operation. Government policies and regulations support anti-corrosion coating markets with programs that enhance the quality of infrastructure and guarantee sustainability, thereby accelerating the usage of advanced coating technologies. The emphasis by the Chinese government on green development has resulted in high demand for green anti-corrosion coatings in response to the global promotion of sustainability.

• In August 2023, Sherwin-Williams announced that it is investing $100 million in a new anticorrosion coating plant in China. This plant is expected to be operational in 2024. The investment is part of Sherwin-Williams' strategy to grow its presence in the Chinese market.
Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Anti-Corrosion Coating market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By End Users
• Construction and Infrastructure
• Oil and Gas
• Industrial
• Marine
• Energy and Power
• Automotive
• Others (Including Aerospace, Defense, etc.)

By Type
• Epoxy
• Acrylic
• Alkyd
• Polyurethane
• Zinc
• Others (Including Fluoropolymer, Ceramic, etc.)

By Technology
• Solvent-based
• Water-based
• Powder coatings
• Others (UV-cured, etc.)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Anti-Corrosion Coating industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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