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Anti-corrosion Coatings Market

Anti-Corrosion Coatings Market

Anti-Corrosion Coatings Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

Base Year:

2023

Date

Jul - 2023

Format:

PDF XLS PPT

Report Code:

VMR-VMR-2021-0329

Segments Covered
  • By End-Use Industry By End-Use Industry Oil & Gas, Industrial, Marine, Infrastructure, Power Generation, Automotive and Transportation, Others
  • By Type By Type Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber, Others
  • By Technology By Technology Solvent-based, Water-based, Powder Coatings, Other Technologies
  • By Region By Region North America, Europe, Asia Pacific, Latin America, The Middle-East and Africa
Snapshot
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2030
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 30799.8 Million
Revenue 2030Revenue 2030: USD 42761.7 Million
Revenue CAGRRevenue CAGR (2024 - 2030): 5.62%
Volume (2023)Volume (2023): 4794.9 Kilo Tons
Volume (2030)Volume (2030): 6267.4 Kilo Tons
Volume CAGRVolume CAGR (2023 - 2030): 4.56%
Fastest Growing Region Fastest Growing Region (2024 - 2030) Europe
Largest Region Largest Region (2023): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Anti-Corrosion Coatings Market Share

The Global Anti-Corrosion Coatings Market is valued at USD 30799.8 Million in 2023 and is projected to reach a value of USD 42761.7 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 5.62% between 2024 and 2030.

Key highlights of Anti-Corrosion Coatings Market

  • Asia Pacific dominated the market in 2023, obtaining the largest revenue share of 60.4%.
  • The Marine segment dominated the Anti-Corrosion Coatings market with the largest market share of 29.7% in 2023.
  • The Epoxy segment dominated the Anti-Corrosion Coatings market with the largest market share of 41.5% in 2023.
  • The Solvent-Based segment dominated the Anti-Corrosion Coatings market with the largest market share of 47.5% in 2023.
  • Technological breakthroughs fuel innovation in coating compositions. New coatings that offer improved performance, durability, and corrosion resistance are constantly being researched and developed by businesses.

Anti-Corrosion Coatings Market Size, 2023 To 2030 (USD Million)

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Anti-Corrosion Coatings Market: Regional Overview

Asia Pacific Dominated Sales with a 60.4% share in 2023. The increasing industrialization and infrastructural development in the region is one of the key factors driving the anti-corrosion coatings market in the Asia Pacific. This shift has been spearheaded by nations like China and India, which has raised demand for protective coatings in industries like manufacturing, transportation, and construction. The Asia Pacific area has a thriving maritime sector and long coasts. Anti-corrosion layers are essential for shielding ports, offshore infrastructure, and ships from saltwater's corrosive effects. Due to this, there has been a steady demand for marine coatings, which has greatly fueled the expansion of the anti-corrosion coatings market. Asia-Pacific has seen impressive growth in the automobile sector, particularly in nations like China, South Korea, and Japan. The Asia Pacific area has grown to be a prominent player in the oil and gas exploration industry as energy demand keeps increasing. Corrosion protection is crucial since drilling equipment, storage tanks, and pipelines are all subject to extreme environmental conditions.

China Anti-Corrosion Coatings Market Overview

The Anti-Corrosion Coatings market in China, with a valuation of USD 11,222.6 Million in 2023, is projected to reach around USD 16,402.4 Million by 2030. This forecast indicates a substantial Compound Annual Growth Rate (CAGR) of 5.6% from 2024 to 2030. As a major industrial producer and economic force in the world, China has strategically incorporated anti-corrosion coatings into a variety of industries. The requirement to safeguard crucial infrastructure, improve product longevity, and reduce the financial and environmental expenses associated with corrosion are what motivate the widespread deployment of these coatings. The ambitious Belt and Road Initiative (BRI) of China calls for the construction of major transportation networks, including railways and bridges. To protect these important assets from the corrosive impacts of weather and environmental variables, anti -corrosion coatings are widely used. China's large steel and machinery production serves as an example of the country's contribution to global manufacturing and marketing. Anti - corrosion coatings are essential for maintaining the caliber of these exports and lowering the frequency of expensive repairs and replacements. China is a key player in oil and gas development in shielding pipelines, storage tanks, and drilling equipment from corrosive substances. The usage of anti -corrosion coatings in China also heavily emphasizes environmental concerns.

The global Anti-Corrosion Coatings market can be categorized as End-Use Industry, Type, Technology and Region.

Parameter Details
Segments Covered

By End-Use Industry

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

By Type

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

By Technology

  • Solvent-based
  • Water-based
  • Powder Coatings
  • Other Technologies

By Region

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

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • PPG Industries Inc
  • AkzoNobel N.V
  • The Sherwin-Williams Company
  • Axalta Coating Systems LLC
  • BASF SE
  • Hempel A/S
  • Ashland
  • Jotun
  • RPM International Inc
  • Kansai Paint Co. Ltd
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

Anti-Corrosion Coatings Market: End-Use Industry Overview

In 2023, the Marine segment dominated the market, with the largest share accounting for 29.7% of the overall market. The Anti-Corrosion Coatings market, segmented by the End-Use industry, includes Oil & gas, Industrial, Marine, Infrastructure, Power generation, Automotive & transportation, and Others. The term "marine" refers to applications used in the maritime sector, including ports, ships, offshore constructions, and other parts exposed to the corrosive effects of seawater. These specialized anti-corrosion coatings are essential for protecting marine assets, lengthening their lifespan, and cutting down on maintenance expenses. The corrosiveness of seawater is one of the trickiest characteristics of marine applications. Ship hulls, offshore platforms, and other maritime infrastructure don't rust because marine anti-corrosion coatings are specially developed to withstand the impacts of saltwater. anti-corrosion coatings are a financially rewarding investment for ship owners, operators, and managers of maritime infrastructure. The security of marine equipment is crucial. Corrosion can seriously jeopardize public safety by weakening the structural integrity of ships, offshore platforms, and port infrastructure. The importance of these coatings in assisting these crucial industries is only going to increase as the need for offshore energy production and maritime transportation continues to climb globally.

Anti-Corrosion Coatings Market: Type Industry Overview

In 2023, the Epoxy segment dominated the market, with the largest share accounting for 41.5% of the overall market. The Anti-Corrosion Coatings market, segmented by the Type, includes Epoxy, Polyurethane, Acrylic, alkyd, zinc, chlorinated rubber, and Others. These coatings are used to protect a variety of surfaces from corrosion and increase the longevity of the substrate, such as metal, concrete, and plastic. Several important factors have contributed to their expansion in the anti-corrosion coatings market. Epoxy coatings are favored in sectors including oil and gas, marine, and automotive, where corrosion poses a serious threat because of this property. The demand for dependable anti -corrosion products like epoxy coatings rises as industries keep growing, propelling the industry as a whole. Epoxy coatings are also renowned for their adaptability and simplicity of use. They can be used in a variety of industries and applications since they can be applied in a variety of ways, such as brushing, spraying, or dipping. Epoxy coatings are anticipated to be a key factor in determining the future of the anti-corrosion coatings market as companies continue to appreciate the value of corrosion protection.

Anti-Corrosion Coatings Market: Technology Overview

In 2023, the Solvent-based segment dominated the market, with the largest share accounting for 47.5% of the overall market. The Anti-Corrosion Coatings market, segmented by the Technology, includes solvent-based, water-based, powder coatings, and Other technologies. Metal surfaces are protected against corrosion using a type of anti-corrosion coating known as solvent-borne coatings. Solvents are used in the formulation of these coatings as the main vehicle for the active components, which may also contain binders, pigments, and corrosion inhibitors. Solvent -borne coatings are a popular option in areas including the automotive, marine, and oil & gas industries where corrosion protection is crucial. Additionally, these coatings typically have a lengthy pot life, which means that after mixing, they are still usable for a considerable amount of time. Professionals who need enough time to apply the coating evenly will benefit from this feature because it lowers the possibility of imperfections or irregularities in the protective layer. These coatings are widely employed in a variety of sectors where corrosion protection is important, and their versatility in adapting to different needs ensures their continuous usefulness.

Key Trends

  • Zinc coatings are a popular option in many industries for prolonging the longevity of structures and equipment because they form a physical and chemical buffer between the metal and corrosive elements.
  • Waterborne coatings are a popular option for many applications where environmental issues and performance are important considerations since they also offer good corrosion protection when applied appropriately.
  • Anti -corrosion coatings are an essential part of corrosion protection methods because they help maintain the reliability and durability of machinery and infrastructure in this sector.

Premium Insights

The regulatory environment affecting the market for anti -corrosion coatings is extensive and complex. It includes regional laws from various nations and regions environmental regulations, safety laws, performance and quality standards, product labeling laws, and laws particular to certain industries. Manufacturers, distributors, and end users must abide by these requirements to guarantee product safety, environmental responsibility, and adherence to quality and performance standards. The use of cutting-edge technologies to improve coatings' performance, longevity, and sustainability characterizes the technological landscape of the worldwide anti-corrosion coatings market. For Instance, March 2022, AkzoNobel has created a broad range of Interpon ACE powder coatings to meet the unique requirements of the Agricultural and Construction Equipment (ACE) industry. The powder coatings are superior to other coating options in terms of performance and sustainability, in addition to offering the best protection and functionality.

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Market Dynamics

Global expansion of infrastructure and industrial sectors

The international development of the infrastructure and industrial sectors is a key factor driving the market for anti-corrosion coatings. Since it is strongly related to the need to safeguard crucial infrastructure, industrial machinery, and transportation systems from corrosion-related deterioration, this development has a significant impact on the market for anti -corrosion coatings. The need for the building and upkeep of numerous infrastructure projects is growing as economies develop, and urbanization keeps going. These include public utilities, including water treatment facilities and power generation plants, as well as bridges, highways, railways, airports, and seaports. Countries build factories, manufacturing plants, and industrial facilities as they become more industrialized. These buildings frequently include high-priced metal machinery and equipment that is susceptible to corrosion from exposure to harsh chemicals, extreme temperatures, and environmental variables. Advanced coatings with increased corrosion resistance longer life spans, and manufacturers are constantly developing better environmental performance. These coatings not only satisfy the growing need for corrosion protection but also support sustainability objectives by lowering the frequency of recoating requirements and reducing environmental effects.

Growth of the oil and gas industry

The growth of the oil and gas industry, in terms of exploration, production, transportation, and storage, is another important factor propelling the market for anti-corrosion coatings. Corrosion protection is a crucial requirement because the oil and gas industry significantly rely on metal infrastructure, which is exposed to severely corrosive environments. The upstream sector of the oil and gas business consists of activities like exploration and production, which frequently take place in hazardous locations, including offshore drilling rigs, underwater pipelines, and isolated oilfields. The movement of natural gas and crude oil over extensive pipeline networks is included in the midstream industry. These pipelines pass across a variety of landscapes, including woods, deserts, and river crossings. Maintaining pipeline integrity and avoiding leaks that could have disastrous environmental effects require corrosion prevention. The demand for cleaner energy sources has significantly increased the liquefied natural gas (LNG) market. Specialized anti - corrosion coatings are needed in LNG plants to shield equipment and cryogenic storage tanks from harsh temperatures and corrosive LNG environments. The integrity of these buildings must be maintained if leaks and accidents are to be avoided. The expanding global need for energy is still driving investment in oil and gas exploration and production. To support their industrial and economic progress, developing regions with growing economies are particularly dependent on these resources. Because of this ongoing need, infrastructure development increases, which raises the demand for anti -corrosion coatings.

Competitive Landscape

The regulatory environment affecting the market for anti -corrosion coatings is extensive and complex. It includes regional laws from various nations and regions, environmental regulations, safety laws, performance and quality standards, product labeling laws, and laws particular to certain industries. Manufacturers, distributors, and end users must abide by these requirements to guarantee product safety, environmental responsibility, and adherence to quality and performance standards. Additionally, it supports the industry's integrity and standing in the anti-corrosion coatings sector.

Recent Developments

  • In August 2023, Jotun Industrial Coatings has been awarded the contract for the "2023 centralized procurement of waterproof materials and anti-corrosion coatings" project by China Energy Engineering Corporation (CEEC). The paint business was awarded the contract for the domestically made anticorrosion coatings in the "005, 006, 007, 008" zones, which include the northeast, north, northwest, central, east, southwest, and south China, as well as port areas. The projected cost of the purchase is CNY 100 million.
  • In March 2022, Alesta ZeroZinc UniPrime was introduced in the EMEA region by Axalta Coating Systems, a major international producer of liquid and powder coatings. The newest addition to its Alesta ZeroZinc primer line is called UniPrime, and it is the first high-end, globally accessible thermosetting powder primer.

FAQ
Frequently Asked Question
  • The global Anti-Corrosion Coatings valued at USD 30799.8 Million in 2023 and is expected to reach USD 42761.7 Million in 2030 growing at a CAGR of 5.62%.

  • The prominent players in the market are PPG Industries Inc, AkzoNobel N.V, The Sherwin-Williams Company, Axalta Coating Systems LLC, BASF SE, Hempel A/S, Ashland, Jotun, RPM International Inc, Kansai Paint Co. Ltd.

  • The market is project to grow at a CAGR of 5.62% between 2024 and 2030.

  • The driving factors of the Anti-Corrosion Coatings include

    • Global expansion of infrastructure and industrial sectors

  • Asia Pacific was the leading regional segment of the Anti-Corrosion Coatings in 2023.