Global Anti-Corrosion Coating Market Report and Forecast 2024-2032

Global Anti-Corrosion Coating Market Outlook

The global anti-corrosion coating market size reached nearly USD 31.84 billion in 2023. The market is projected to grow at a CAGR of 6.5% between 2024 and 2032 to reach a value of around USD 56.13 billion by 2032.

Key Trends in the Market

Anti-corrosion coating refers to a type of coating which shields a surface from moisture, salt, and oxidation, among several chemicals. Anti-corrosion coating is usually applied to a metal surface to provide a barrier against corrosive materials.

• The heightened demand for anti-corrosion coatings, such as polyurethane, in consumer electronics, like power refrigerators, freezers, water heaters, and washing machines, among others, is driving the anti-corrosion coating market growth.

• Rapid development of automobiles with specialised coatings to improve their performance and prevent the corrosion of metal surfaces is a crucial driver of the market.

• One of the significant anti-corrosion coating market trends include the rising usage of the product in the production of marine vessels and warships. Moreover, the increasing naval expenditure of sovereign military powers is contributing to the expansion of the market for anti-corrosion coatings.

• Anti-corrosion coatings are gaining traction in the construction sector to protect steel and other metallic structures from aggressive influences of the surrounding atmosphere. In this regard, the rapid urbanisation across developed and developing economies is further aiding the anti-corrosion coating market demand.

Market Analysis

Based on product type, the market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, and chlorinated rubber, among others. On the basis of technology, the anti-corrosion coating market segmentations include solvent-borne, waterborne, and powder coatings, among others.

By end use, the market is classified into marine, oil and gas, industrial, construction, energy, and automotive, among others. The major regional markets for anti-corrosion coating include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global anti-corrosion coating market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• BASF SE

• Axalta Coating Systems LLC

• PPG Industries, Inc.

• The Dow Chemical Company

• Hempel A/S

• Nippon Paint Holdings Co., Ltd.

• The Sherwin-Williams Company

• Akzo Nobel N.V.

• Wacker Chemie AG

• 3M Co.

• Others

Market Share by Product Type

Epoxy coating accounts for a significant portion of the anti-corrosion coating market share. This can be attributed to the durability and high resistance to chemicals offered by epoxy coating. It is also an ideal floor coating material as it provides a smooth finished surface with high aesthetic appeal.

In addition, epoxy coating is easy to clean, eco-friendly, and offers resistance to oil, stains, and water. Over the forecast period, the anticipated increase in the demand for high-gloss surfaces across the commercial and residential sectors is likely to heighten the growth of this segment.

Market Share by End Use

As per the anti-corrosion coating market analysis, the energy sector holds a sizeable share due to the thriving power generation sector across emerging economies amid the global increase in demand for energy. Additionally, anti-corrosion coatings are witnessing a heightened application across solar and wind power plants to enhance their operability and efficiency.

Furthermore, the rising investments towards the development of power plants to meet the growing energy demand from the industrial sector are expected to further generate the demand for anti-corrosion coatings in the forecast period.

Competitive Landscape

BASF SE is a leading chemicals company that manufactures and markets chemicals, plastics, special corrosion protection coatings, and crop protection products, among others. It was founded in 1865 and is headquartered in Ludwigshafen, Germany.

Axalta Coating Systems LLC is a renowned paint and coating manufacturer thar caters to the coating demands of various sectors, including industrial and commercial. It was established in 1866 and is headquartered in Pennsylvania, the United States.

PPG Industries, Inc. is a leading paints and coatings manufacturer which supplies paints, coatings, and speciality materials, among others. The company was founded in 1883 and is headquartered in Pennsylvania, the United States.

Other anti-corrosion coating market players include The Dow Chemical Company, Hempel A/S, Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, Akzo Nobel N.V., Wacker Chemie AG, and 3M Co., among others.

Key Highlights of the Report