Global Corrosion Protection Coatings Market Insights Forecasts to 2032

• The Corrosion Protection Coatings Market Size was valued at USD 30.9 Billion in 2022.
• The Market Size is Growing at a CAGR of 5.3% from 2022 to 2032
• The Worldwide Corrosion Protection Coatings Market Size is expected to reach USD 41.6 Billion by 2032
• North America is expected to grow the fastest during the forecast period

The Global Corrosion Protection Coatings Market Size is expected to reach USD 41.6 Billion by 2032, at a CAGR of 5.3% during the forecast period 2022 to 2032.

Corrosion is the progressive breakdown of materials caused by chemical interactions with the environment. Corrosion protection coatings are specialised coatings applied to surfaces to prevent or minimise corrosion. These coatings efficiently shield the underlying material by serving as a barrier between the surface and corrosive substances like moisture, chemicals, gases, or salts. Metals (including steel, aluminium, and iron), concrete, and even some types of polymers can all receive corrosion protection coatings. The corrosion process is slowed down or stopped by the coatings because they provide a barrier that shields the substrate from the corrosive chemicals. The kind of substrate, the environment's propensity for corrosion, the need for durability, and economic considerations all play a role in choosing the best corrosion protection coating. The coatings can be applied in a variety of ways, such as electroplating, dipping, brushing, spraying, and more.

Impact of COVID-19 On the Global Corrosion Protection Coatings Market

Over the pandemic, various industries have witnessed serious issues and the situation was similar to that of corrosion protecting coatings market. In fact, governments of different countries have imposed lockdown regulations as well as factories and production facilities in different sectors. Not only this but also the supply chain was highly disrupted as various organizations have implemented the lockdown protocols. Demand for corrosion protection coatings decreased significantly in the major end-use sectors of the oil and gas and maritime transportation industries. For instance, as per the United Nations Conference on Trade and Development (UNCTAD) within the first five years of 2020, the global ship calls reduced by 8.7% whereas in the second quarter, the number reduced to 17%. The worldwide COVID-19 situation, however, appears to be improving as the world's population is becoming more and more immunised and governments are gradually reducing lockdowns. As a result, the industry has accelerated and is aiming to expand significantly throughout the projection period.

Key Market Drivers

Various nations like the U.S., India, and China are making huge investments in a significant way in doing infrastructural developments. Many governments across the world like Germany, India, China, and the U.S. have imposed stringent legislation for making advancements in electrical, water, and transit infrastructure given the damage caused owing to the corrosion. Moreover, the increasing spending on imposing corrosion protection measures in modern infrastructure is going to be key market driver. The developing corrosion protection coatings market such as Brazil, Thailand, India, and China provide various opportunities for the key market players. Different market players like AkzoNobel and PPG Industries have changed their marketing strategies by giving special importance on creating and penetrating bases on the developing markets.

Key Market Challenges

Corrosion protection coatings are temporary fixes that eventually deteriorate. The deterioration process can be sped up by elements like UV radiation exposure, strong chemicals, mechanical abrasion, or temperature changes. To provide ongoing protection, routine inspection, upkeep, and reapplication may be required. The procedure of applying corrosion protective coatings can be difficult and time-consuming. It can be difficult to get consistent and thorough covering, particularly on intricate or difficult-to-reach surfaces. A coating's efficiency may be compromised by improper application or poor surface preparation, which might result in diminished protection or early failure. Particularly high-performance or specialised coatings created for harsh conditions, corrosion protection coatings may be rather pricey. Surface preparation, application equipment, and maintenance costs might further raise the entire cost. All these factors are going to hamper the growth of the corrosion protection coatings market.

Market Segmentation

Type Insights

Solvent based segment holds the largest market share over the forecast period

On the basis of type, the global corrosion protection coatings market is segmented into Water-based, Solvent-based, Powder and Others. Among these, solvent based technology segment is dominating the market over the forecast period. The growth is attributed to the increasing demand for industrial tanks,. Manufacturing machines, chemical storage tanks, pipes, gas ducts, ballast tanks, chemical storage tanks, cooling towers, and smoke stacks. In addition, solvent based-corrosion protection coatings requires lower drying duration, good temperature, displays humidity, abrasion resistance, etc.

Material Insights

Acrylic segment is dominating the market with the largest market share

Based on the material, the global corrosion protection coatings market is segmented into Polyurethane, Epoxy, Acrylic, Alkyd, Zinc and Others. Among these, acrylic segment accounted the largest market share over the forecast period. The main reason behind the growth of the segment is its excellent features such as resistance to weathering and oxidation. Acrylic coatings are water based which are easy to handle.

End Use Insights

Oil and Gas segment dominates the market over the forecast period

On the basis of end use, the global corrosion protection coatings market is segmented into Building & Construction, Oil & Gas, Marine, Aerospace and Defense, Automotive & Rail and Others. Among these, the oil and gas segment is anticipated to dominate the market over the forecast period. The growth of the market is attributed to the increasing adoption of corrosion protection coating in this segment. Apart from this, anti corrosion coating helps in reducing the risk of microbes and expands surface finish as well as abrasion resistance.

Regional Insights

Asia Pacific segment is dominating the market with the largest market share

Asia Pacific region is dominating the market with the largest market share over the forecast period. This high percentage can be attributed to the growing interest in electric vehicles (EVs) in nations like China, India, and Japan. The presence of several automakers, like as Tata Motors, Mahindra & Mahindra Ltd, and Bajaj Auto Ltd., who are engaged in R&D operations in the area, will further support industry growth throughout the predicted period.

North America, on the other hand is witnessing the fastest market growth over the forecast period. The US, Brazil, and Mexico are the nations with the largest marketplaces. The need for protective coatings in the area has increased over the past 10 years as a result of the rise in expenditures made into new construction and maintenance for bridges, rail networks, and structural components of non-residential structures, mostly in North America.

Recent Market Developments

• In March 2022, United Metallurgical Company which is a Russian company engaged in high-speed railway wheels have introduced a new production line for wheel protective coatings.
• In January 2022, Applied Graphene Materials introduced a wide range of industrial anti corrosion primers such as Geneble HC Primer and Geneble Epoxy Primer.
• In November 2021, IGL Coatings have launched Ecoclear Aegis which is graphene reinforced anti-corrosion clear coating.

List of Key Companies

• Hempel A/S
• Kansai Paint Co., Ltd
• Nycote Laboratories, Inc.
• Diamond Vogel
• Jotun
• Ashland Inc.
• RPM International Inc.
• Nippon Paint Co., Ltd.
• E.I. Du Pont De Nemours
• DOW
• Koninklijke Dsm N.V
• 3M Co
• Heubach Color
• The Magni Group
• Wacker Chemie AG
• SK Formulations India
• Bluechem Group
• Ancatt Inc.
• S.M. Adhesives.
• Renner Herrmann.
• PPG Industries, Inc.
• Akzonobel N.V.
• The Sherwin-Williams Company
• Axalta Coating Systems Ltd.
• BASF SE

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Corrosion Protection Coatings Market based on the below-mentioned segments:

Corrosion Protection Coatings Market, Type Analysis

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

Corrosion Protection Coatings Market, Material Analysis

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

Corrosion Protection Coatings Market, End Use Analysis

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

Corrosion Protection Coatings Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa