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Anti Corrosion Coating Market Trends

ID: MRFR//2219-HCR | 140 Pages | Author: Priya Nagrale| July 2024

Global Anticorrosion Coating Market Overview

Anticorrosion Coating Market Size was valued at USD 29.53 billion in 2021. The Anticorrosion Coating industry is projected to grow from USD 30.31 Billion in 2022 to USD 43.25 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.55% during the forecast period (2024 - 2032). Growth in automotive and aerospace industry, and high growth in the automotive industry are driving the market growth.

Anticorrosion Coating Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Anticorrosion Coating Market Trends

  • Growth in the automotive industry

Corrosion is a long-term challenge for automakers, not least because it is caused by a variety of variables, some of which are beyond the OEMs' control. Because vital elements like brake and suspension components are critical to road safety, manufacturers and suppliers are constantly developing advanced corrosion protection solutions. A few recent recalls involving Mazda, Toyota, Kia, and Mitsubishi illustrate the issue of suspension part corrosion. The automotive industry is a rapidly growing sector of most country’s economies. Because of consumer and population growth, the continuous need for a better, safer, and more cost-effective transportation approach with low emissions are growing. The automobile sector's profitable growth prospects are driven by variables such as vehicle electrification projects, flourishing public transit, and urbanization. According to the European Automobile Manufacturer Association, South American automobile production increased by 11% in 2021, while US car production increased by 3.1%. The International Organization of Motor Vehicle Manufacturers (OICA) reports that worldwide passenger vehicle production climbed from 55,834,456 units in 2020 to 57,054,295 units in 2021.

The electric vehicle (EV) market has witnessed robust growth in the past few years and is likely to expand rapidly. The demand for EVs increased in recent years, which is attributed to the growing sentiments of consumers as well as manufacturers toward environmental concerns. The development of Fuel Cell Electric Vehicles (FCEVs) is a breakthrough in the automotive industry. This is expected to boost both the demand for and production of EVs shortly. International conventions and conferences, such as the Kyoto Protocol, the Montreal Protocol, and the Paris Agreement, are laying down binding regulations to limit pollution across the globe. This regulatory trend is expected to continue in the future and is likely to fuel e-mobility, which is expected to account for 30% of automotive production.

Thus, the growth in automotive industry are likely to drive the growth of the Anticorrosion Coating market revenue.

Anticorrosion Coating Market Segment Insights

Anticorrosion Coating Type Insights

The  Anticorrosion Coating market segmentation, based on type, includes Epoxy, Zinc, Acrylic, Silicone, Polyurethane Alkyd, Chlorinated Rubber, and Others. The Epoxy segment held the majority share in 2021 contributing to around ~35%-37% with respect to the  Anticorrosion Coating market revenue. For corrosion protection applications, epoxy material is frequently utilized in powder form. These are often utilized in commercial and residential pipe systems. Furthermore, corrosion protection coatings are employed in the mining, architectural, municipal, and medical industries, as well as the IT and food and beverage industries.

June 2021: Greenkote launched the Greenkote G5k coating an advanced product to the company’s line of corrosion protection.

September 2021: Axalta Coating Systems completed the acquisition of U-POL Holdings Limited. acquisition of U-POL is another step in Axalta’s growth strategy and strengthens our leadership position in the refinish coatings segment. U-POL’s portfolio of high-quality automotive refinishing products and accessories includes fillers, coatings, aerosols, adhesives, and paint-related products as well as other automotive aftermarket protective coatings.

Figure 2:  Anticorrosion Coating Market, by Application, 2021 & 2030 (USD Billion)

Anticorrosion Coating Market, by Application

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Anticorrosion Coating Application Insights

The  Anticorrosion Coating market segmentation, based on application, includes Water-Based Coating, Solvent-Based Coating, Powder Coating, and Others. The Solvent-Based Coating segment dominated the market in 2021 and water-based coatings segment is projected to be the faster-growing segment during the forecast period, 2022-2030. This high share is due to increased demand for industrial tanks, manufacturing machinery, pipelines, ballast tanks, chemical storage tanks, gas ducts, cooling towers, smokestacks, and other similar items. Furthermore, solvent-based corrosion prevention coating has a shorter drying time and better temperature, humidity, and abrasion resistance.

November 2021: IGL Coatings launched Ecoclear Aegis a clear anti-corrosion coating. The product is the company’s first graphene-reinforced anti-corrosion clear coating. This approval has further broadened the growth opportunity for the Anticorrosion Coating industry.

Anticorrosion Coating End-use industry Insights

The  Anticorrosion Coating market segmentation, based on application, includes Oil & Gas, Shipbuilding, Marine, Energy, Transport, Automotive, and Others. The Oil & Gas segment dominated the market in 2021 during the forecast period, 2022-2030. This large proportion is due to the widespread use of corrosion protective coating in this industry. Furthermore, the anti-corrosion coating reduces the danger of microorganisms while improving abrasion resistance and surface finish. The anti-corrosion coating is also used in hospitals, nursing homes, and drop-in centers for products such as floors, handles, beds, walls, and ceiling paints.

Anticorrosion Coating Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific Anticorrosion Coating market accounted for USD 11.35 billion in 2021 and is expected to exhibit a 4.47% CAGR during the study period. This is attributed to the robust growth of the automotive, oil & gas and other industry in China, India. This high share is attributable to the rising demand for Electric Vehicles (EVs) in countries, such as China, India, and Japan. In addition, the presence of various automotive manufacturers, which are involved in research & development activities is fueling the demand for Anticorrosion Coating.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Anticorrosion Coating market accounts for the significant market share due the automotive & rail application segment is expected to witness considerable growth owing to increasing demand for smart EVs in the region, which requires lightweight and durable components to improve vehicular efficiency. Further, the USA Anticorrosion Coating market held the largest market share, and was the fastest growing market in the region

The Europe Anticorrosion Coating Market accounted for second-largest market share from 2022 to 2030. The regional market is driven by the growth of the major application sectors, such as oil & gas and marine applications. Moreover, Germany's Anticorrosion Coating market held the largest market share and was the fastest growing market in the European region.

Anticorrosion Coating Key Market Players & Competitive Insights

The  Anticorrosion Coating market is characterized by the presence of , regional, and local players. The market is highly consolidated, with all the players competing to gain significant market share. The key market players of Anticorrosion Coating compete based on cost, product quality, availability of raw materials, and durability of the product. They are engaged in expanding their production capacity and investing in R&D activities to gain an edge over competitors. Furthermore, the growing popularity of Anticorrosion Coating in automotive industry is expected to offer lucrative opportunities to manufacturers in the coming years. However, scarcity of raw materials is expected to hinder the growth of the market studied significantly.

Additionally, the adoption of various strategies by Anticorrosion Coating industry such as expansion, R&D, agreements, acquisitions, collaborations, and investments is expected to help these players to gain maximum revenue and long-term growth during the review period. The key participants in the  Anticorrosion Coating market are 3M (US), BASF SE (Germany), Hempel Group (Europe), Kansai Paint Co. Ltd (Japan), PPG Industries (US), The Dow Chemical Company (US), Wacker Chemie AG (Germany), Valspar (US), Bluchem (South Africa), and RPM International Inc.(US).

3M is a diversified technology company with a  presence. It operates through four business segments: safety and industrial, transportation and electronics, healthcare, and consumer. The company produces over 60,000 products under different brands, including abrasives, adhesives, laminates, personal protective equipment, window films, passive fire protection, paint protection films, and many more. The company operates through 64 manufacturing facilities in 29 states in the US. Internationally, the company has 97 manufacturing and converting facilities across 35 countries.

Also, BASF SE (BASF) is one of the largest chemical producers in the world. The company has divided its business segments into six divisions, namely, materials, industrial solutions, chemicals, surface technologies, agricultural solutions, and nutrition & care.  The company operates through 12 divisions that manage 54  and regional business units and develops strategies for the 86 strategic business. BASF has a presence in 80 countries and operates through six Verbund sites, which interlink the working of production plants, energy flows, and infrastructure in different regions. BASF primarily operates in Europe and has an active presence in the Americas, Asia-Pacific, and the Middle East & Africa.

Key Companies in the Anticorrosion Coating market include

  • 3M (US)

  • BASF SE (Germany)

  • Hempel Group (Europe)

  • Kansai Paint Co. Ltd (Japan)

  • PPG Industries (US)

  • The Dow Chemical Company (US)

  • Wacker Chemie AG (Germany)

  • Valspar (US)

  • Bluchem (South Africa)

  • RPM International Inc. (US)

Anticorrosion Coating Industry Developments

March 2022: United Metallurgical Company (OMK), a Russian manufacturer of high-speed railway wheels, launched a new production line for wheel protective coatings.

January 2022: Applied Graphene Materials (AGM) launched its range of industrial anti-corrosion primers — Genable Epoxy Primer and Genable HC Primer. Alongside, extending its Genable 3000 dispersion series, the company also introduced a range of non-metal, active anti-corrosion graphene additives.

In August 2023: Sherwin-Williams announced that it is investing $100 million in a new anticorrosion coating plant in China. This plant is expected to be operational in 2024. The investment is part of Sherwin-Williams' strategy to grow its presence in the Chinese market.

In September 2023: BASF announced the launch of its new bio-based anticorrosion coating, Coralcure. This coating is made from renewable raw materials and is said to be more environmentally friendly than traditional anti-corrosion coatings.

Anticorrosion Coating Market Segmentation

Anticorrosion Coating Type Outlook

  • Epoxy

  • Zinc

  • Acrylic

  • Silicone

  • Polyurethane Alkyd

  • Chlorinated Rubber

  • Others

Anticorrosion Coating Application Outlook

  • Water-Based Coating

  • Solvent-Based Coating

  • Powder Coating

  • Others

Anticorrosion Coating End-use Industry Outlook

  • Oil & Gas

  • Shipbuilding

  • Marine

  • Energy

  • Transport

  • Automotive

  • Others

Anticorrosion Coating Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Latin America

    • Mexico

    • Brazil

    • Argentina

    • Rest of Latin America

  • Middle East & Africa

    • GCC

    • South Africa

    • Rest Of Middle East & Africa

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