Anti-Corrosion Coating Market

The anti-corrosion coating market is projected to grow from USD 34.8 billion in 2022 to USD 43.3 billion by 2028, at a CAGR of 3.6% between 2023 and 2028. Increasing losses and damage due to corrosion is a major factor behind the growth of the market.

Attractive Opportunities in the anti-corrosion coatings Market

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Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

Anti-corrosion coating Market Dynamics

Drivers: Increasing damage and losses due to corrosion

Corrosion is one of the serious problems in various end-use industries. Corrosion may attack the jacketing, the insulation hardware, or the underlying piping or equipment. The monetary losses caused by corrosion can be very high and directly threaten the well-being of general property and the life of people.

Significant monetary losses must be borne due to rust, corrosion, wear and tear, accidental damages, and other factors affecting the consumption of fixed capital (CFC). These losses lead to economic depreciation and are majorly seen in manufacturing and other industries.

Restraints: Environmental Regulations

Regulations were targeted at limit the volatile organic compounds (VOC) emissions from the coatings. REACH and LEED GreenSeal GC-03 2nd Ed., 1997 specifies that the VOC content in grams per liter (g/L) for anti-corrosion coatings. These regulations pressurized anti-corrosion coatings manufacturers to comply with the standards by reducing the VOC contents while maintaining the quality and performance of these coatings. The regulations have also impacted the price of anti-corrosion coating as the regulations brought a change in the technology which is used for the production of the coatings. Therefore, the regulations present a formidable short-term restraint for the growth of the anti-corrosion coating market.

Opportunities: Demand foe high-efficiency anti-corrosion coatings  

Changes in operating circumstances in end-use sectors such as oil and gas and marine have created a demand for anti-corrosion coatings with improved characteristics and efficiency. For example, the rising usage of enhanced oil recovery (EOR) procedures in the oil and gas industry has created a demand for coatings that can withstand high temperatures and pressures while still ensuring long-term structural protection. Demand for high solid anti-corrosion coating from the oil and gas, maritime, and infrastructure industries has also stimulated R&D activity for the development of these coatings, which are appropriate for use in hostile environments.  This is a short-term driver of the anti-corrosion coating industry, but it has the potential to become a long-term driver in the future. As a result, the increased demand for high-efficiency anti-corrosion coating is likely to create considerable prospects for market expansion.

Challenges: Entry of local players in the market

The anti-corrosion coating market is dominated by a few major global players. Companies such as PPG Industries (U.S.), AkzoNobel (Netherlands), and Jotun (Norway) lead the market in terms of revenue and product development. The anti-corrosion coating market also comprises a number of small local players such as Diamond Vogel Paints (U.S.) and SK Formulations India Pvt. Ltd. (India) who lacks the financial or technological power to counter the global majors. The local players are slowly gaining an edge through increased R&D initiatives and focus on a limited geographic section. They can identify the needs and demands in the local area and can actively fulfill them with application-specific products. Companies such as Ancatt (U.S.) and Carboline (U.K.) are emerging competitors to the current leading market players.

Anti-Corrosion Coating Ecosystem.

The diagram below indicates MnM coverage of the paints & coatings ecosystem. Knowledgestore provides strategic insights on each of the nodes in the ecosystem through a cloud based, highly interactive market intellence platform.

Epoxy by type accounted for the largest growing segment of anti-corrosion coating market

Due to the epoxy's compatibility with other coating materials, the dominance of epoxy anti-corrosion coating is anticipated to persist during the forecast period. Also, it is the most used anti-corrosion coating. Additionally, the demand for epoxy anti-corrosion coating is rising across a range of end-use industries, including marine, infrastructure, oil & gas, and automotive & transportation.

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Asia Pacific is the largest growing anti-corrosion coating market.

The Asia Pacific is the largest anti-corrosion coating market, in terms of both, value and volume, and is projected to be the fastest-growing market during the forecast period. Economic development is credited to Asia Pacific, which is followed by major investment in areas such as automotive and transportation, infrastructure, power generation, and industrial. Asia Pacific is the most promising market and will remain such in the foreseeable future. Furthermore, multinational corporations are relocating production facilities to Asia Pacific to take advantage of reduced labour costs and meet local market demand.

Key Market Players

PPG Industries, Inc. (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Jotun A/S (Norway), Kansai Paints Co., Ltd. (Japan) are the key players in the global anti-corrosion coating market.

PPG Industries, Inc. manufactures and distributes coatings, paints, optical products, and specialty materials. The company operates in two segments, namely, performance coatings, and industrial coatings. The company offers anti-corrosion coatings through the Performance Coatings segment. It also provides industrial and automotive coatings to the manufacturing industries; adhesives and sealants to the automotive industry; metal pretreatments and related chemicals for the industrial & automotive applications; and packaging coatings to aerosol and food & beverage container manufacturers.

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Scope of the Report

This research report categorizes the anti-corrosion coating market based on Type, Technology, End-use Industry, and Region.

By Type:

• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Zinc
• Chlorinated Rubber
• Others

By Technology:

• Solvent borne
• Waterborne
• Powder-based coating
• Others

By End-use Industry:

• Marine
• Oil & Gas
• Industrial
• Infrastructure
• Power Generation
• Automotive  & Transportation
• Others

By Region:

• Asia Pacific
• Europe
• North America
• South America
• Middle East & Africa

Recent Developments

• In March 2022, PPG has launched AMERLOCK 600 multipurpose epoxy coating for applicators looking for maximum versatility. The AMERLOCK coatings family is known for its excellent corrosion protection in tough environments.
• In February 2021, PPG Industries launched a PPG HI-TEMP 1027 HD corrosion protection coating in North America. The product is used in various sectors including oil & gas, chemical processing, power generation, and industries such as paper mills and steel mills that rely on insulated pipelines.

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