Global Anti-Corrosion Coatings Market - 2024-2031

Report Overview

Global Anti-Corrosion Coatings Market reached US$ 36.13 billion in 2023 and is expected to reach US$ 46.84 billion by 2031, growing with a CAGR of 3.30% during the forecast period 2024-2031.

Expected profitable prospects in the worldwide anti-corrosion coating market throughout the forecast period include rising steel demand in the building and automotive sectors. Further, the rise in offshore expansion, the expanding marine sector in Asia-Pacific and North America and the improvement of infrastructure in various areas would enhance the worldwide need for anti-corrosion coating in the projected timeframe.

However, the risks also resulted in a rise in government laws that limit the expansion of anti corrosion protective coatings. Moreover, investment in research and development for the production of bio-based anti-corrosion coatings is anticipated to create profitable growth prospects for the industry.

An analysis released by the Executive Office of the President of US reveals that US federal government intends to allocate US$ 2 trillion over a decade for the purpose of infrastructure development. The nation is distinguished by a low-risk climate, a resilient economy before to the COVID pandemic and a robust banking industry. The elements have presented several prospects for investors in recent years, which are expected to stimulate the investment in infrastructure in the country. It is expected that this will consequently boost the need for anti-corrosion coatings in the building sector of US.

Market Dynamics

Enhanced Operational Conditions in Oil, Gas and Marine Industries

Improvements in operational conditions within end-use industries such as oil and gas and marine have generated a need for anti-corrosion coatings that possess enhanced properties and effectiveness. For instance, the increasing use of enhanced oil recovery (EOR) techniques in the oil and gas sector has generated a need for coatings that can endure elevated temperatures and pressures while also guaranteeing durable structural integrity.

The demand for highly durable anti-corrosion coatings from the oil and gas, maritime and infrastructure sectors has also spurred research and development efforts to create coatings suitable for application in challenging conditions. A current short-term catalyst for the anti-corrosion coating business, this factor has the capacity to evolve into a long-term driver in the next years. Consequently, the growing need for highly effective anti-corrosion coating is expected to generate significant opportunities for market growth.

Rising Infrastructure Development

In order to maximise power efficiency and minimise pollution, hybrid vehicles are equipped with both a compact Internal Combustion Engine (ICE) and an electric motor. Industries experts predict that the increasing number of hybrid vehicles will nearly halve the demand for engine oil, functional fluid and gearbox fluid per vehicle. This aspect, together with the growing battery parity, is anticipated to influence the size of the anti-corrosion coatings market.

Although batteries for electric vehicles are currently prohibitively expensive, advancements in technology are lowering their price and extending the driving range per charge. These parameters exert a significant influence on the consumption of engine oil, particularly in light of the declining costs of batteries. Anticipated growth in the demand for electric vehicles is projected to lead to a reduction in the total consumption of engine oil. Consequently, this is likely to result in a fall in the need for anti-corrosion coatings as supplement in lubricating oil.

Regulatory Constraints on VOC Emissions

Regulatory measures were aimed at restricting the release of volatile organic compounds (VOCs) from the coatings. The REACH and LEED GreenSeal GC-03 2nd Ed., 1997 criteria define the volatile organic compound (VOC) content in grams per liter (g/L) for anti-corrosion coatings. These laws compelled makers of anti-corrosion coatings to adhere to the criteria by decreasing the volatile organic compound (VOC) constituents while preserving the quality and effectiveness of these coatings.

Furthermore, the restrictions have influenced the cost of anti-corrosion coating by introducing a modification in the technology employed for coating manufacture. The rules thus impose a significant short-term constraint on the expansion of the anti-corrosion coating industry.

Market Segment Analysis

The global anti-corrosion coatings market is segmented based on resin, technology, end-user and region.

Infrastructure dominated the market

Railways, bridges and roadways are the primary components of the infrastructure. Projected to drive the market for anti-corrosion coatings include the fast population rise and expansion of infrastructure projects. There exist several small-scale initiatives distributed throughout Asia-Pacific and North American regions. China, beside its status as the most populous country globally, also boasts the highest count of railway passengers.

Furthermore, road projects in Asia-Pacific are anticipated to contribute to the rising need for anti-corrosion coatings. According to the Ministry of Road Transport and Highways, the Bharatmala Pariyojna project is currently constructing around 26,000 km of Economic Corridors to accommodate the majority of freight traffic on Indian roadways. The enhancement of Economic Corridors, GQ and NS-EW Corridors has been achieved through the construction of 8,000 kilometers of Inter Corridors and 7,500 kilometers of Fill Routes.

Market Geographical Share

Asia-Pacific is estimated to account for the largest share

Although China, Japan and South Korea dominate the shipbuilding sector in Asia-Pacific, new shipping centers are emerging in Vietnam, India and the Philippines. Both Australia and New Zealand are classified as island nations and the extensive geographical expanse of Australia's coastline and waterways has led to a significant presence of recreational, commercial and defence vessels. China is the leading global importer and exporter of crude oil.

Therefore, any alterations that modify the expansion activities associated with the oil and gas industry are expected to greatly influence the anti-corrosion coatings market in China. US Energy Information Administration reports that in 2022, China has given priority to low-carbon and carbon-neutral projects to achieve its climate goals of peak carbon emissions in 2030 and carbon neutrality by 2060. The objective of the plan is to achieve a yearly natural gas production of 8.1 trillion cubic feet (Tcf) and an implemented generating capacity of 3.0 terawatts (TW).

Market Competitive Landscape

The major global players in the market include Akzo Nobel N.V., Axalta Coating Systems, LLC, BASF SE, H.B. Fuller Company, Hempel A/S, Jotun, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., Sika AG, The Sherwin-Williams Company.

Russia-Ukraine War Impact Analysis

The anti-corrosion coatings industry has been significantly affected by the Russia-Ukraine war, resulting in supply chain disruptions and decreased demand stemming from the conflict and subsequent sanctions. Prominent Western corporations, including automotive behemoths like Volkswagen and Toyota, have ceased their activities in Russia, therefore impeding the production of vehicles.

The implementation of sanctions has resulted in a decrease in the market for automobile coatings, as several firms that previously localized manufacturing in Russia are now encountering logistical difficulties and a scarcity of essential components. Furthermore, the marine, aerospace and construction industries have been severely impacted, as these sectors depend on imported components and technology that are now unattainable.

Imposed restrictions limiting access to crucial materials have led to higher prices and uncertainty for coatings manufacturers. Although the Russian government's financial assistance plan may offer some respite, the future economic revival of the anti-corrosion coatings industry in Russia is uncertain because of persistent geopolitical turmoil.

By Resin

Epoxy

Alkyds

Polyester

Polyurethane

Vinyl Ester

Other

By Technology

Water-borne

Solvent-borne

Powder

UV-cured

By End-User

Oil and Gas

Marine

Power

Infrastructure

Industrial

Aerospace and Defense

Transportation

Other

By Region

North America

US

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Key Developments

With the goal of safeguarding and offering exceptional corrosion resistance to metal substrates such as aluminum, metalized steel and hot-dip galvanized steel, PPG Industries introduced the PPG ENVIROCRON Primeron primer powder in March 2023.

The innovative CUI coating, renowned for its rapid drying characteristics and efficacy in preventing corrosion beneath insulation, was introduced by Hempel in June 2022. This coating provides defence against corrosion and improves efficiency in oil and gas and energy production infrastructure.

In January 2022, Applied Graphene Materials (AGM) introduced its collection of industrial primers designed to prevent corrosion, namely the Genable Epoxy Primer and Genable HC Primer. In addition, the company has expanded its Genable 3000 dispersion line by introducing a variety of non-metal, active anti-corrosion graphene additives.

In March 2022, United Metallurgical Company (OMK), a Russian company specialising in high-speed railway wheels, introduced a new production line dedicated to the production of vehicle protective coatings.

Why Purchase the Report?

To visualize the global anti-corrosion coatings market segmentation based on raw material, product, end-user and region, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel spreadsheet containing a comprehensive dataset of the anti-corrosion coatings market, covering all levels of segmentation.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as excel consisting of key products of all the major players.

The global anti-corrosion coatings market report would provide approximately 68 tables, 63 figures and 212 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies