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Anticorrosive Primers Market Expected to Reach US$ 3.59 Billion by 2033: Fact.MR Report
Increased Electric Vehicle Production Worldwide Driving Demand for Anticorrosive Primers to Protect Metal Surfaces
/EIN News/ — Rockville, Aug. 24, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global anticorrosive primers market is estimated to be valued at US$ 1.84 billion in 2023 and is forecasted to expand at a CAGR of 6.9% from 2023 to 2033. Technological advancements in the formulation techniques of anticorrosive primers are driving the growth of the market globally. Growing demand for anticorrosive primers can also be attributed to their capability to safeguard metal surfaces from harsh conditions and their wide applications in repairing and maintaining existing structures.
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The market for anticorrosive primers is being prominently driven by the construction and automotive sectors. They also find applications in the oil & gas, marine, aerospace, power generation, and chemical industries. Significant growth of these industries is expected to complement the increasing utilization of anticorrosive primers, thus creating lucrative opportunities for manufacturers.
Report Attributes |
Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 3.59 Billion |
| Growth Rate (2023-2033) | 6.9 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 74 Figures |
Key Takeaways from Market Study
- The global anticorrosive primers market reached a valuation of US$ 1.72 billion in 2022, advancing at a CAGR of 3.3% from 2018 to 2022.
- The market is projected to expand at 6.9% CAGR and reach US$ 3.59 billion by 2033.
- Noroo Paint & Coatings, Peter Kwasny GmbH, Polycote UK, Akzo Nobel, PPG Industries, Sherwin-Williams Company, Jotun Group, Hempel A/s, Rust-Oleum Corporation, Nippon Paints, Kansai Paints, Axalta Coating Systems, Berger Paints India Limited, and Asian Paints are leading manufacturers of anticorrosive primers.
- Utilization of zinc-rich primers is projected to rise at a CAGR of 6.4% during the forecast period (2023 to 2033).
- The market in the United States is estimated to reach US$ 1.08 billion by the end of 2033.
“Growing need for anti-rust and anticorrosive protection in several end-use industries is set to drive the market for anticorrosive primers,” says a Fact.MR analyst.
Country-wise Insights
Why is there an increase in demand for corrosion protection primers in the US?
Anticorrosive primers are frequently used in automotive, aerospace, and marine applications.
Between 2023 and 2033, the market for rust-prevention primers in the US is predicted to generate an absolute $ potential of US$ 552.2 million. The automotive industry in the US has a big impact on market expansion. For effective rust prevention, zinc phosphate and epoxy-based treatments are crucial for protecting metal components and surfaces.
The nation's thriving automotive industry, together with the aerospace and marine industries, is driving an increase in demand for anticorrosive primers. This demand spreads further across numerous industries, such as the building, oil and gas, chemical, and power generation, which contributes to the market's ongoing expansion.
Key Companies Profiled in This Report
- Noroo Paint & Coatings
- Peter Kwasny GmbH
- Polycote UK
- Akzo Nobel
- PPG Industries
- Sherwin-Williams Company
- Jotun Group
- Hempel A/s
- Rust-Oleum Corporation
- Nippon Paints
- Kansai Paints
- Axalta Coating Systems
- Berger Paints India Limited
- Asian Paints
Market Growth Stratagems
Strategies adopted by manufacturers include broadening product portfolios to address varied customer requirements, harnessing technological progress to amplify primer efficacy, and forging strategic alliances with industry counterparts to tap into new markets and distribution avenues.
- In July 2022, Nippon launched anticorrosive universal primers for marine applications. These primers are suitable for all marine applications such as new shipbuilding, underwater hull, topsides, decks, boot tops, cargo holds, and others.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the anticorrosive primers market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on type (epoxy-based, zinc-rich, PU-based, alkyd-based, acrylic-based) and end-use industry (oil & gas, automotive, marine, aerospace, construction, power generation, chemicals), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, and the Middle East & Africa).
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