Anti-Corrosion Coating Market

Market Overview

The global anti-corrosion coating market was valued at USD 7,524.52 million in 2022. It is estimated to reach USD 11,975.78 million by 2031, growing at a CAGR of 5.3% during the forecast period (2023–2031).

Anti-corrosion coating slows down or stops the electrochemical reactions that alter the corrosion-induced appearance of metals and negatively affect their structural integrity. These coatings are helpful in a range of end-user industries because of their anti-corrosion qualities, including marine, oil and gas, industrial, construction, energy (power plants, solar, wind turbines), and automotive. Anti-corrosion coatings shield metal components used in various sectors from corrosion brought on by moisture, salt spray, oxidation, or exposure to other industrial or environmental pollutants. Anti-corrosion coatings offer further protection as a barrier to keep chemical substances or corrosive chemicals from contacting metal surfaces.

In addition to protecting against corrosion, several coatings provide abrasion resistance, non-stick functionality, and chemical protection. Corrosion is the surface deterioration of metals and alloys in a particular environment. Different factors, including chemical composition and the characteristics of electrochemical processes, might influence whether metals are more corrosion-resistant than others. Additionally, a metal's resistance to corrosion is determined by how well it can withstand adverse conditions.

Highlights

• Epoxy dominates the type segment
• Solvent Borne dominates the technology segment
• Marine dominates the end-user industry segment
• Asia-Pacific is the highest shareholder in the global market

Market Dynamics

Global Anti-Corrosion Coating Market Drivers

Greater Understanding of Environmentally Friendly Products

Due to growing concerns about environmentally friendly, non-toxic, non-volatile organic compounds (VOCs), and non-hazardous air pollutants, consumers have been primarily adopting water-borne and power-based anti-corrosion coatings. Solvent and VOCs are eliminated during the manufacturing of anti-corrosion powder coatings. Additionally, powder coating facilities can be built in remote locations where other production systems cannot be deployed. It entails streamlining the installation, growing, and operating a powder coating operation. The production processes for powder coating result in significantly less hazardous waste and workplace dangers.

Additionally, over-sprayed powder coating can be recycled, allowing for the greatest use with the least waste. Water-borne anti-corrosion coatings emit significantly fewer volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) than solvent-borne coatings. They are suitable for indoor applications because they have a low odor and are non-flammable. Anti-corrosion coatings that are water-borne and powder-based are also remarkably resilient to fading. As a result, the market's growing trend toward environmentally friendly coatings is fueling demand for anti-corrosion coatings.

Superior Anti-Corrosion Powder Coating Performance

In comparison to solvent-borne and water-borne coating processes, the anti-corrosion powder coating application process is more effective because it does not require any flash-off or drying time. The operator training and supervision requirements are minimal with this effective and straightforward powder coating process. Powder coating provides a uniform coating because it does not drip or run. Due to the thermal bonding process, it is highly resistant to chipping, scratching, and wear and tear. It does not emit HAPs that are harmful to the environment and is free of VOCs.

Powder coating over sprayed can be recycled, resulting in maximum utilization and minimal waste. The ability to recycle air in the plant is made possible by lower exhaust volumes, which save energy. Powder coatings also offer a wide range of basic and decorative performance qualities and different high and low gloss colors and textures. It leads to cost savings from the most effective use of powder coatings, which increases demand for anti-corrosion powder coatings. As a result, power coating technology is becoming increasingly popular compared to other coating technologies.

Global Anti-Corrosion Coating Market Restraints

Limitations of Epoxy Anti-Corrosion Coating

Epoxy is the most widely used polymer resin on the market, but because of its poor UV resistance is typically only used inside chemical and fertilizer plants. However, it can also be used for outdoor coating applications with other resins, such as polyurethanes and acrylic. UV exposure to synthetic resins degrades their anti-corrosive properties by drying out the resin, which reduces the flexibility of the polymer and causes cracking and yellowing or discoloration of the epoxy resin. Additionally, epoxy anti-corrosion coating can become discolored by fluorescent lighting. This is anticipated to negatively affect the growth of the epoxy anti-corrosion coating market over the forecast period.

Global Anti-Corrosion Coating Market Opportunities

Growing Demand for Anti-Corrosion Coating in Marine Industry

By creating cutting-edge coating systems, anti-corrosion coating producers can significantly lower frictional resistance in the propellers and machinery parts of ships, yachts, and boats. Energy efficiency is a crucial area where marine paints need to advance, according to VSM of the German Shipbuilding and Ocean Industries Association. Building new berths and terminals to increase capacity is one of the new measures the Indian Minister of Shipping implemented in 2019 to improve operations at essential ports. These are some initiatives the center is taking to boost commerce at major ports. This is anticipated to create new opportunities for the anti-corrosion coating market over the forecast period.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the Global Anti-Corrosion Coating Market is divided into North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the most significant global anti-corrosion market shareholder and is anticipated to grow at a CAGR of 8.6% during the forecast period. Southeast Asian nations like the Philippines, Thailand, Indonesia, Hong Kong, Singapore, Japan, South Korea, and China are important hubs for shipbuilding and repair. Asia-Pacific's maritime contribution to the anti-corrosion coating industry is boosted by the simple accessibility of effective solutions, lower labor costs, and robust regional shipping traffic. The expansion of the construction industry is fueled by population growth and economic growth in the Asia-Pacific region. Additionally, a rise in consumer spending power and quickly advancing technology in China, India, and Japan fuel the production of renewable energy sources like solar and wind. In the Asia-Pacific region, the market for anti-corrosion coatings is thus anticipated to grow over the forecast period due to the expanding construction industry and rising energy consumption.

North America is anticipated to exhibit a CAGR of 8.3% over the forecast period. North America primarily includes the United States, Canada, and Mexico. Water- and solvent-based coating production is reported to be the highest in North America. More than 13 million tons of zinc are produced annually worldwide by the American Association of Galvanizers. Over half of the annual production of zinc coatings is used to prevent steel corrosion. Since zinc is an element that can be recycled indefinitely, more is recycled each year; 80% of the zinc available for recycling is recycled.

In addition, the market for anti-corrosion powder coatings is expanding in North America due to rising VOC emission concerns and strict environmental regulations. The region's technological development and the rising popularity of electric vehicles contribute to the automotive industry's growth. Due to high government spending in the military sector and the booming oil and gas industry, North America's demand for anti-corrosion coatings is anticipated to rise significantly in the coming years. As a result, several industries, including construction, oil and gas, automotive, and energy, are expanding in the area, which is anticipated to fuel the growth of the anti-corrosion coating market.

Europe is expected to grow significantly over the forecast period. Due to market saturation and a rise in environmental regulations, demand for anti-corrosion coatings in Europe is anticipated to grow slowly. The region's anti-corrosion coatings market is also expected to grow due to Europe's revived auto industry. The market for anti-corrosion coatings is anticipated to grow as investments in renewable energy production rise. The anti-corrosion market is also expected to grow over the forecast period due to favorable government policies for environmentally friendly water-borne and powder-based anti-corrosion coatings for automobiles.

The Middle East and African markets are witnessing a surge in demand for corrosion-resistance coatings due to the increasing demand for the strength and robustness of epoxy-based coatings. The need for corrosion protection coatings worldwide is anticipated to be driven by increased investment in manufacturing hubs that produce goods for export-oriented industries, such as oil and energy products, food and beverage products, and assembled machines in the Middle East and Africa region. Corrosion issues affect the steel reinforcement used in buildings, pipelines, refineries, terminals, vessels and containers, distribution systems, and drilling equipment used in the oil and gas industry. Therefore, it is anticipated that the construction and oil and gas industries will continue to grow, propelling the market for anti-corrosion coatings.

Segmental Analysis

The global anti-corrosion coating market is segmented by type, technology, and end-user industry.

Based on type, the global anti-corrosion coating market is bifurcated into epoxy, polyurethane, acrylic, alkyd, zinc, and chlorinated rubber.

The epoxy segment is the highest contributor to the market and is expected to grow at a CAGR of 8.3% over the forecast period. Epoxy is a collection of chemically reactive resins that can be catalytically homopolymerized with one another or with various co-reactants known as cures or hardeners, such as polyfunctional amines, acids, acid anhydrides, thiols, and alcohols. Epoxy resins react with one another or with multifunctional hardeners to create thermosetting polymers with high resistance to heat, water, and chemicals, which are used in anti-corrosion coatings. Excellent resistance to water, saline, organics, acids, and other chemicals can be found in epoxy anti-corrosion coating. It is an easy product to use due to its low viscosity and lengthy pot life. It is advised for several tank and basin waterproofing applications and anti-corrosion treatments.

Based on technology, the global anti-corrosion coating market is bifurcated into solvent–borne, water-borne, and powder coating.

The solvent-borne segment owns the highest market share and is anticipated to grow at a CAGR of 7.9% during the forecast period. Solvents are used in solvent-borne anti-corrosion coating to disperse the coating's binders, pigments, and additives, facilitating the formation of a smooth film. It is favored as a corrosion control method because it contains organic chemicals and solvent-borne coatings can dry more quickly than water-borne coatings. The solvent-borne anti-corrosion coating contains liquefying agents that evaporate due to a chemical reaction with oxygen. These solvents offer quick curing but emit dangerous greenhouse gases, making them unsuitable for coating indoor surfaces.

In addition, solvents like hydrocarbons, alcohols, ketones, chlorinated, esters, and others are used in this technology. BASF, AkzoNobel, Sherwin-Williams, PPG Industries, Henkel, 3M, and Valspar are businesses that produce solvent-borne anti-corrosion coatings. The market for anti-corrosion coatings is anticipated to grow due to the rising demand for solvent-borne coatings across various applications, including printing inks, industrial coatings, and automotive coatings.

Based on the end-user industry, the global anti-corrosion coating market is bifurcated into marine, oil and gas, industrial, construction, energy, and automotive.

The marine segment dominates the global market and is expected to grow at a CAGR of 11.8% over the forecast period. The marine industry is one of the biggest consumers of anti-corrosion coatings. These coatings shield the surface from abrasion and corrosion impact. For navies, offshore industries, and civilian marine businesses, preventing corrosion is a top priority. Large economic and operational costs are associated with the corrosion of metal components on ships, yachts, and other vessels submerged in seawater. The structures are shielded from salt water by choosing corrosion inhibitors and materials. Galvanization, cathodic protection systems, and other coating options are examples of marine corrosion prevention techniques. The Indian shipping minister sought investments totaling 4.32 lakh crore for the shipping and maritime sector in accordance with the 2018 summits. Additionally, an increase in investment in the marine industry is anticipated to significantly boost the market for anti-corrosion coatings over the forecast period.

Recent Developments

• August 2022- Nippon Paint Marine added a new anti-corrosive universal primer to its E-Marine range of paints suitable for most applications and meet IMO performance standards for ballast water tanks.
• September 2022- Axalta announced the launch of Abcite® 2060, a single-layer solution for Flame Spray coating technology, enabling exceptional anti-corrosion protection without the need for a coating line.