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.
- Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
- Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
- Executive Summary
3.1. Market Snapshot
- Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
- COVID 19 Impact on Anti-corrosion Coatings Market
5.1. COVID-19 Landscape: Anti-corrosion Coatings Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
- Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
- Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
- Global Anti-corrosion Coatings Market, By Type
8.1. Anti-corrosion Coatings Market, by Type, 2023-2030
8.1.1 Water-based
8.1.1.1. Market Revenue and Forecast
8.1.2. Solvent-based
8.1.2.1. Market Revenue and Forecast
8.1.3. Powder
8.1.3.1. Market Revenue and Forecast
8.1.4. Others
8.1.4.1. Market Revenue and Forecast
- Global Anti-corrosion Coatings Market, By End-User
9.1. Anti-corrosion Coatings Market, by End-User, 2023-2030
9.1.1. Building & Construction
9.1.1.1. Market Revenue and Forecast
9.1.2. Oil & Gas
9.1.2.1. Market Revenue and Forecast
9.1.3. Marine
9.1.3.1. Market Revenue and Forecast
9.1.4. Aerospace and Defense
9.1.4.1. Market Revenue and Forecast
9.1.5. Automotive & Rail
9.1.5.1. Market Revenue and Forecast
9.1.6. Others
9.1.6.1. Market Revenue and Forecast
- Global Anti-corrosion Coatings Market, By Material
10.1. Anti-corrosion Coatings Market, by Material, 2023-2030
10.1.1. Polyurethane
10.1.1.1. Market Revenue and Forecast
10.1.2. Epoxy
10.1.2.1. Market Revenue and Forecast
10.1.3. Acrylic
10.1.3.1. Market Revenue and Forecast
10.1.4. Alkyd
10.1.4.1. Market Revenue and Forecast
10.1.5. Zinc
10.1.5.1. Market Revenue and Forecast
10.1.5. Others
10.1.5.1. Market Revenue and Forecast
- Global Anti-corrosion Coatings Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Type
11.1.2. Market Revenue and Forecast, by End-User
11.1.3. Market Revenue and Forecast, by Material
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Type
11.1.5.2. Market Revenue and Forecast, by End-User
11.1.5.3. Market Revenue and Forecast, by Material
11.2. Europe
11.2.1. Market Revenue and Forecast, by Type
11.2.2. Market Revenue and Forecast, by End-User
11.2.3. Market Revenue and Forecast, by Material
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Type
11.2.7.2. Market Revenue and Forecast, by End-User
11.2.7.3. Market Revenue and Forecast, by Material
11.3. APAC
11.3.1. Market Revenue and Forecast, by Type
11.3.2. Market Revenue and Forecast, by End-User
11.3.3. Market Revenue and Forecast, by Material
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Type
11.3.7.2. Market Revenue and Forecast, by End-User
11.3.7.3. Market Revenue and Forecast, by Material
11.4. MEA
11.4.1. Market Revenue and Forecast, by Type
11.4.2. Market Revenue and Forecast, by End-User
11.4.3. Market Revenue and Forecast, by Material
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Type
11.4.7.2. Market Revenue and Forecast, by End-User
11.4.7.3. Market Revenue and Forecast, by Material
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Type
11.5.2. Market Revenue and Forecast, by End-User
11.5.3. Market Revenue and Forecast, by Material
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Type
11.5.5.2. Market Revenue and Forecast, by End-User
11.5.5.3. Market Revenue and Forecast, by Material
- Company Profiles
12.1. Akzo Nobel N.V.
12.2. Axalta Coating Systems, LLC
12.3. Kansai Paint Co., Ltd.
12.4. BASF SE
12.5. Ashland
12.6. Hempel A/S
12.7. Jotun
12.8. PPG Industries, Inc.
12.9. The Sherwin-Williams Company
- Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
- Appendix
14.1. About Us
14.2. Glossary of Terms
