Anti-corrosion Coatings Market

Anti-corrosion Coatings Market Size:

The global anti-corrosion coatings market size is expected to exhibit a growth rate (CAGR) of 4.14% during 2024-2032. The market is experiencing robust growth, driven by the increasing infrastructure development, expanding product demand in the marine, automotive, and aerospace industries, rapid advancements in coating technologies, and the rising product utilization in the oil and gas sector.

Anti-corrosion Coatings Market Analysis:

• Major Market Drivers: The growing infrastructure development is an essential driver, as strong anti-corrosion solutions are key to the longevity and safety of structures. Furthermore, the rise of the marine and offshore industries, together with technological advancements in coating formulations such as eco-friendly and high-performance coatings, are driving the expansion of this market.
• Key Market Trends: Low-volatile organic compounds (VOCs) and water-based formulations are increasingly being developed and used in various industries in an attempt to reduce the ecological footprint. Furthermore, the growing incorporation of digital technology to optimize coating application processes and performance tracking, as well as the development of personalized coating solutions tailored to specific industrial needs, are boosting the growth of this industry.
• Geographical Trends: The Asia Pacific region is dominating the market due to rapid industrialization, urbanization, and large infrastructure investments. Other regions are also expanding as a result of strong regulatory frameworks and increased demand from the automotive and aerospace industries.
• Competitive Landscape: Some of the major market players in the anti-corrosion coatings industry include 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., Sika AG, The Sherwin-Williams Company, among many others.
• Challenges and Opportunities: The high cost of modern coating methods and raw ingredients is a major barrier to market entry and expansion for some businesses. However, opportunities exist in the growing need for high-performance and environmentally friendly coatings in industries such as renewable energy and electric vehicles (EVs).
   

Anti-corrosion Coatings Market Trends:

Increasing Infrastructure Development

Infrastructure development is one of the key factors driving the anti-corrosion coatings market share. These coatings are critical for preserving steel and concrete structures from the damaging effects of corrosion, which can cause structural failures, costly repairs, and potential safety risks. Additionally, there has been a significant expansion in urban areas, a rise in the construction of bridges, highways, and tunnels, as well as the development of energy projects such as oil and gas pipelines and power plants, all of which necessitate strong anti-corrosion solutions to assure longevity and structural integrity. For example, in the United States, more than $350 billion in Bipartisan Infrastructure Law (BIL) financing has been announced until October 2023. Among these, $174.7 billion was awarded for the construction of roads, bridges, and major projects; $34.1 billion for public transportation; and $9.8 billion for passenger and freight rail, all of which require effective anti-corrosion coatings and efficient operation.

Growth in Marine and Offshore Industries

The marine and offshore industries are important sectors that drive the demand for anti-corrosion coatings. These industries work in highly corrosive settings, where exposure to saltwater, moisture, and harsh weather can cause materials to deteriorate quickly. Anti-corrosion coatings serve an important role in extending the life of maritime vessels, offshore platforms, and other infrastructure. The global rise in marine trade, as well as the discovery and production of oil and gas offshore, has highlighted the importance of effective corrosion protection. For instance, in 2021, the US marine economy saw a 7.4 percent growth in its contribution to GDP and a 10.5 percent increase in sales. Vessels such as ships, tankers, and cargo carriers require regular maintenance and coating applications to prevent corrosion-related damages, ensuring operational efficiency and safety.

Expanding Automotive and Aerospace Industries

As per the anti-corrosion coatings market report, the automotive industry utilizes these coatings to protect metal parts against rust and corrosion, thus improving vehicle durability and performance. Additionally, the expanding manufacturing of automobiles, fueled by rising consumer demand and economic expansion, has increased the need for adequate corrosion protection. In 2022, 85.4 million motor vehicles were produced worldwide, which is a hike of 5.7% from 2021. Furthermore, in the aerospace industry, anti-corrosion coatings are critical to maintaining aircraft lifetime and safety. Aircraft components are prone to corrosion as they are exposed to various altitudes, temperatures, and atmospheric conditions. The aircraft industry's growth, fueled by rising air travel and defense spending, continues to boost the demand for sophisticated anti-corrosion coatings. According to the International Air Transport Association (IATA), total air traffic in 2023 rose 36.9% compared to 2022, which increases the demand for anti-corrosion coatings for managing aircraft effectively.

Anti-corrosion Coatings Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on technology, material, and application.

Breakup by Technology:

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

Solvent-based accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the technology. This includes solvent-based, water-based, powder, and others. According to the report, solvent-based represented the largest segment.

As per the anti-corrosion coatings market trends, solvent-based coatings represented the largest segment due to their superior performance characteristics and versatility. These coatings are favored for their excellent adhesion, durability, and resistance to harsh environmental conditions, making them ideal for protecting infrastructure, marine vessels, automotive parts, and industrial equipment. Moreover, their ability to form robust and protective barriers against moisture, chemicals, and abrasion to ensure prolonged structural integrity and reduce maintenance costs is fostering the market growth. In addition to this, the ongoing innovations that enhance their eco-friendliness without compromising effectiveness are positively impacting the anti-corrosion coatings market size.

Breakup by Material:

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

Epoxy holds the largest share of the industry

A detailed breakup and analysis of the market based on the material have also been provided in the report. This includes acrylic, alkyd, polyurethane, epoxy, zinc, others. According to the report, epoxy accounted for the largest market share.

Based on the anti-corrosion coatings market outlook, epoxy coatings dominated the market due to their exceptional protective qualities, including high durability, strong adhesion, and superior resistance to chemicals and moisture. They are utilized for a wide range of applications, such as industrial, marine, automotive, and infrastructure projects. Epoxy coatings are effective in harsh environments, as they provide a robust barrier against corrosion to extend the lifespan of metal and concrete structures. Moreover, the versatility of epoxy formulations that allow for customization to meet specific performance requirements, is enhancing the anti-corrosion coatings market growth.

Breakup by Application:

• Oil and Gas
• Marine
• Building and Construction
• Automotive and Rail
• Aerospace and Defense
• Others
   

Oil and gas represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the application. This includes oil and gas, marine, building and construction, automotive and rail, aerospace and defense, and others. According to the report, oil and gas represented the largest segment.

According to the anti-corrosion coatings market insights, the oil and gas sector accounted for the largest market share, driven by the industry's critical need for robust corrosion protection in harsh environments. Along with this, the reliance of this sector on extensive infrastructure, including pipelines, storage tanks, refineries, and offshore platforms, that are highly susceptible to corrosion due to constant exposure to seawater, chemicals, and extreme temperatures is fueling the market growth. Anti-corrosion coatings are essential for preventing leaks, spills, and structural failures, thereby ensuring operational efficiency, safety, and regulatory compliance.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest anti-corrosion coatings market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for anti-corrosion coatings.

Based on the anti-corrosion coatings market overview, the Asia Pacific region is dominating the market, driven by its rapid industrialization, urbanization, and infrastructure development. Moreover, the burgeoning construction sector, expanding marine and automotive industries, and significant investments in oil and gas exploration and production, necessitating the widespread use of anti-corrosion coatings to protect assets from harsh environmental conditions, are boosting the market growth. Additionally, the imposition of government initiatives and increased spending on public infrastructure projects, coupled with a growing manufacturing base, are fueling the anti-corrosion coatings market demand.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the anti-corrosion coatings industry include 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., Sika AG, The Sherwin-Williams Company, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The major players in the market are pursuing strategies to strengthen their market position and meet evolving customer needs. They are investing in research and development (R&D) to innovate and enhance their product offerings by focusing on advanced formulations that provide superior protection while being environmentally friendly. Moreover, some companies are expanding their production capacities and geographic reach through strategic acquisitions and partnerships, particularly in high-growth regions. Additionally, they are focusing on developing low-volatile organic compounds (VOC) and water-based coatings, which are gaining popularity for their reduced environmental impact.

Anti-corrosion Coatings Market News:

• In May 2024, Akzo Nobel N.V. launched Interpon A3000. This is the company's first single-layer powder coating for two-wheelers and helps customers accelerate their efficiency gains without compromising on performance or aesthetics. Interpon A3000 is available in an array of colors and metallic effects and is designed to protect and enhance the body parts, wheels, and trim of any two-wheeled vehicle. It helps prevent corrosion, combats interference from fuel, oil, and other chemicals and offers high resistance to chipping from stones and pebbles.
• In March 2023, PPG Industries Inc. announced the launch of the PPG ENVIROCRON Primeron primer powder portfolio. This product is designed to provide high corrosion resistance for metal substrates, including steel, hot-dip-galvanized steel, metalized steel, and aluminum. The portfolio has also been tested according to the corrosivity categories and approved by the QUALISTEELCOAT international quality label for coated steel.

Anti-corrosion Coatings Market Report Scope:

Key Questions Answered in This Report:

• How has the global anti-corrosion coatings market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global anti-corrosion coatings market?
• What is the impact of each driver, restraint, and opportunity on the global anti-corrosion coatings market?
• What are the key regional markets?
• Which countries represent the most attractive anti-corrosion coatings market?
• What is the breakup of the market based on the technology?
• Which is the most attractive technology in the anti-corrosion coatings market?
• What is the breakup of the market based on the material?
• Which is the most attractive material in the anti-corrosion coatings market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the anti-corrosion coatings market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global anti-corrosion coatings market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the anti-corrosion coatings market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global anti-corrosion coatings market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the anti-corrosion coatings industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.