New York, United States , Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Global Anti-Corrosion Coating Market Size is to grow from USD 33.74 Billion in 2022 to USD 46.97 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 3.4% during the projected period.
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Corrosion, a natural process caused by environmental factors and chemical reactions, deteriorates surfaces, infrastructure, and equipment, resulting in significant economic losses and safety hazards. Anti-corrosion coatings play a critical role in preventing or mitigating this degradation by forming a protective barrier between the substrate and the surrounding environment. Oil and gas, marine, automotive, aerospace, construction, and manufacturing are all industries that use anti-corrosion coatings. These coatings are designed to resist moisture, chemicals, UV radiation, and other corrosive agents, thereby extending asset life, lowering maintenance costs, and improving operational reliability. The growing emphasis in developing economies on regulatory compliance, health and safety standards, and the need for long-lasting infrastructure drives demand for anti-corrosion solutions. Certain anti-corrosion coatings require specialized application techniques and equipment. This complexity can lead to higher labor costs, longer application times, and potential coating errors, all of which discourage adoption, particularly in industries with limited expertise or resources.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Anti-Corrosion Coating Market Size, Share, and COVID-19 Impact Analysis, By Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, and Others), By Technology (Solvent borne, Waterborne, Powder-based, and Others), By End-Use Industry (Marine, Oil & Gas, Industrial, Infrastructure, Power Generation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The epoxy segment is expected to hold the largest share of the global anti-corrosion coating market during the forecast period.
The global anti-corrosion coating market is divided into epoxy, polyurethane, acrylic, alkyd, zinc, and others. Among these, the epoxy segment is projected to have the largest share of the global anti-corrosion coating market throughout the forecast period. Epoxy coatings are well known for their excellent adhesion, chemical resistance, and durability. They form a strong bond with a wide range of substrates, making them ideal for use in industries such as marine, oil and gas, and infrastructure.
The waterborne segment accounted for the significant share of the global anti-corrosion coating market in 2022.
The global anti-corrosion coating market is classified into solvent-borne, waterborne, powder-based, and others based on technology. The waterborne segment accounted for a sizable share of the global anti-corrosion coating market in 2022. Waterborne coatings are more popular than solvent-borne coatings because they contain fewer VOCs and have a lower environmental impact.
The oil & gas segment is expected to hold the largest share of the global anti-corrosion coating market during the forecast period.
The global anti-corrosion coating market is segmented into marine, oil & gas, industrial, infrastructure, power generation, and others. Among these, the oil and gas segment is projected to account for the majority of the global anti-corrosion coating market during the forecast period. In the oil and gas industry, anti-corrosion coatings are critical for protecting pipelines, drilling rigs, refineries, storage tanks, and other equipment.
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Asia Pacific is anticipated to hold the largest share of the global anti-corrosion coating market over the predicted timeframe.
The Asia-Pacific region is one of the largest markets for anti-corrosion coatings due to rapid industrialization and infrastructure development. China, India, Japan, and South Korea are major players in this region. Corrosion protection solutions are in high demand due to the growing automotive, construction, and manufacturing industries, as well as increased maritime activity.
During the forecast period, Europe is projected to expand at the fastest rate in the global anti-corrosion coating market. In Europe, the anti-corrosion coating market is distinguished by a strong emphasis on environmental regulations and sustainable practices. Germany, the United Kingdom, and France all have thriving industrial sectors that necessitate advanced corrosion protection solutions.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Anti-Corrosion Coating 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, and Others.
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Recent Market Developments
In January 2022, Applied Graphene Materials (AGM) has introduced Genable Epoxy Primer and Genable HC Primer, two industrial anti-corrosion primers. In addition to expanding its Genable 3000 dispersion series, the company introduced a line of non-metal, active anti-corrosion graphene additives.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Anti-Corrosion Coating Market based on the below-mentioned segments:
Global Anti-Corrosion Coating Market, By Type
- Epoxy
- Polyurethane
- Acrylic
- Alkyd
- Zinc
- Others
Global Anti-Corrosion Coating Market, By Technology
- Solvent borne
- Waterborne
- Powder-based
- Others
Global Anti-Corrosion Coating Market, By End-Use Industry
- Marine
- Oil & Gas
- Industrial
- Infrastructure
- Power Generation
- Others
Global Anti-Corrosion Coating Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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