Anticorrosive Pigment Market Size, Share, Growth, And Industry Growth By Type (Chromate-based Pigments, Phosphate-based Pigments, and Silica-based Pigments), By Application (Marine, Containers, Industrial, Achitechive Industry, and others), Regional Forecast To 2031

Updated On: 08 April 2024

Anticorrosive Pigment Market REPORT OVERVIEW

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The global anticorrosive pigment market size was USD 1291.4 million in 2022 and is projected to touch USD 1969.28 million by 2031, exhibiting a CAGR of 4.8% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Metals are prone to chemical attacks and degradation in adverse weather conditions. Most of the industry equipment's made up of metals which require proper maintenance and protection. The lack of maintenance can result in corrosion. In simple terms, corrosion can be described as the destruction of metal. Many industries suffer from the problem of rusting in their equipment and which creates a burden for replacement thus, wasting millions of bucks.  

Anticorrosive pigment offers corrosion resistance to protect the metal equipment from reacting to chemicals. Anticorrosive pigment saw a rise in demand from various industries such as marine, automotive, construction, and others. It offers durability and stronger resistance and prevents electrochemical reactions. However, it is important to choose the right anticorrosive pigment for application as per the needs of the industry.

COVID-19 Impact: Disruption in End-user Markets Impacted the Market Growth

COVID-19 had a massive impact on all the industries and sudden global lockdowns created a poor supply chain infrastructure. The businesses came to a halt as the priority shifted to improving the health crisis. The shutting down of borders created a hollow in the availability of raw materials, labor shortage and poor management. The rising geopolitical tension in the COVID-19 times also impacted the end-user industries, which disrupted the anticorrosive pigment market. However, as the normalization process starts, the market is anticipated to bounce back owing to large-scale demand.  

LATEST TRENDS

"Incorporation of Environment-friendly Anticorrosive Pigments to Accelerate the Product Demand"

All the industries are becoming environmental conscious and opting for eco-friendly products which ensure less environmental damage. The rise in environmental issues has compelled the government and the industries to regulate their products and progress towards sustainable living. End-user industries are favoring anticorrosive pigment products which create little impact on the environment. This led to the demand for innovation and a rise in the usage of waterborne anticorrosive coatings. Waterborne anticorrosive pigments are in trend due to their lower volatile organic compound’s emission. However, continuous research and experimentation are carried out to improve the quality and barrier properties of waterborne anticorrosive pigment.

Anticorrosive Pigment Market SEGMENTATION

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• By Type

Based on type, the market is divided into chromate-based pigments, phosphate-based pigments, and silica-based pigments. The chromate-based segment is expected to dominate the market share in the forecasted year.

• By Application

Based on the application, the market is divided into, marine, containers, industrial, achitechive industry, and others. The marine segment is anticipated to hold the dominant market share in the forthcoming years.

DRIVING FACTORS

"Increase in Infrastructure Development to Drive the Growth of the Market"

The large-scale urbanization leads to reformed infrastructure to meet the demand for a high standard of living. The developing countries are witnessing a booming economy due to high cash flow.  The anticorrosive pigment market is expected to yield profit from the flourishing infrastructure sector in developing countries. Moreover, population expansion also contributes to the rising socio-economic needs, which directly propels the infrastructure of the country. The demand for protection and the upcoming infrastructure projects will be a major factor in the growth of the anticorrosive pigment market.

"Growth of End-user Industries to Boost Anticorrosive Pigment Sales"

The anticorrosive pigment market is heavily dependent on the end-user industry such as oil and gas, biomass, aviation, marine, automotive industry and others. These industries opt for anticorrosive pigment to protect the equipment from the harsh environment and prevent loss of metal. The marine industry is favoring anticorrosive pigment for an economical approach and effectiveness in the long run. The past decade has witnessed the development of the automotive industry. The automotive industry is another major sector contributing to the growth of the anticorrosive pigment market. The rise in income and purchasing power plays a crucial role in the growth of these end-user industries, which directly boosts the demand for anticorrosive pigments.

RESTRAINING FACTORS

"Increase in the Price of Raw Materials to Hamper the Product Demand "

The COVID-19 pandemic and frequent lockdowns accompanied by poor supply chain management created a dearth of raw materials as the international borders were shut down and businesses came to a sudden halt. However, in recent times the increase in the price of raw materials is posing a major concern. The geo-political tension has led to the unstable price trends of crude oil globally which contributes to the increase in the price of raw materials. The oil and gas industry went through massive changes to cope with the rising price. The volatile energy resources and the slowdown of the economy proved to be the major restraining factor in the growth of anticorrosive market share.

Anticorrosive Pigment Market REGIONAL INSIGHTS

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"Asia Pacific Region Dominates the Market Due to the Rise in End-user Industry. "

Asia Pacific region dominates the anticorrosive pigment market share due to the high-scale industrialization of the developing countries. China holds a substantial share in the market due to its good economy, population expansion, availability of raw materials and increases in production and rise in manufacturing units. The growing socio-economic needs lead to better infrastructure and the booming end-user industry will be a pivotal factor for the rise in anticorrosive pigment market growth in the Asia Pacific region.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Market players are adopting various growth and expansion strategies to boost their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• Heubach (U.S)
• W.R. Grace (U.S)
• NIRBHAY RASYAN (India)
• Halox (U.S)
• Ferro (U.S)
• SNCZ(France)
• PPG Silica Products (U.S)
• Tayca Corporation (Japan)
• Junma Technology (China)
• Noelson Chemicals (China)          
• Fuji Silysia Chemical (U.S)
• Henan Yingchuan New Material (China)
• Delaphos (UK)

REPORT COVERAGE

This report covers the analysis of the anticorrosive pigment market providing a comprehensive market insight taking into consideration of the existing key players in the market that would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.