The global anti-corrosion coatings market industry size was USD 34.8 billion in 2022 and is projected to reach USD 43.3 billion by 2028, at a CAGR of 3.6% between 2023 and 2028. Epoxy anti-corrosion coating accounted for a largest share of the overall anti-corrosion coating market, in terms of volume, in 2022. Due to epoxy’s compatibility with various coating materials, the anti-corrosion coating’s dominance is expected to persist during the forecast period. The anti-corrosion coating that is utilised the most is this one. The rise of epoxy anti-corrosion coating is also being fueled by the rising demand from numerous industries, including oil gas, marine, infrastructure, and automotive & transportation.
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The solvent borne technology segment is estimated to accounted a largest share in 2022 terms of volume. Due to growing demand from end-use industries like the automotive, infrastructure, and marine sectors, the dominance is anticipated to last. Most traditional coatings are solvent borne, comprise around 25% solids, and have a significant proportion of organic solvents. This technology releases VOCs, odours, and is flammable. However, it has a remarkable block resistance feature.
Marine end-use industry dominated the overall anti-corrosion coating market, in terms of volume, in 2022. The anti-corrosion coatings used in the marine industry are particularly developed to withstand a variety of adverse conditions, including salt water, high temperatures, high pressure, and organic compounds. To extend the life and performance of anti-corrosion coatings and shorten the maintenance period, the industry needs innovation in the form of new product development.
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Asia Pacific is the leading market for anti-corrosion coating market. Economic growth in Asia Pacific is attributed to significant investment in sectors including infrastructure, manufacturing, automotive & transportation, and power generation. The most potential market is in Asia Pacific, and it is likely to be the case in the foreseeable future. Additionally, to take advantage of the cheap labour and meet local market demand, multinational corporations are moving their production plants to Asia Pacific.
