According to a new report by Expert Market Research titled, “Global Anti-Corrosion Coating Market Share, Size, Report and Forecast 2024-2032″, the global anti-corrosion coating market size reached a value of USD 31.84 billion in 2023. Aided by the increasing demand from major sector such as oil and gas, marine, construction, and automotive, the market is projected to further grow at a CAGR of 6.5% between 2024 and 2032 to reach a value of USD 56.13 billion by 2032.
Anti-corrosion coatings are specialised protective materials applied to metal surfaces to prevent corrosion and prolong the life of the components. These coatings serve as a barrier to shield the metal from environmental elements like moisture, chemicals, and salt, which can lead to accelerated degradation.
The ongoing global increase in infrastructure projects, including bridges, highways, and pipelines, necessitates the use of anti-corrosion coatings to extend the lifespan of these structures. As oil and gas exploration activities increase, especially in offshore environments, the demand for coatings that can withstand harsh, corrosive conditions is also rising, consequently driving up the anti-corrosion coating market share.
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Innovations in coating technologies, including the development of more eco-friendly and efficient solutions, are broadening the market’s scope. Additionally, stricter environmental regulations worldwide are driving the demand for coatings that are less harmful to the environment but still provide effective protection against corrosion.
As per the anti-corrosion coating market analysis, the marine sector, which includes ships, harbours, and offshore structures, relies heavily on anti-corrosion coatings to protect assets from the corrosive saline water environment.
Epoxy coating holds a substantial portion of the market share in the anti-corrosion coating sector. This is due to its exceptional durability and strong resistance to chemicals. Moreover, epoxy coating is an excellent choice for floor coating as it creates a sleek and visually appealing surface. Additionally, it is effortless to clean, environmentally friendly, and provides resistance against oil, stains, and water. As the demand for high-gloss surfaces continues to rise in both commercial and residential sectors, the growth of this segment is expected to escalate during the forecast period, leading to anti-corrosion coating market analysis growth.
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North America currently leads the global market, driven by rigorous maintenance activities and updates in various such as such as oil and gas, marine, and infrastructure. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period due to rapid industrialisation and infrastructure development in countries like China, India, and Southeast Asia. Europe remains a significant market, characterised by its stringent environmental regulations which influence the types of anti-corrosion coatings developed and used in this region.
Market Segmentation
The market can be divided based on the product type, technology, end use, and region
Market Breakup by Product Type
• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Zinc
• Chlorinated Rubber
• Others
Market Breakup by Technology
• Solvent-borne
• Waterborne
• Powder Coatings
• Others
Market Breakup by End Use
• Marine
• Oil and Gas
• Industrial
• Construction
• Energy
• Automotive
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global anti-corrosion coating market. Some of the major players explored in the report by Expert Market Research are as follows:
• 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
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