Anti-Corrosion Coatings Market Analysis | 2023-2028

Market Insights

The anti-corrosion coatings market was estimated at USD 32.57 billion in 2023 and is likely to grow at a CAGR of 4.83% during 2023-2028 to reach USD 41.25 billion in 2028.

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Market Dynamics

Introduction

Anti-corrosion coatings allow for added protection of metal surfaces which acts as a barrier for inhibiting contact between chemical compounds or corrosive materials. Anti-corrosion coating slows or prevents the electrochemical reactions that degrade the structural integrity of metals and alter their corrosion-induced appearance.

Market Drivers

The market is driven by a host of factors, some of which are noted below:

• The growing energy sector, increasing demand for new infrastructure, and maintenance of existing construction spaces.
• Rising commercial and military shipbuilding activities in the Asia-Pacific region, are some of the key factors expected to drive the overall industry growth during the forecast period.

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Key Players

The following are the key players in the anti-corrosion coatings market: 

• Axalta Coating Systems, Ltd.
• Akzo Nobel N.V.
• Ashland Globa
• BASF S
• Hempel Group
• Jotun, Kansai
• PPG Industries, Inc.
• RMP International
• The Sherwin-Williams Company.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

"Acrylic material segment share more than 40% in 2022"

The market is segmented as epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. Acrylic material segment share more than 40% in 2022. Polyurethane, on the other hand, is estimated to account for a significant share of the market over the forecast period. Polyurethane anti-corrosion coatings are extensively used in a wide range of end-user industries on account of properties such as durability and quick curing time.

By Mode of Application Type

"Solvent-based technology shares more than 45% in 2022"

The market is segmented as water-based, solvent-based, and powder. Solvent-based technology shares more than 45% in 2022. The presence of various environmental regulations on the use of solvent-based coatings has increased the use of water-based coatings, which has increased the market revenue of the segment.

By End-User Type

"Oil & gas applications share more than 35% in 2022"

The market is segmented into oil & gas, shipbuilding, infrastructure, industrial markets, energy, transport, and others. Oil & gas application share more than 35% in 2022. The segment is expanding as a result of the rising population, increasing investment in the construction sector, and the growing need to protect metal structures from corrosion.

Regional Analysis

"Asia Pacific holds more than 35% of the market share in 2022"

Asia Pacific holds more than 35% of the market share in 2022. The growth of the region’s market is owing to the presence of some of the major players in China. Growing demand from the shipping, energy, and infrastructural industries, specifically in South Korea, China, and Japan is further expected to fuel the regional market growth over the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities over the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s anti-corrosion coatings market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The anti-corrosion coatings market is segmented into the following categories:

By Product Type 

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

By Mode of Application Type 

• Water-based
• Solvent-based
• Powder

By End-User Type 

• Oil & Gas
• Shipbuilding
• Infrastructure
• Industrial Markets
• Energy
• Transport
• Others

By Region  

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by mode of application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.