Anti-corrosion Coatings Market Size, Share, and Trends 2024 to 2034

Anti-corrosion Coatings Market Size and Growth

The global anti-corrosion coatings market size accounted for USD 34.38 billion in 2023 and is predicted to surpass around USD 59.29 billion by the end of 2033, representing impressive CAGR of 5.6% during the forecast period 2024 to 2033.

Anti-corrosion Coatings Market Key Takeaways

• Asia Pacific led the global market with the largest market share of 60.73%in 2023.
• By Type, the solvent-based technology segment had the biggest market share in 2023.
• By End-User, the oil & gas segment has held the largest revenue share in 2023.
• By Material, the acrylic material segment has held the highest market share in 2023.

Anti-corrosion Coatings Market Size in the Asia Pacific 2024 to 2033

The Asia Pacific anti-corrosion coatings market size was estimated at USD 20.88 billion in 2023 and is predicted to be worth around USD 36.76 billion by 2033, at a CAGR of 5.8% from 2024 to 2033.

Asia Pacific has held the largest market share in 2023. Augmented investments in the marine, construction, and energy sectors in India and China are responsible for changing industry tendencies, which is projected to stimulate the growth of anti-corrosion coatings market. China is the largest user of anti-corrosion coatings across the world. This is mainly due to the increasing energy demand and the necessity of maintenance in the transportation sector.

North America region is estimated to expand the fastest CAGR between 2024 and 2033. In the past few years, the U.S. has exceeded both Saudi Arabia and Russia as the world’s leading producers of natural gas and oil. As the installation of pipelines upsurges, so does the risk of corrosion which emphasizes the necessity for pipeline protection. As per, National Association of Corrosion Engineers, global cost of corrosion was around USD 2.5 trillion in 2016. If the industry endures its upward path, the influence of corroded steel pipelines on the financial data is anticipated to increase.

Anti-corrosion Coatings Market Size in North America 2023 to 2033

The North America anti-corrosion coatings market size was calculated at USD 4.84 billion in 2023 and is projected to expand around USD 9.19 billion by 2033, poised to grow at a CAGR of 6.6% from 2024 to 2033.

Anti-corrosion Coatings Market Overview

Anti-corrosion coatings are crucial tool for preventing challenges of rust across several industries. This type of coating finds application under several areas including automobiles tunnels, bridges, and protection of structures in few of the toughest environments. Anti-corrosion coatings have become an inevitability for businesses to defend the enormous investments they make in terms of property, money, and protection of workforces. These coatings are employed extensively in sectors like oil and gas, marine, petrochemical, power generation, infrastructure, and others.

Anti-corrosion Coatings Market Scope 

Crucial factors accountable for market growth are:

• Escalating requirement for thin-walled durable metallic components in the engineering of lightweight products
• Development of oil and gas exploration operations in North America and Asia-pacific
• Power plants anticipated to deliver development outlook to high-performance anti-corrosion coatings

Type Insights

Solvent-Based Technology Segment Recorded Prime Market Share in 2023

The solvent-based technology segment led the global anti-corrosion coatings market and reported for above 47% share in terms of revenue in 2023. This high market stake is responsible to the intensifying demand for manufacturing machines, industrial tanks, pipes, chemical storage tanks, ballast tanks, gas ducts, smoke stacks and cooling towers. Furthermore, solvent-based corrosion protection coating needs low drying time, displays humidity, enhanced temperature, and abrasion resistance.

End-User Insights

Oil and Gas Application Sector Foretold to Emerge as Dominant Segment during Estimate Period

Anti-corrosion coating finds usage in care homes, hospitals, and drop-in centers for the product such as handles, floors, beds, ceiling paints and walls. Among all, oil & gas application segment dominated the overall market and seized above 37% share of the total revenue in 2023. This high market cut is credited to the high importance and widespread practice of corrosion protection coating in this application segment. Further, the anti-corrosion coating reduces the risk of microbes and expands surface finish and abrasion resistance.

Material Insights

Acrylic Material Segment is Projected to Govern the Anti-corrosion Coatings Market Revenue

Out of different material segment covered in the report, acrylic material segment conquered the market revenue with over 44% share in 2023. This high share is credited to outstanding properties offered by these materials including resistance to oxidation and weathering. Acrylic coatings are principally water-based, which bid comfort of handling and improved performance in a extensive range of areas such as roof coating, wall coating, and less cost in comparison with other materials

Anti-corrosion Coatings Market Companies

• Akzo Nobel N.V.
• Axalta Coating Systems, LLC
• Kansai Paint Co., Ltd.
• BASF SE
• Ashland
• Hempel A/S
• Jotun
• PPG Industries, Inc.
• The Sherwin-Williams Company

Major Market Segments Covered:

By Type

• Water-based
• Solvent-based
• Powder
• Others

By End-User

• Building & Construction
• Oil & Gas
• Marine
• Aerospace and Defense
• Automotive & Rail
• Others

By Material

• Polyurethane
• Epoxy
• Acrylic
• Alkyd
• Zinc
• Others

By Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• United Kingdom
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa