Anti-corrosion Coatings Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 - 2027

The global anti-corrosion coatings market size is expected to reach USD 38.1 billion by 2027, according to a new report by Vision Research Reports.

The global anti-corrosion coatings market size was valued at USD 27 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027.

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.

The solvent-based technology segment led the market and accounted for more than 44% share of the global revenue in 2019. 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.

The acrylic material segment led the market and accounted for more than 40% share of the global revenue in 2019. 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.

The marine application segment is expected to witness the fastest CAGR of 5% over the forecast period in terms of revenue.

The oil & gas application segment led the market and accounted for more than 34% share of the global revenue in 2019. 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.

The aerospace & defense application segment accounted for more than a 8.2% share of the global revenue in 2019. Rising defense expenditure as security threats among the countries has intensified post the emergence of the COVID-19 pandemic is driving the demand.

The Asia Pacific accounted for the maximum market share of over 36% in 2019. India, in particular, is estimated to witness the fastest CAGR 5.4% from 2020 to 2027. 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.

Some of the prominent players in the anti-corrosion coatings market include:

• Akzo Nobel N.V.

• Ashland

• Axalta Coating Systems, LLC

• BASF SE

• Hempel A/S

• Jotun

• Kansai Paint Co., Ltd.

• PPG Industries, Inc.

• RPM INTERNATIONAL INC.

• The Sherwin-Williams Company

Market Segmentation

Technology Outlook

• • Solvent-based

  • Water-based

  • Powder

  • Others

Material Outlook

• • Acrylic

  • Alkyd

  • Polyurethane

  • Epoxy

  • Zinc

  • Others

Application Outlook

• • Oil & Gas

  • Marine

  • Building & Construction

  • Automotive & Rail

  • Aerospace and Defense

  • Others

Regional Outlook

• • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • The U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Southeast Asia

    • Malaysia

    • Indonesia

    • Thailand

  • Central & South America

    • Brazil

  • Middle East & Africa