Global Anti-Corrosion Coating Market Size, Share & COVID-19 Impact Analysis, By Type, By Technology, By End-Use Industry, By Region Forecasts, 2024 – 2032

Global Anti-Corrosion Coating Market Size, Share & COVID-19 Impact Analysis, By Type, By Technology, By End-Use Industry, By Region Forecasts, 2024 – 2032

Global Anti-Corrosion Coating Market was valued at US $ 22.8 billion in 2023 and is expected to reach US $ 41.2 billion by 2032 growing at a CAGR of 8.3% during the forecast period 2024 – 2032.

A key driver of market expansion over the projected period is the increasing requirement for thinned-walled castings in the production of lightweight items for a variety of industries, including building and construction, automotive, marine, and oil and gas. Due to the decrease in offshore resource exploration and maritime travel, there is an increased demand for anti-corrosion coatings in the oil and gas and marine application industries. The machinery and equipment that are not in use also require maintenance to prevent rusting. These instruments hold onto water salt, leftover crude oil, and other substances, all of which lead to deterioration.

Also, the global market for anti-corrosion coatings is expanding quickly due to growing demand from the oil and gas, marine, automotive, and construction industries. This is a result of the goal to prolong the functional life of structures and equipment. An increasing number of people are calling for environmentally friendly anti-corrosion coatings as environmental concerns grow. Water-based and bio-based coatings have emerged as a result, and end consumers now embrace both. The market for anti-corrosion coatings is also experiencing a surge in research and development expenditures aimed at creating sophisticated coatings with superior anti-corrosion qualities. Consequently, novel coatings have been developed, such as self-healing coatings that have the ability to self-heal following damage.

“Epoxy segment, by type, to be dominating market from 2023 to 2030.”

Due to its exceptional durability and adhesion properties, the epoxy type segment holds a substantial market share in the worldwide Anti-Corrosion Coatings industry. Counter-Corrosion Layers: The epoxy variety is more resilient to moisture, chemicals, and harsh environmental conditions. Most frequently utilised in maritime and industrial settings. Moreover, these epoxy coatings are adaptable and may be used on a variety of substrates, including concrete and metal. Because of this, end consumers frequently choose them as well. The oil and gas and chemical processing industries' growing need for protective coatings is driving the market expansion for epoxy-type anti-corrosion coatings. Furthermore, in the next years, there will be a greater need for epoxy-type anti-corrosion coatings due to the growing number of infrastructure and building projects undertaken worldwide.

“Solvent-borne segment, by technology, to be fastest growing market from 2023 to 2030.”

In the upcoming years, the global market for anti-corrosion coatings is expected to see robust expansion in the solvent-borne category. Solvent-borne coatings are well known for their durability, adherence, and weather resistance, which enable them to withstand the demanding conditions of industrial application. Additionally, they have greater resistance to peeling and cracking, extending the life of coatings and the objects they shield. In the maritime and industrial domains, solvent-borne coatings are especially popular because of their strength and adaptability to various substrates. Furthermore, the solvent-borne category should see an increase in its market share due to the growing need for anti-corrosion coatings brought on by stringent environmental requirements.

“Infrastructure segment, by end use industry, to be dominating market from 2023 to 2030.”

The infrastructure sector has a significant influence on the global market for anti-corrosion coatings. Anti-Corrosion Coatings are essential for shielding a variety of infrastructure assets from the natural deterioration caused by corrosion, including pipelines, bridges, and tunnels. In addition, the demand for sustainable formulas and the acceleration of industrialization and urbanisation have led to an increase in global infrastructure projects. This tendency is likely to increase the need for anti-corrosion coatings in the infrastructure sector over the coming years. Additionally, new high-grade coatings with improved corrosion resistance and longer lifespans are propelling the global market for anti-corrosion coatings. As a result, businesses in this industry heavily invest in research and development to create cutting-edge anti-corrosion coatings.

“Asia Pacific to be fastest growing region in Anti-Corrosion Coating market.”

In the upcoming years, the anti-corrosion coatings market in Asia Pacific is anticipated to rise strongly. Because of the region's increasing industrialization and significant investments in infrastructure development, this industry has been expanding significantly. To be more precise, the construction sector has dominated this market as these coatings are utilised in harsh settings to prevent corrosion in steel and other metals. With their diverse manufacturing and construction sectors, nations like China, India, Japan, and South Korea are increasingly emerging as the main drivers of market expansion. Environmentally friendly Anti-Corrosion Coatings have also been developed as a result of the increased focus on sustainability and environmental standards in particular.

Anti-Corrosion Coating Competitive Landscape

The competitive landscape of the Anti-Corrosion Coating market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Anti-Corrosion Coating technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Anti-Corrosion Coating market is highly competitive, with numerous companies vying for market share. Prominent companies in the Anti-Corrosion Coating Market include:

Major Players:

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

Recent Developments:

In May 2023, A thin-film coating for cold- and hot-rolled pickled and oiled steel was successfully developed and introduced by Chemcoaters, a provider of corrosion-inhibiting metal coatings for several industries. FeGuard is the first thin-film coating of its kind to provide these substrates with a substantial level of corrosion protection. FeGuard is intended to offer substitutes for reduced zinc coating weights and is intended for application to master coils on Chemcoaters' coil coating line.

In June 2021, a major development in its corrosion protection line was announced by Greenkote, a leading global supplier of innovative anti-corrosion metal coatings. In salt spray testing, the exclusive new Greenkote G5k coating protects metals from corrosion for at least 5000 hours, meeting ASTM Specification B117.