Anti-Corrosion Coatings Market

Anti-Corrosion Coatings Market is valued at USD 29.51 Billion in 2021 and is expected to reach USD 40.71 Billion by 2028 with a CAGR of 4.7% over the forecast period.

Global Anti-Corrosion Coatings Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029, Rising investments in the construction sector and growth in the automotive and aerospace industry are some of the major factors driving the growth of the Global Anti-Corrosion Coatings Market.

Scope:

The lifespan and performance of metals or any other substrate can be enhanced with the application of anti-corrosion coatings. The coating acts as a sacrificial material and provides a “barrier layer” to the material surface in corrosion. Anti-corrosion coating is beneficial in different aspects. By refining industrial operations, reducing maintenance, replacement cost, as well as polluting releases, anti-corrosion coatings affect the strength and durability of the material.

Businesses in various industries such as aerospace, automotive, oil & gas, and others are being substantially affected due to the Covid-19 pandemic, as most the countries have declared “stay at home guidance”. Because of the restricted exploration and maritime operations as a result of the global Covid-19 pandemic, demand for anti-corrosion coatings has surged, particularly in the oil and gas and marine application industries. Machines and equipment that are not in use require maintenance to prevent rusting and degradation, as they contain crude oil residue, water, salt, and other chemicals that promote corrosion. The marine sector has suffered as a result of the global Covid-19 pandemic, as demand for commodities from China has decreased.

The global anti-corrosion coatings market is segmented based on technology, material, application, and geography & country level. Based on technology type, the global anti-corrosion coatings market is segmented into solvent-based, water-based, powder, and others. Based on material, the market is segmented into acrylic, alkyd, polyurethane, epoxy, zinc, and others. On basis of application, the global anti-corrosion coatings market is segmented as oil & gas, marine, building & construction, automotive & rail, aerospace and defence, and others.

Key Players:

Some of the key players for global anti-corrosion coatings market are

• Akzo Nobel N.V.
• 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
• Others

Segmentation:

By Technology

• Solvent-based
• Water-based
• Powder
• Others

By Material

• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Zinc
• Others

By Application

• Oil & Gas
• Marine
• Building & Construction
• Automotive & Rail
• Aerospace and Defence
• Others

Market Dynamics:

Construction projects and investments are drastically augmenting, which is one of the major factors boosting the global anti-corrosion coating market growth. While home renovations and recent home sales activity have expanded considerably in recent years. For instance; in 2019, China government invested approximately 1.9 billion in 13 public housing projects. Additionally, in February 2020, the Asian Development Bank authorized a loan of around US$ 631 million to create the Vishakhapatnam-Chennai industrial corridor. Construction projects such as ‘Housing for All by 2022’ and ‘100 smart cities’ in India are influencing Anticorrosion coating market sales. Corrosion of reinforced concrete is a main challenge for the construction industry. Uncontrolled corrosion in construction and its systems can lead to early failure of pipe and duct systems, as well as to structural collapse when the corrosion adequately diminishes the structural steel. In such cases, anti-corrosion coating plays a vital role.

In addition, increasing number of product launches, acquisitions and R&D activities among the market players are some other factors augmenting the market growth. A number of players are leveraging the market due to its profitable nature. While existing firms are strategically expanding their business throughout various applications. Many market firms are significantly contributing to the anti-corrosion coating. As a consequence, this factor is fundamentally influencing the anti-corrosion coating market growth. Furthermore, soaring demand for thin-walled durable metallic components in the manufacturing of lightweight products is another factor heightening the market growth.

Despite the aforementioned positive aspects, price and availability of raw materials are key factors that influence the price of the end products. The main challenge for the global anti-corrosion coatings market is the fluctuating price trends of raw materials, which is varying due to volatile energy prices, as most of the raw materials are petroleum-based. In spite of that, the government investments in infrastructure development characterized by a low-risk environment, a stable economy pre-COVID, and a robust financial sector are generating a multitude of opportunities for investors during the forthcoming years.

Regional Analysis:

Asia Pacific held the largest share in the global anti-corrosion coating market owing to expansion in the automotive and aerospace industry. The Chinese government is expecting that automobile output will reach 35 million by 2025 as per the International Trade Administration. In accordance with the China Association of Automobile Manufacturers, more than 27 million vehicles were sold in 2018. Due to the growing expectations of consumers, the automotive manufacturing businesses are needed to extend vehicle warranties. They need a protective layer over their vehicles. Therefore, developments in corrosion protection are becoming progressively significant, which is driving anticorrosion coatings usage. As a result, the growth in automotive production is supporting anticorrosion coating market growth in the Asia Pacific.

North America ranks second in terms of revenue in the global anti-corrosion coating market owing to the increasing demand for smart EVs in the region, which involve lightweight and durable components to enhance vehicular efficiency. For instance; in 2020, electric vehicles saw an enormous jump in sales, roughly 83% for fully electric cars in the US. The battery housings mounted in the electric car underbody are seamlessly sealed with the room-temperature, cross-linking two-component polyurethane foams which protect the electric batteries against moisture, corrosion, and dust. Anti-corrosion coating in a relatively important factor that protects against various influencing factors and helps to enhance the long life of the e-batteries.

Recent Developments:

IGL Coatings Launched Ecoclear Aegis Anti-Corrosion Coatings

On November 22nd, 2022; IGL Coatings officially launched of Ecoclear Aegis. The first product in its new-est series, the recently launched product is a graphene reinforced anti-corrosion clear coating. Uncontrolled corrosion can be lethal, affecting individual safety or environmental consequences.

Acotec Launched Humidur WF22 Anti-corrosion Coating

On March 7th, 2022; Acotec launched a one-layer protection coating, Humidur WF22 for the wind farm industry. Humidur WF22 provides robust protection against aggressive humidity and seawater exposure. It shields the steel from UV radiation and light reflections from the weather and sea.

Greenkote Announced Advanced G5k Anti-corrosion Coating with Extended 5,000-hour Metal Protection

On June 6th, 2021; The global provider of advanced anti-corrosion metal coatings company, Greenkote announced a significant advance in its line of corrosion protection. The commercial new Greenkote G5k coating provides a minimum of 5000 hours of corrosion protection in salt spray testing for metals, permitting it to meet ASTM Specification B117.

On Special Requirement Anti-Corrosion Coatings Market Report is also available for the below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 29.51 Billion
Base year considered	2021
Forecast Period CAGR %:	4.7%
Market Size Expected in 2028:	USD 40.71 Billion
Tables, Charts & Figures:	175
Pages	300
Anti-Corrosion Coatings Companies	Akzo Nobel N.V., 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, Nippon Paint Holdings Co. Ltd., The Dow Chemical Company, Wackerchemie Ag, 3M, Texas Dip Molding & Coating, Inc., Molded Devices, Inc, Innovative Coatings, Inc., and others.
Segments Covered	By Technology, By Material, By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa