Anti-corrosion Coatings Market Size, Share & Trends Report

Anti-corrosion Coatings Market Size, Share & Trends Analysis Report By Material (Acrylic, Polyurethane), By Technology (Solvent-based, Powder), By Application (Marine, Oil & Gas), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-128-0
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 110

Report Overview

The global anti-corrosion coatings market size was valued at USD 27.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027. The rising demand for thin-walled durable metallic components in the manufacturing of lightweight products, which are used in various industries including building & construction, automotive, marine, and oil & gas is expected to propel the market growth over the forecast period. Amid the global COVID-19 pandemic, the demand for anti-corrosion coatings has increased primarily in the oil & gas and marine application industries owing to the reduced exploration and marine operation. The machines & equipment, which are not in operations need maintenance so as to avoid the degradation and rusting as such equipment has crude oil residual, water, salt, and other chemicals, which cause corrosion.

The U.S. anti-corrosion coatings market size

According to the report published by the Executive Office of the President of the United States, the U.S. federal government is planning to invest USD 2 trillion over a period of 10 years for infrastructure development. The country is characterized by a low-risk environment, a stable economy pre-COVID, and a robust financial sector.

These factors have provided a multitude of opportunities for investors in recent years, which are likely to trigger the infrastructure spending that includes both new infrastructure projects and redevelopment of existing buildings in the country. This, in turn, is projected to have a positive effect on the demand for anti-corrosion coatings in the U.S. construction industry.

Technology Insights

The solvent-based technology segment led the market and accounted for more than 46% share of the global revenue in 2019. This high share is attributable to the rising demand for industrial tanks, manufacturing machines, pipes, ballast tanks, chemical storage tanks, gas ducts, cooling towers, smokestacks, etc. In addition, solvent-based corrosion protection coating requires less drying time, exhibits improved temperature, humidity, and abrasion resistance.

With the rising stringent environmental regulation, water-based coatings are gaining demand and are often used in household appliances as it reduces VOC emissions. The water-based coating offers properties, such as excellent chemical resistance, cold-resistant, non-flammable and non-explosive, and non-toxic in nature. Water-based coatings are commonly used in metal components, machinery equipment, axles, transmission shafts, gearboxes, and others.

Powder coatings are commonly used with materials including epoxy, polyester, polyurethane, and acrylic. Powder anti-corrosion coatings have a negligible amount of VOC emissions and low flammability at the time of application. In addition, powder coatings offer properties, such as enhanced surface finish, uniform thickness, and have low operating cost compared to other technology.

Material Insights

The acrylic material segment led the market and accounted for more than 43% share of the global revenue in 2019. This high share is attributable to the excellent properties of acrylic materials, such as resistance to weathering and oxidation. Acrylic coatings are primarily water-based, which offer ease of handling and superior performance in a wide range of applications, such as wall coating, roof coating, and low price compared to other materials.

Epoxy material is commonly used in the powder form for corrosion protection applications. These are often used in piping systems in both commercial and residential purposes. In addition, corrosion protection coatings are used in mining, architectural, municipal, and medical, IT industries, and food & beverage industries.

Zinc coatings are comprised of zinc metal pigment ranging from 85 to 92%. Zinc corrosion protection coating provides cathodic protection and thickness ranging from 6 to 125 microns. Zinc-based corrosion protection coatings are used in building & construction and marine applications for pipelines, bridges, containers, and other metallic products.

Application Insights

The oil & gas application segment led the market and accounted for more than 36% share of the global revenue in 2019. This high share is attributable to the extensive usage of corrosion protection coating in this sector. In addition, the anti-corrosion coating minimizes the risk of microbes and improves abrasion resistance & surface finish. The Anti-corrosion coating also finds applications in hospitals, care homes, and drop-in centers for the product including floors, handles, beds, walls, and ceiling paints.

Corrosion protection coating is used in flooring, shelving, kitchen mats, storage containers, water coolers, and water hydration systems in the food & beverage industry. The growth of the food & beverage industry on account of the increasing population and changing lifestyles is expected to drive the product demand in this application segment over the forecast period.

Global anti-corrosion coatings market share

The aerospace & defense application segment accounted for more than a 9% share of the global revenue in 2019. Rising defense expenditure as security threats among the countries has intensified post the emergence of the COVID-19 pandemic is driving the demand. In addition, the growth of the commercial aviation industry has plunged downwards owing to travel restriction to tackle the COVID-19 pandemic. These factors are boosting the product demand in the aerospace & defense application segment.

Amid the global COVID-19 pandemic, the marine industry had a negative impact as the demand for goods from China has reduced. According to the reports published by Vessels Value Ltd., the demand for goods from Japan and South Korea is increasing and the demand for goods from China is still witnessing a downfall. This trend is expected to continue as various companies operating in the electrical & electronics, building & construction, and aerospace & defense sectors are exploring new geographies for establishing there manufacturing facilities outside China. This, in turn, is expected to drive the product demand over the forecast period.

Regional Insights

The Asia Pacific led the market and accounted for over 36% share of global revenue in 2019. 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 in the region including Tata Motors, Mahindra & Mahindra Ltd, and Bajaj Auto Ltd., will propel industry expansion over the forecast period.

The growth of the construction industry in emerging economies, such as Brazil, China, India, and Mexico, are expected to drive the product demand in the protection of components, such as insulation, fixtures, structural lumber, windows, fences, and others, over the forecast period. The demand for anti-corrosion coatings in the building & construction market can be attributed to increased foreign investment in the construction industry of these countries as a result of the rising number of redevelopment projects of public and industrial infrastructure.

Europe ranks second, in terms of revenue. The regional market is driven by the growth of the major application sectors, such as oil & gas and marine applications. According to Eni S.p.A., the European oil & gas industry has registered a decline of approximately 40% in the profit of first-quarter 2020 compared to 2019.

In addition, 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 the vehicular efficiency.

Key Companies & Market Share Insights

The market is segmented in nature owing to the presence of a large number of manufacturers across the value chain. Major players focus on the expansion of their manufacturing and R&D facilities, infrastructural development, and seeking opportunities to vertically integrate across the value chain. Amid the global COVID-19 pandemic, fluctuating prices of basic raw materials, crude oil, and natural gas, which are used in the production of acrylic, alkyd, polyurethane, epoxy, and others, are expected to be the major factors restraining market growth, as they result in higher production costs, thereby reducing the profit margin. However, recovering production and operations of various industries from the COVID-19 pandemic is anticipated to drive the market growth. Some of the prominent players in the anti-corrosion coatings market include:

  • Akzo Nobel N.V.

  • Ashland

  • Axalta Coating Systems, LLC

  • BASF SE

  • Hempel A/S

  • Jotun

  • Kansai Paint Co., Ltd.

  • PPG Industries, Inc.

  • RPM INTERNATIONAL INC.

  • The Sherwin-Williams Company

Anti-corrosion Coatings Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 28.2 billion

Revenue forecast in 2027

USD 38.6 billion

Growth Rate

CAGR of 4.6% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in kilotons, revenue in USD million, and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Technology, material, application, region

Regional scope

North America; Europe; Asia Pacific; Southeast Asia; Central & South America; Middle East & Africa

Country Scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; Italy; China; India; Japan; Malaysia; Indonesia; Thailand; Brazil; Saudi Arabia

Key companies profiled

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

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global anti-corrosion coatings market report on the basis of technology, material, application, and region:

  • Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Solvent-based

    • Water-based

    • Powder

    • Others

  • Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Acrylic

    • Alkyd

    • Polyurethane

    • Epoxy

    • Zinc

    • Others

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Oil & Gas

    • Marine

    • Building & Construction

    • Automotive & Rail

    • Aerospace and Defense

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Southeast Asia

      • Malaysia

      • Indonesia

      • Thailand

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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