Anti-corrosion Coatings Market to Cross $52.78 billion Revenue by 2030

Anti-corrosion Coatings Market Overview

“The Anti-corrosion Coatings Market Predictable at $30.68 billion in 2022, is estimated to increase at a CAGR of 5.09% from $55.32 billion in 2023 to $52.78 billion by 2030.”

Anti-corrosion coatings are materials with high impact, corrosion, and abrasion resistance, available in epoxy, water-based, or powder-based forms. They create a barrier between metal surfaces, preventing corrosion on the substrate.

Anti-corrosion coatings are crucial in industries like oil and gas, automotive, and infrastructure to prevent structural failure of metal components due to corrosion. However, selecting low-impact coatings is challenging, leading to a significant increase in demand for waterborne anti-corrosion coatings over the projected period.

Anti-corrosion coatings demand is rapidly increasing in Asia Pacific and Africa due to the expansion of industries in these regions, driven by vast domestic markets and strong regional economic growth.

The anti-corrosion coating market is expected to grow due to increased corrosion losses and infrastructure modernization, as well as advancements in end-use industries. The demand for thin-walled metallic components in lightweight products, used in various industries, is also increasing. However, fluctuating crude oil prices may hinder the market's expansion, as they pose a challenge to the industry's growth.

The growth of the bio-based anti-corrosion coating market is expected due to research and development, but rising government regulations may pose further challenges to its future growth.

Key Points to Remember

In the creation of lightweight items, the demand for thin-walled robust metallic components is increasing.

Exploration for oil and gas in North America and the Asia-Pacific region

Power plants are expected to provide a growth outlook for high-performance anti-corrosion coatings.

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Market Dynamics

Growth Drivers

There is a high need for marine coating.

The Asia-Pacific marine coatings market is driven by high demand, especially in China's shipbuilding sector. The market is expected to generate the most revenue in the coming years, as energy demand increases due to population growth and increased power demand.

Trends

In 2023, the Solvent-Based Technology Segment will hold the majority of the market.

In 2023, solvent-based technology dominated the global anti-corrosion coatings market, accounting for over 45.36% of revenue. This growth is attributed to the increasing demand for these coatings, which offer low drying time, humidity, temperature, and abrasion resistance.

During the forecast period, the oil and gas application sector is expected to emerge as the dominant segment.

Anti-corrosion coating is widely used in nursing homes, hospitals, and drop-in centers, with the oil and gas application sector accounting for over 37% of total revenue in 2022. This coating is crucial in reducing microbial risk and improving surface gloss and abrasion resistance, making it a popular choice in these areas.

The acrylic material segment is expected to dominate the revenue of the anti-corrosion coatings market.

In 2023, acrylic material dominated the market with a 44% share due to its exceptional properties like oxidation and weathering resistance. These water-based coatings offer ease of handling, enhanced performance in various applications like roof and wall coating, and lower costs compared to other materials.

Competitive Landscape of the Anti-corrosion Coatings Market

• BASF SE
• Ashland
• Hempel A/S
• Jotun
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Akzo Nobel N.V.
• Axalta Coating Systems, LLC
• Kansai Paint Co., Ltd.

 Recent Developments in Anti-corrosion Coatings Market

PPG stated in April 2022 that it would mark 300 years of business in the Netherlands, as well as the anniversary of the SIGMA COATINGS trademark, one of Europe's most well-known architectural coatings brands.

In April 2022, PPG announced the completion of its acquisition of Arsonsisi, a powder coatings manufacturing subsidiary based in Milan, Italy.

Ashland will launch a new water-based pressure-sensitive adhesive (PSA) technology in February 2022 that is fully compatible with ISO 10993 direct skin contact applications.

Regional Insights

According to estimates, North America is the largest market for anti-corrosion coating

The research report explores trends and projections for anti-corrosion coatings products in North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The US has become the world's largest producer of natural gas and oil, highlighting the importance of pipeline protection. The National Association of Corrosion Engineers reported a global cost of corrosion of around USD 2.5 trillion in 2016. The report predicts the impact of corroded steel pipelines on financial data.

India and China's increased investments in maritime, building, and energy industries are driving industry trends, causing the expansion of the anti-corrosion coatings market. China is the world's largest user due to rising energy demand and transportation maintenance needs.

Segments Covered in the Anti-corrosion Coatings Market

Anti-corrosion Coatings Market By Product

• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Zinc
• Chlorinated rubber
• Others

Anti-corrosion Coatings Market By Method

• Solvent-based
• Water-based
• Powder

Anti-corrosion Coatings Market By End-user

• Oil & gas
• Shipbuilding
• Infrastructure
• Industrial markets
• Energy
• Transport
• Others

Anti-corrosion Coatings Market By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa

Frequently Asked Questions:

What is the current size of the global anti-corrosion coatings market?

The global anti-corrosion coatings market was estimated at USD 30.68 billion in 2022 and is expanding around USD 52.78 billion by 2030.

What is the CAGR of anti-corrosion coatings market?

The global anti-corrosion coatings market is growing at a impressive CAGR of 5.09% during the forecast period 2023 to 2030.

What are the growth factors of the anti-corrosion coatings market?

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.

What was the revenue share of acrylic material segment in anti-corrosion coatings market?

The acrylic material segment conquered the market revenue with over 41% share in 2023.

What is anti-corrosion coatings?

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.