Anti-corrosion Coatings Market Size

Anti-corrosion Coatings Market Size

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.

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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.