Anti-Corrosion Coating Market Size, Share, Trends, Growth 2032

Industry Prospective:

The global anti corrosion coating market was worth around USD 27,928.50 million in 2021 and is estimated to grow to about USD 37,213.50 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.9 percent over the forecast period. The report analyzes the Anti Corrosion Coating market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Anti Corrosion Coating market.

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Anti-Corrosion Coating Market: Overview

Anti-Corrosion Coatings are widely used in multiple applications to save the components and metals from corroding and compromising integrity. The increasing use of metals in multiple walks of life has driven the demand for corrosion prevention and protective coatings that have been massively popular over the past few years. Especially the anti-corrosion coatings market will be driven by the industrial sector which is prone to corrosion damage and avoiding it is crucial for efficient and beneficial business operations.

Increasing industrial activity is propelling the demand for anti-corrosion coatings, and this will be a major driver for anti-corrosion coatings market growth over the forecast period. Increasing demand for lightweight, durable metallic components in multiple industries is also expected to have a positive impact on the anti-corrosion coatings market potential in the long run.

However, the hazardous effects of certain anti corrosion coatings are expected to hamper their use and adoption in multiple applications and have a hindering effect on the anti-corrosion coatings market potential over the forecast period.

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COVID-19 Impact:

The COVID-19 pandemic had a negative impact on the industrial sector which is a major end use industry for anti-corrosion coatings and this led to a downfall in the anti-corrosion coatings market growth in 2020. Lockdown restrictions also resulted in disruptions to supply and logistic chains along with a shortage of raw materials, which had a restraining effect on the global anti corrosion coatings marketplace.

The anti-corrosion coatings market is expected to rise at a steady pace in the post-pandemic era, and anti-corrosion coatings companies are expected to boost their offerings to fast track their recovery through 2028. Resumption of industrial activity and lifting of restrictions will help the market unveil its full potential over the forecast period.

Anti-Corrosion Coating Market: Growth Drivers

Increasing Industrialization on a Global Scale to Drive Demand

The industrialization has become a prominent trend across the world and this factor will majorly aid anti corrosion coatings market growth through 2028. Industries use metal elements and the safety of these elements is paramount in the safe operation of industries, hence they are the largest end user for anti-corrosion coatings. Especially chemical industries which deal with multiple elements that can rapidly increase corrosion and compromise operations are expected to see high demand for anti-corrosion coatings over the forecast period.

Report Scope:

Anti-Corrosion Coating Market: Restraints

Adverse Impact on Environment and Human Health

Anti-Corrosion Coating comprises chemicals that could potentially harm the environment or human health, and increasing focus on conserving the environment and stringent regulations that prohibit the use of harmful and toxic chemicals are expected to have a constraining effect on the anti-corrosion coatings market potential over the forecast period. Anti-corrosion coatings manufacturers are investing in research and development of new eco-friendly products to overcome this issue.

Global Anti Corrosion Coating Market: Segmentation

The global Anti Corrosion Coating market is segregated based on type, technology, end use industry, and region.

By technology, the market is divided into Solvent-borne, Waterborne, and Powder Coating. The solvent borne segment is expected to hold a major market share and is anticipated to maintain this stance over the forecast period.  The rising need for industrial tanks, manufacturing machines, pipes, ballast tanks, chemical storage tanks, gas ducts, etc. in industrial environments is expected to boost the growth of this segment through 2028.

By Application, the Anti Corrosion Coating market is segmented into Marine, Oil & Gas, Industrial, Infrastructure, Power Generation, and Automotive & Transportation. The oil and gas segment will hold a dominant outlook over the forecast period. The oil and gas industry sees prolonged exposure to water and other corrosive elements and hence the demand for anti-corrosion coatings in this industry is high to avoid catastrophic losses of life and capital all the same.  

Recent Developments

• In January 2020 – Milliken & Company a known industrial manufacturer announced the acquisition of Borchers Group Limited which is known for its high-performance coating product portfolio

Regional Landscape

Asia Pacific region leads the global Anti Corrosion Coating market in terms of revenue and volume share and this can majorly be linked to high industrial activity in this region which is driven by rising demand for infrastructure development in this region. Increasing industrial activity in India, China, and Japan is expected to be majorly driving the anti-corrosion coatings market growth in this region through 2028. Increasing construction activity from developing economies and supportive government initiatives are also expected to favor anti corrosion coatings market potential through 2028.   

Competitive Landscape

Some of the main competitors dominating the global Anti Corrosion Coating market include - AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan).

Global Anti Corrosion Coating market is segmented as follows:

By Type

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

By Technology

• Solvent-borne
• Waterborne
• Powder Coating

By End-Use Industry

• Marine
• Oil & Gas
• Industrial
• Infrastructure
• Power Generation
• Automotive & Transportation

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa