Anti-corrosion coatings help protect metal surfaces from rusting and deterioration. They insulate surfaces from corrosive environments and extend the lifespan of materials like steel structures, ship hulls, and oil and gas pipelines. The increasing construction of infrastructure and growth of manufacturing industries have raised the demand for steel, thereby augmenting the need for anti-corrosion coatings to protect steel assets.
The global anti-corrosion coatings market is estimated to be valued at US$ 30 Billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends driving the anti-corrosion coatings market is extensive usage of these coatings in oil and gas pipelines. Pipeline transportation is considered as one of the safest and most reliable modes for oil and gas distribution. However, pipelines are prone to corrosion due to exposure to corrosive environments. Anti-corrosion coatings provide a protective layer that shields pipelines from external corrosion. Growing oil and gas pipeline infrastructure across regions is augmenting demand for anti-corrosion pipeline coatings. Stringent safety regulations also mandate regular maintenance and recoating of existing pipelines, thereby fueling market growth.
The global anti-corrosion coatings market is dominated by water-based sub-segment due to its eco-friendly properties. Water-based coatings emit minimal harmful volatile organic compounds (VOCs) in the atmosphere and are easy to apply with high durability. Other major sub-segments include alkyd, acrylic, epoxy based coatings etc. Epoxy based coatings have widespread use in oil & gas pipelines, chemical tanks etc due to high resistance to various chemicals.
The global anti-corrosion coatings market is expected to witness high growth. The global anti-corrosion coatings market is estimated to be valued at US$ 30 Billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
Regional analysis related content comprises Asia Pacific dominates the global market and is expected to retain its dominance during the forecast period. This is attributed to growing construction and infrastructure development activities in countries such as China and India.
Key players related content comprises Key players operating in the anti-corrosion coatings market are AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Jotun, Hempel A/S, Chugoku Marine Paints, Ltd., Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., RPM International Inc., Teknos Group.