The global anti-corrosion coatings market size was valued at $33.74 billion in 2022 and the global anti-corrosion coatings market size is expected to reach $46.97 billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Akzo Nobel NV, Ashland, Axalta Coating Systems, LLC, BASF SE, Hempel A/S, Jotun, Kansai Paint Co., Ltd., PPG Industries, Inc., RPM INTERNATIONAL INC., The Sherwin-Williams Company and Other key market players.
New York, United States, November 20, 2023 (GLOBE NEWSWIRE) — The global anticorrosion coatings market size is expected to increase from USD 33.74 billion in 2022 to USD 46.97 billion by 2032, at a growth rate Compound Annual Compound (CAGR). 3.4% over the projected period.
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Corrosion, a natural process caused by environmental factors and chemical reactions, deteriorates surfaces, infrastructure and equipment, leading to significant economic losses and safety risks. Anti-corrosion coatings play a vital role in preventing or mitigating this degradation by forming a protective barrier between the substrate and the environment. Oil and gas, marine, automotive, aerospace, construction and manufacturing are all industries that use anti-corrosion coatings. These coatings are designed to resist moisture, chemicals, UV rays and other corrosive agents, thereby extending asset life, reducing maintenance costs and improving operational reliability. The growing emphasis in developing economies on compliance with regulations, health and safety standards, and the need for sustainable infrastructure is driving the demand for anti-corrosion solutions. Some anti-corrosion coatings require specialized application techniques and equipment. This complexity can lead to higher labor costs, longer application times, and potential coating errors, all of which discourage adoption, particularly in industries with expertise or limited resources.
Browse key industry insights spread across 200 pages with 100 market data tables, figures and graphs from the report on “Global Anti-Corrosion Coatings Market SizeCOVID-19 sharing and impact analysis, by type (epoxy, polyurethane, acrylic, alkyd, zinc and others), by technology (solvent-based, water-based, powder-based and others), by end-use industry (Marine, Oil & Gas, Industrial, Infrastructure, Power Generation and others) and by region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), analysis and forecast 2022 – 2032.
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The epoxy segment is expected to hold the largest share of the global anti-corrosion coatings market during the forecast period.
The global anti-corrosion coatings market is divided into epoxy, polyurethane, acrylic, alkyd, zinc and others. Among these, the epoxy segment is expected to hold the largest share in the global anti-corrosion coatings market throughout the forecast period. Epoxy coatings are well known for their excellent adhesion, chemical resistance and durability. They form a strong bond with a wide range of substrates, making them ideal for use in industries such as marine, oil and gas, and infrastructure.
The water-based segment accounted for a significant share of the global anti-corrosion coatings market in 2022.
The global anti-corrosion coatings market is classified into solvent-based, water-based, powder-based and other technology-based products. The water-based segment accounted for a significant share of the global anti-corrosion coatings market in 2022. Water-based coatings are more popular than solvent-based coatings because they contain fewer VOCs and have a lower environmental impact.
The oil and gas segment is expected to hold the largest share of the global anti-corrosion coatings market during the forecast period.
The global anti-corrosion coatings market is segmented into marine, oil and gas, industrial, infrastructure, power generation and others. Among these, the oil and gas segment is expected to account for the majority of the global anticorrosion coatings market during the forecast period. In the oil and gas industry, anti-corrosion coatings are essential to protect pipelines, drilling platforms, refineries, storage tanks and other equipment.
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Asia Pacific is expected to hold the largest share of the global anti-corrosion coatings market during the forecast period.
The Asia-Pacific region is one of the largest markets for anti-corrosion coatings due to rapid industrialization and infrastructure development. China, India, Japan and South Korea are major players in this region. Corrosion protection solutions are in high demand due to the growth of the automotive, construction and manufacturing sectors, as well as increased maritime activity.
During the forecast period, Europe is expected to witness the fastest growth in the global anti-corrosion coatings market. In Europe, the anti-corrosion coatings market is notable for its emphasis on environmental regulations and sustainable practices. Germany, the United Kingdom and France all have thriving industrial sectors that require advanced corrosion protection solutions.
Competitive analysis:
The report offers the apt analysis of the major organizations/firms involved in the global market along with a comparative assessment primarily based on their product offering, business overviews, geographical presence, corporate strategies, market share of segment and their SWOT analysis. The report also provides a detailed analysis focusing on current business news and developments, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This helps assess overall competition within the market. Key vendors in the global anti-corrosion coatings market include Akzo Nobel NV, Ashland, Axalta Coating Systems, LLC, BASF SE, Hempel A/S, Jotun, Kansai Paint Co., Ltd., PPG Industries, Inc., RPM INTERNATIONAL INC . ., The Sherwin-Williams Company and others.
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Recent market developments
In January 2022, Applied Graphene Materials (AGM) introduced Genable Epoxy Primer and Genable HC Primer, two industrial anti-corrosion primers. In addition to expanding its Genable 3000 dispersion series, the company has introduced a line of non-metallic active anti-corrosion graphene additives.
Market segment
This study forecasts the revenue at global, regional and country levels from 2020 to 2032. Spherical Insights has segmented the global anti-corrosion coatings market based on the segments mentioned below:
Global Anti-Corrosion Coatings Market, By Type
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Epoxy
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Polyurethane
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Acrylic
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Alkyd
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Zinc
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Others
Global Anti-Corrosion Coatings Market, By Technology
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Solvent
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Water based
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Powder based
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Others
Global Anti-Corrosion Coatings Market, by End-Use Industry
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Marine
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Petroleum gas
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Industrial
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Infrastructure
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Energy production
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Others
Global Anti-Corrosion Coatings Market, Regional Analysis
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North America
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Europe
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Germany
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United Kingdom
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France
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Italy
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Spain
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Russia
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The rest of Europe
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Asia Pacific
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China
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Japan
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India
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South Korea
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Australia
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Rest of Asia Pacific
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South America
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Brazil
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Argentina
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Rest of South America
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Middle East and Africa
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