Anti-corrosion Coatings Market Size, Share | Report 2022-2030
The global anti-corrosion coatings market was surpassed at USD 28.56 billion in 2021 and is expected to hit around USD 39.87 billion by 2030, growing at a CAGR of 3.78% from 2022 to 2030.
Report Highlights
Rising demand for anti-corrosion coatings in industries, such as oil & gas, building & construction, and marine, is expected to drive the market over the forecast period. The primary purpose of the anti-corrosion coating is to protect the metal substrates from environmental exposures, such as humidity, moisture, and oxidation.
These coatings act as a barrier to prevent the interaction between the corrosive materials, compounds, chemicals from the metal surfaces. In addition, these coatings enhance the surface finish of the metallic components. The rising demand for sustainable and durable metallic products, especially in the oil & gas and building & construction industries, is expected to drive the product demand over the forecast period. The Asia Pacific is anticipated to be the largest regional market over the forecast period.
This is owing to various factors, such as government initiatives like Make in India, construction of a silk route project connecting Xian, China to Trieste, Italy through both road and marine transportation. In addition, various companies in clean energy production and aerospace are planning to establish manufacturing facilities in India post COVID-19 pandemic, which will support market growth. With the rising number of building & construction projects in North America, particularly in the U.S., demand for electric automotive, and R&D investments for developing advanced, environmentally-friendly anti-corrosion coatings will boost the market growth in North America.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 28.56 billion |
| Revenue Forecast by 2030 | USD 39.87 billion |
| Growth rate from 2022 to 2030 | CAGR of 3.78% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Technology, material, application, region |
| Companies Covered |
PPG Industries, Inc.; Akzo Nobel N.V.; The Sherwin-Williams Company; Axalta Coating Systems, LLC; BASF SE; Hempel A/S; Ashland; Jotun; RPM INTERNATIONAL INC.; Kansai Paint Co., Ltd. |
Technology Insights
The solvent-based technology segment led the market and accounted for more than 46.4% share of the global revenue in 2021. This high share is attributable to the rising demand for industrial tanks, manufacturing machines, pipes, ballast tanks, chemical storage tanks, gas ducts, cooling towers, smokestacks, etc. In addition, solvent-based corrosion protection coating requires less drying time, exhibits improved temperature, humidity, and abrasion resistance.
With the rising stringent environmental regulation, water-based coatings are gaining demand and are often used in household appliances as it reduces VOC emissions. The water-based coating offers properties, such as excellent chemical resistance, cold-resistant, non-flammable and non-explosive, and non-toxic in nature. Water-based coatings are commonly used in metal components, machinery equipment, axles, transmission shafts, gearboxes, and others.
Powder coatings are commonly used with materials including epoxy, polyester, polyurethane, and acrylic. Powder anti-corrosion coatings have a negligible amount of VOC emissions and low flammability at the time of application. In addition, powder coatings offer properties, such as enhanced surface finish, uniform thickness, and have low operating cost compared to other technology.
Material Insights
The acrylic material segment led the market and accounted for more than 43.8% share of the global revenue in 2021. This high share is attributable to the excellent properties of acrylic materials, such as resistance to weathering and oxidation. Acrylic coatings are primarily water-based, which offer ease of handling and superior performance in a wide range of applications, such as wall coating, roof coating, and low price compared to other materials.
Epoxy material is commonly used in the powder form for corrosion protection applications. These are often used in piping systems in both commercial and residential purposes. In addition, corrosion protection coatings are used in mining, architectural, municipal, and medical, IT industries, and food & beverage industries.
Zinc coatings are comprised of zinc metal pigment ranging from 85 to 92%. Zinc corrosion protection coating provides cathodic protection and thickness ranging from 6 to 125 microns. Zinc-based corrosion protection coatings are used in building & construction and marine applications for pipelines, bridges, containers, and other metallic products.
Application Insights
The oil & gas application segment led the market and accounted for more than 37.12% share of the global revenue in 2021. This high share is attributable to the extensive usage of corrosion protection coating in this sector. In addition, the anti-corrosion coating minimizes the risk of microbes and improves abrasion resistance & surface finish. The Anti-corrosion coating also finds applications in hospitals, care homes, and drop-in centers for the product including floors, handles, beds, walls, and ceiling paints.
Corrosion protection coating is used in flooring, shelving, kitchen mats, storage containers, water coolers, and water hydration systems in the food & beverage industry. The growth of the food & beverage industry on account of the increasing population and changing lifestyles is expected to drive the product demand in this application segment over the forecast period.
The aerospace & defense application segment accounted for more than a 9.7% share of the global revenue in 2021. Rising defense expenditure as security threats among the countries has intensified post the emergence of the COVID-19 pandemic is driving the demand. In addition, the growth of the commercial aviation industry has plunged downwards owing to travel restriction to tackle the COVID-19 pandemic. These factors are boosting the product demand in the aerospace & defense application segment.
Amid the global COVID-19 pandemic, the marine industry had a negative impact as the demand for goods from China has reduced. According to the reports published by Vessels Value Ltd., the demand for goods from Japan and South Korea is increasing and the demand for goods from China is still witnessing a downfall. This trend is expected to continue as various companies operating in the electrical & electronics, building & construction, and aerospace & defense sectors are exploring new geographies for establishing there manufacturing facilities outside China. This, in turn, is expected to drive the product demand over the forecast period.
Regional Insights
The Asia Pacific led the market and accounted for over 37.5% share of global revenue in 2021. This high share is attributable to the rising demand for Electric Vehicles (EVs) in countries, such as China, India, and Japan. In addition, the presence of various automotive manufacturers, which are involved in research & development activities in the region including Tata Motors, Mahindra & Mahindra Ltd, and Bajaj Auto Ltd., will propel industry expansion over the forecast period.
The growth of the construction industry in emerging economies, such as Brazil, China, India, and Mexico, are expected to drive the product demand in the protection of components, such as insulation, fixtures, structural lumber, windows, fences, and others, over the forecast period. The demand for anti-corrosion coatings in the building & construction market can be attributed to increased foreign investment in the construction industry of these countries as a result of the rising number of redevelopment projects of public and industrial infrastructure.
Europe ranks second, in terms of revenue. The regional market is driven by the growth of the major application sectors, such as oil & gas and marine applications. According to Eni S.p.A., the European oil & gas industry has registered a decline of approximately 40% in the profit of first-quarter 2020 compared to 2021.
In addition, the automotive & rail application segment is expected to witness considerable growth owing to increasing demand for smart EVs in the region, which requires lightweight and durable components to improve the vehicular efficiency.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Anti-corrosion Coatings Market
5.1. COVID-19 Landscape: Anti-corrosion Coatings Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Anti-corrosion Coatings Market, By Technology
8.1. Anti-corrosion Coatings Market, by Technology, 2022-2030
8.1.1 Solvent-based
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Water-based
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Powder
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Anti-corrosion Coatings Market, By Material
9.1. Anti-corrosion Coatings Market, by Material, 2022-2030
9.1.1. Acrylic
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Alkyd
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Polyurethane
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Epoxy
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. Zinc
9.1.5.1. Market Revenue and Forecast (2017-2030)
9.1.6. Others
9.1.6.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Anti-corrosion Coatings Market, By Application
10.1. Anti-corrosion Coatings Market, by Application, 2022-2030
10.1.1. Oil & Gas
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Marine
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Building & Construction
10.1.3.1. Market Revenue and Forecast (2017-2030)
10.1.4. Automotive & Rail
10.1.4.1. Market Revenue and Forecast (2017-2030)
10.1.5. Aerospace and Defense
10.1.5.1. Market Revenue and Forecast (2017-2030)
10.1.6. Others
10.1.6.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Anti-corrosion Coatings Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Material (2017-2030)
11.1.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Material (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Material (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Material (2017-2030)
11.2.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Material (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Material (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Material (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Material (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Material (2017-2030)
11.3.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Material (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Material (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Material (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Material (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Material (2017-2030)
11.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Material (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Material (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Material (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Material (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Material (2017-2030)
11.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Material (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Material (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 12. Company Profiles
12.1. Akzo Nobel N.V.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Ashland
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Axalta Coating Systems, LLC
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. BASF SE
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Hempel A/S
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Jotun
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Kansai Paint Co., Ltd.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. PPG Industries, Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. RPM INTERNATIONAL INC.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. The Sherwin-Williams Company
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers