Global Anti-Corrosion Coating Market Report and Forecast 2023-2028

Global Anti-Corrosion Coating Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global anti-corrosion coating market reached a value of USD 29.90 billion in 2022. Aided by the growing demand for protective coatings across industries and the burgeoning applications of anti-corrosion coatings in diverse sectors, the market is projected to further grow at a CAGR of 6.5% between 2023 and 2028 to reach a value of USD 43.63 billion by 2028.

Anti-corrosion coatings are integral in preventing material degradation due to exposure to moisture, salt, or a variety of industrial or environmental chemicals. They are commonly used across a wide array of products and structures, including bridges, ships, pipelines, and offshore platforms, to prevent the detrimental effects of corrosion. Apart from their protective attributes, these coatings can offer increased mechanical strength, chemical resistance, and aesthetic appeal, making them a crucial component in various industrial applications such as marine, oil and gas, construction, and automotive industries.

The growing industrial development across the globe is driving the global anti-corrosion coating market growth. With increased awareness of the potential financial losses due to corrosion, there has been a significant shift towards the adoption of preventive measures, leading to a surge in demand for anti-corrosion coatings. Additionally, the rising demand for durable and long-lasting products has further contributed to the increasing popularity of anti-corrosion coatings.

The expanding applications of anti-corrosion coatings in various sectors also significantly contributes to the global anti-corrosion coating market development. In the marine industry, these coatings are extensively used to protect ships and offshore structures from harsh sea environments. The construction industry utilises anti-corrosion coatings for steel structures, protecting them from moisture and pollution-induced corrosion. Furthermore, the coatings' attributes make them a critical element in the manufacturing of corrosion-resistant automotive parts.

Additionally, the growing demand for environmentally friendly solutions in the manufacturing industry has led to an increased focus on the development of water-based and organic anti-corrosion coatings. With the rise of sustainable manufacturing practices and increasing popularity of green alternatives, anti-corrosion coatings have emerged as a significant area of research and development, thereby boosting the global anti-corrosion coating market expansion.

Market Segmentation

The market can be divided based on product type, technology, end use, and region.

Market Breakup by Product Type

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

Market Breakup by Technology

• Solvent-borne
• Waterborne
• Powder Coatings
• Others

Market Breakup by End Use

• Marine
• Oil and Gas
• Industrial
• Construction
• Energy
• Automotive
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global anti-corrosion coating companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• BASF SE
• Axalta Coating Systems LLC
• PPG Industries, Inc.
• The Dow Chemical Company
• Hempel A/S
• Nippon Paint Holdings Co., Ltd.
• The Sherwin-Williams Company
• Akzo Nobel N.V.
• Wacker Chemie AG
• 3M Co.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.