The anti-corrosion coatings market size was valued at US$ 32.56 billion in 2022 and is expected to surpass US$ 54.10 billion by 2032 at a CAGR of 5.21% from 2023 to 2032.
- North America led the global market with the largest market share in 2022.
- By Type, the solvent-based technology segment had the biggest market share in 2022.
- By End-User, the oil & gas segment has held the largest revenue share in 2022.
- By Material, the acrylic material segment has held the highest market share in 2022.
Anti-corrosion coatings are one of the most efficient and reasonable solutions for handling corrosion. Anti-corrosion coatings are employed to defend metal or other surfaces from natural degradation instigated by diverse corrosive agents including chemicals, moisture, and salt. Corrosion leads enormous financial losses in a great number of businesses. It also slowly deteriorates structures, posturing a hazard to life and property. They work as a barricade amid the corrosion agent and the surface, and extend the life of the structure and also augment its competence. Anti-corrosion coatings are categorized into polyurethane, epoxy, acrylic, alkyd, zinc, chlorinated rubber. Other coatings include fluorocarbons, silicates, co-polymers, graphene glass flakes and ceramic. The type of anti-corrosion coating employed is dependent on the properties essential for the precise application. These coatings find widespread application in numerous areas including marine, oil and gas, petrochemical, power generation, infrastructure, and others. Anti-corrosion coating are employed in and drop-in centers for the product such as handles, floors, beds, ceiling paints and walls and care homes, hospitals.
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These coatings act as a barrier to avert the contact between the corrosive compounds, materials, chemicals from the surfaces. Further, these coatings improve the surface finish of the metal components. The intensifying demand for supportable and robust metallic products, especially in the oil & gas and construction sector is predictable to accelerate the growth of anti-corrosion coatings market during years to come.
Growth Factors
In the past few years, need for green and advanced technologies has been rising constantly. Consumer requirement for ecologically friendly products has formed an enormous impact on the product innovation and value in the high-performance anti-corrosion coatings industry. Today, consumers of high-performance anti-corrosion coatings favor those products that deliver chemical, water, acid, and hydrocarbon resistance. Also, those products provide enhanced productivity and improved service life of the component; less maintenance costs and ease of cleaning and application. An upsurge in demand has assisted novelties in technologies, surpassing consumer hopes. Government rules and guidelines are anticipated to inspire the utilization of anti-corrosion coatings in several industries.
Increasing need for anti-corrosion coatings in sectors like building & construction, oil & gas, and marine, is predictable to push the growth of the market during years to come. The main motive of the anti-corrosion coating is to defend the metal substrates from environment acquaintances, like moisture, humidity, and oxidation. Among the worldwide COVID-19 outbreak, the demand for anti-corrosion coatings has amplified mainly in the marine application and oil & gas and industries on account of decreased marine and exploration operation. Further, the automotive & rail application sector is anticipated to observer substantial growth due to snowballing need for smart EVs which needs durable and lightweight components to augment the vehicular competence.
Report Highlights
- Globally, Asia Pacific gathered maximum market share in terms of revenue in 2019 on account of influences including government initiatives such as construction of a silk route project connecting Xian, Make in India, Italy via both road and marine transportation China to Trieste.
- Out of different application sectors, oil & gas application sector stated for the greater share of over 35% in 2020 and will hold the leading position during the estimated timeframe
- Solvent-borne formulations are progressively employed in industrial coatings, automotive coatings, and printing inks. Hence, snowballing application of solvent-borne technology to manufacture anti-corrosion coatings is expected to push the solvent-borne technology growth
Regional Snapshots
The requirement for high-quality infrastructure in emerging nations such as China and India has been lashing the market in the recent years. In developing economies such as India, augmented foreign direct funds are awaited to improve market growth. China is one of the major consumers and producers of anti-corrosion coatings around the world. Speedy urbanization has highly donated toward the development of construction, power generation and chemical sectors. All these influences are accelerating the anti-corrosion coatings market advancement in China. China is the foremost exporter and importer of crude oil across the globe thus, any changes upsetting the expansion activities connected to the oil and gas segment are possible to have a noteworthy influence on the coating market in China.
Key Players & Strategies
APAC offers as strategic position for manufacturer’s anti-corrosion coatings. The global anti-corrosion coating market was conquered by Asia Pacific due to number of end-use sectors along with the growth in this region. The Middle East and Africa are also evolving as tactical locations for anti-corrosion coating producers after Asia Pacific. Some of the leading major corporations involved in this market comprise AkzoNobel NV, PPG Industries Inc., Nippon Paints, the Sherwin-Williams Company, RPM International Inc. and others.
Anti-corrosion Coatings Market Players
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- Kansai Paint Co., Ltd.
- BASF SE
- Ashland
- Hempel A/S
- Jotun
- PPG Industries, Inc.
- The Sherwin-Williams Company
Major Market Segments Covered:
By Type
- Water-based
- Solvent-based
- Powder
- Others
By End-User
- Building & Construction
- Oil & Gas
- Marine
- Aerospace and Defense
- Automotive & Rail
- Others
By Material
- Polyurethane
- Epoxy
- Acrylic
- Alkyd
- Zinc
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- United Kingdom
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
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