Anti-corrosion Coatings Market - By Product (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), By Mode of Application (Solvent-based, Water-based, Powder), By End-use & Forecast, 2024– 2032
Report ID: GMI808
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Published Date: June 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 17
Tables & Figures: 268
Countries covered: 21
Pages: 374
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Anti-corrosion Coatings Market
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Anti-corrosion Coatings Market Size
Anti-corrosion Coatings Market size was valued at over USD 24.8 billion and is estimated to register a CAGR of over 3.8% between 2024 and 2032, driven by the rising demand from industries, such as oil & gas, marine, automotive, and construction.
The need for protective coatings is growing due to the harsh working environment of the oil & gas sector, which can increase the deterioration of infrastructure. For instance, in September 2022, Extreme Coatings introduced a new internal diameter high velocity oxygen fuel coating system for oil & gas and industrial components. Moreover, corrosion-resistant coatings ensure the longevity and safety of pipelines, shorelines, and storage tanks, leading to significant cost savings in maintenance and replacement.
Technological advancements and the development of high-performance coating materials will also influence the market growth. Innovative materials like epoxies, polyurethanes and fluoropolymer coatings are providing superior protection and longevity even in harsh conditions. Stringent environmental regulations and industry standards are pushing manufacturers to develop environmentally friendly, VOC free coatings that meet safety requirements while giving excellent performance. The increasing awareness of the economic and safety benefits of corrosion protection is driving more industries to invest in high-quality corrosion-resistant coatings, favoring the market growth.
On the other side, the higher cost of advanced coating materials and the complex application processes involved may restrain the product uptake to some extent. Strict environmental regulations regarding VOC emissions and the use of hazardous substances in coatings is creating compliance challenges for manufacturers. The market is also facing competition from alternative corrosion protection methods, such as anticorrosive compounds and composites, which sometimes may offer more cost-effective solutions.
Anti-Corrosion Coatings Market Trends
The development and adoption of nanotechnology and smart coatings to offer enhanced protection and self-healing properties will favor the industry expansion. The increasing focus on sustainability is driving the development of environmentally friendly, low VOC products and corrosion resistant water coatings that comply with environmental regulations. In renewable energy sectors, such as wind and solar, where multiple equipment face harsh environmental conditions, the demand for high-performance coatings will increase.
For instance, in February 2024, Covestro created high-performance waterborne resins for industrial coatings like wood furniture and building products, leading to a transformation in the industry. Rising investments in manufacturing industries, especially in emerging markets, is also increasing the demand for durable coatings.
Anti-Corrosion Coatings Market Analysis
Based on product, the market value from the epoxy segment is expected to reach over USD 13.9 billion by 2032 due to its exceptional protective properties and versatility across various applications. Epoxy coatings boast of an ability to form a strong waterproof barrier that resists moisture and corrosion for providing long-term protection for metal surfaces while significantly reducing maintenance costs and extending the life of buildings and equipment. Developments in epoxy formulations, including the growth of eco- friendly low-VOC fixtures are improving their appearance. The cost-effectiveness and reliability of epoxy coatings will also continue to drive the market growth.
Based on end user, the anti-corrosion coatings market from the shipbuilding segment generated over USD 4.6 billion in 2023 and will witness 3.9% CAGR from 2024- 2032 due to the critical need to protect vessels from harsh marine environments. Ships and offshore structures are constantly exposed to different levels of salt water, humidity, and temperature, which can lead to deterioration and structural damage. Anti-resistant coatings are essential to maintain the integrity and durability of these molds and reduce maintenance and downtime costs. The expansion of global trade and maritime activities is further increasing the need for new ships and the maintenance of existing ships, adding to the segment growth.
North America anti-corrosion coatings industry size will record more than USD 5 billion by 2032 attributed to the strong industrial base along with the growing need to protect critical infrastructure and industrial equipment from corrosion. The oil & gas sector in the region is widely necessitating pipelines, drilling rigs and storage tanks for coating high-performance corrosion-resistant materials to ensure operational efficiency and safety. Manufacturing upgrades and investments in the automotive, aerospace and aerospace industries are also contributing to the high demand for protective coatings in the region.
Anti-Corrosion Coatings Market Share
Leading anti-corrosion coating firms are investing in R&D activities to create innovative, high-performance coatings with enhanced durability and eco-friendly properties for addressing the growing demand for sustainable solutions. Acquisitions and strategic partnerships are helping them in expanding their product portfolios. These companies are also focusing on improving their manufacturing capabilities and adopting advanced technologies to enhance production efficiency and cost effectiveness.
Anti-Corrosion Coatings Market Companies
Major players operating in the market include:
Anti- Corrosion Coatings Industry News
The anti-corrosion coatings market report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Tons) from 2024 to 2032, for the following segments:
By Product
By Mode of Application
By End-user
By Region