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Anti-corrosion Coatings Market Size

Report ID: GMI808
Published Date: Jun 2024
Report Format: PDF

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Anti-corrosion Coatings Market Size

Anti-corrosion Coatings Market size was valued at over USD 24.8 billion and is estimated to register a CAGR of over 3.8% between 2024 and 2032, driven by the rising demand from industries, such as oil & gas, marine, automotive, and construction.

Anti-corrosion Coatings Market

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The need for protective coatings is growing due to the harsh working environment of the oil & gas sector, which can increase the deterioration of infrastructure. For instance, in September 2022, Extreme Coatings introduced a new internal diameter high velocity oxygen fuel coating system for oil & gas and industrial components. Moreover, corrosion-resistant coatings ensure the longevity and safety of pipelines, shorelines, and storage tanks, leading to significant cost savings in maintenance and replacement.

Anti-corrosion Coatings Market Report Attributes
Report Attribute	Details
Base Year:	2023
Anti-corrosion Coatings Market Size in 2023:	USD 24.58 billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	3.8%
2032 Value Projection:	USD 35.38 billion
Historical Data for:	2021 – 2023
No. of Pages:	374
Tables, Charts & Figures:	268
Segments covered:	Product, End-user, Mode of Application
Growth Drivers:	Growing energy sector Rise in commercial and military shipbuilding and maintenance activities in Asia Pacific Increasing need for new infrastructure and maintenance of existing construction spaces along with growing demand for metal based structures
Pitfalls & Challenges:	Stringent regulations Fairly high price volatility of petrochemical feedstock

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Technological advancements and the development of high-performance coating materials will also influence the market growth. Innovative materials like epoxies, polyurethanes and fluoropolymer coatings are providing superior protection and longevity even in harsh conditions. Stringent environmental regulations and industry standards are pushing manufacturers to develop environmentally friendly, VOC free coatings that meet safety requirements while giving excellent performance. The increasing awareness of the economic and safety benefits of corrosion protection is driving more industries to invest in high-quality corrosion-resistant coatings, favoring the market growth.

On the other side, the higher cost of advanced coating materials and the complex application processes involved may restrain the product uptake to some extent. Strict environmental regulations regarding VOC emissions and the use of hazardous substances in coatings is creating compliance challenges for manufacturers. The market is also facing competition from alternative corrosion protection methods, such as anticorrosive compounds and composites, which sometimes may offer more cost-effective solutions.

Authors: Kiran Pulidindi, Manish Verma

Frequently Asked Questions (FAQ) :

The market size for anti-corrosion coatings was valued at over USD 24.8 billion and is expected to reach over USD 35.3 billion by the end of 2032, driven by the rising demand from industries, such as oil & gas, marine, automotive, and construction.

The epoxy segment of the anti-corrosion coatings market held a decent share in 2023 and is expected to exceed USD 13.9 billion by 2032, due to its exceptional protective properties and versatility across various applications.

North America market will record more than USD 5 billion by 2032, attributed to the strong industrial base along with the growing need to protect critical infrastructure and industrial equipment from corrosion.

Ashland, Axalta Coating, BASF, Chugoku Marine Paints, Hempel, Jotun, Kansai Paints, Nippon Paints, PPG Industries, and RPM International among others.