Anti-corrosion Coatings Market Size, By Product (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), By Mode Of Application (Solvent-based, Water-based, Powder), By End-use (Oil & Gas, Shipbuilding, Infrastructure, Industrial Markets, Energy, Transport) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Mar 2021  |  Report ID: GMI808  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 256   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Anti-corrosion Coatings Market size was USD 13.5 billion in 2020 and will showcase a growth rate of around 4.3% CAGR from 2021 to 2027. Growing anti-corrosion coatings demand in tag and label applications will augment the market growth during the assessment period.
 

Anti-corrosion coatings are a unique class of materials, characterized by excellent impact resistance, plus corrosion, and abrasion resistance. These coatings can be epoxy-based, water-based or in powder form. These coatings aid in creating a barrier between the metal surfaces, thereby protecting the substrate from any kind of corrosion.
 

Anti-Corrosion Coatings Market Overview

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Anti-corrosion coatings are used in various end-user industries to protect metal components from structural failure caused by corrosion. The product is heavily consumed where metals are consumed in large quantities including oil & gas, automotive, and infrastructure. The biggest challenge for end-user industries is to choose anti-corrosion coatings with a little impact on the environment, thus, the demand for waterborne anti-corrosion coatings will rise significantly during the forecast period.
 

Anti-corrosion coatings exhibit significant dependence upon industrial production and construction spending. The anti-corrosion coatings demand is rapidly rising in developing regions such as Asia Pacific and Africa. Industries in Asia Pacific are rapidly growing owing to large domestic markets and strong growth of the regional economies.
 

Furthermore, the per capita consumption of metal is rising in these regions due to strong economic push and rising per capita income. In matured markets, such as Europe and North America, the anti-corrosion coatings demand is heavily tied with the growth of end-user industries and consumption of metals. Hence, the rising consumption of metals will drive the overall anti-corrosion coatings market growth in the coming years.  
 

Anti-corrosion coatings also play a vital role in the energy industry including oil & gas, coal, nuclear, biomass, hydro, and other renewable energy sources. Anti-corrosion coatings provide protection to the equipment used in the energy industry from extreme weather conditions. Additionally, developing nations are likely to depend more on conventional sources of energy generation such as coal power and crude oil derivatives.
 

Ambient moisture protection and offshore applications are likely to grow over the forecast period. However, the price volatility of petrochemical feedstock coupled with stringent environmental regulations on the use of anti-corrosion coatings are some of the major factors restraining the anti-corrosion coatings market share.
 

Anti-corrosion Coatings Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:USD 13.5 Billion
Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:4.3%
2027 Value Projection:USD 20.0 Million
Historical Data for:2016 to 2020
No. of Pages:256
Tables, Charts & Figures:302
Segments covered:Product, Mode of application, End-user, Region
Growth Drivers:
  • Growing energy sector
  • Rise in commercial and military shipbuilding and maintenance activities in Asia Pacific
  • Increasing need for new infrastructure and maintenance of existing construction spaces along with growing demand for metal based structures
Pitfalls & Challenges:
  • Stringent regulations
  • Fairly high price volatility of petrochemical feedstock

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Epoxy to dominate the market during the forecast period

Anti-Corrosion Coatings Market by Product

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Epoxy was the largest segment in 2020 and is projected to continue leading throughout the assessment period. Epoxy anti-corrosion coatings is projected to hold a market share of over 44% by 2027 in terms of revenue. These coatings are widely used owing to their excellent chemical resistance in varied environments. Epoxy coatings possess excellent protection when exposed to harsh environmental environments and hence are widely used in the marine industry.
 

Polyurethane was the second-largest segment in 2020 and is projected to exhibit a CAGR of over 4.5% during the assessment period. Polyurethane is projected to generate a revenue of over USD 5 billion by 2027. Polyurethane anti-corrosion coatings are used across various end-user industries owing to their excellent properties such as fast cure time and durability.
 

These coatings are widely used near marine areas. These are mainly used to prevent the corrosion of substrates and avoid loss of metal. These resins have enhanced solvent & chemical resistive properties and are superior to conventional epoxies in acid resistance. Polyurethane finish coats are very durable with effective gloss retention ability and are non-yellowing in nature. Additionally, water-based polyurethane coatings are also non-flammable making them highly desirable in combustible environments.
 

Water-based was the largest segment in 2020 with a market share of over 45%

Anti-Corrosion Coatings Market by Mode of Application

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The water-based segment was the largest segment in 2020 and is estimated to continue leading throughout the assessment period. The presence of various environmental regulations on the use of solvent-based coatings led to the increasing use of water-based coatings, in turn, adding to the market revenue.
 

Moreover, with more and more emphasis on environmental-friendly coatings, various industry participants are seen to invest in research & development activities for the development of efficient and durable water-based anti-corrosion coatings. Solvent-based & powder are other major segments and are projected to record an encouraging CAGR throughout the forecast period. The water-based segment regenerated a revenue of over USD 5.7 billion in 2020 and is anticipated to hold a market share of over 45% by 2027.
 

Infrastructure will drive the business growth

Anti-Corrosion Coatings Market by End-Use Industry

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Among the various application sectors, the infrastructure end-use segment will dominate the overall anti-corrosion coatings market share over the projected timeline. The dominance is due to growing population and rapid investments in the construction sector across the globe.
 

Anti-corrosion coatings are widely used in the infrastructure industry owing to their growing need to prevent the corrosion of metal structures. Steel and metal structures are widely prone to harsh environmental conditions and hence are coated in various combinations of anti-corrosion coatings to extend their durability. The infrastructure segment held a market share of over 19 % in 2020.
 

Anti-Corrosion Coating Market by Region

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Asia Pacific was the largest and fastest-growing region in the anti-corrosion coatings market in 2020 and is expected to record the fastest-growing CAGR over the forecast duration. China led the Asia Pacific market, in terms of production and consumption. Some of the huge multinational giants and manufacturing ships have production bases in China, making it a major exporter to the rest of the world. Anti-corrosion coatings have a huge demand in Asia Pacific, particularly in South Korea, Japan, and China, due to the extensive demand from the shipping, energy, and infrastructural industries.
 

North America and Europe are expected to witness a moderate growth rate over the forecast timeframe. Growth is attributed to the presence of huge and mature ship manufacturing & other industrial sectors. Latin America will be witnessing prominent gains during the assessment period due to growing trade activities of Brazil & Mexico with the rest of the globe. North America held a market share of over 14% in 2020 whereas Europe held a share of over 23% in the same year.
 

Key manufacturers operating in the anti-corrosion coatings industry include Valspar, AnCatt, AICA Kogyo, Sokema, Tnemec, Nippon Paints, Chugoku Marine Paints, The Sherwin-Williams Company, PPG Industries, Kansai Paints, RPM International, Jotun, Hempel, BASF, Axalta Coating, Ashland, and Akzonobel, among others.
 

The global anti-corrosion coatings market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Meters & revenue in USD million from 2017 to 2027 for the following segments: