The anti corrosion coatings market is in trends of protecting critical infrastructure from corrosion damage. Anti corrosion coatings are protective barrier coatings applied to metallic surfaces to prevent corrosion degradation. They enhance the durability of materials and structures by forming a protective layer that shields the substrate from oxidation and chemical attack. Common substrates coated include iron, steel, aluminum and concrete in various industries such as oil & gas production, marine, infrastructure and automotive.

The anti corrosion coatings industry is estimated to be valued at US$ 46.90 Bn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the anti corrosion coatings are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. These companies are focusing on developing eco friendly water based and powder coatings to meet stringent environmental regulations.

The growing demand from infrastructure and oil & gas industries is driving the anti corrosion coatings market. Rapid urbanization and investment in new construction is boosting the consumption of anti corrosion coatings for bridges, tunnels, pipelines and industrial plants. Requirement to protect offshore and onshore oil production assets from corrosion in harsh environments is also fueling market revenues.

The market is expanding globally with growth in coating consumption witnessed across North America, Asia Pacific, Middle East & Africa and Latin America. Establishing local manufacturing plants by major producers and rising foreign direct investments in emerging nations is increasing accessibility of anti corrosion coatings. Strengthening industrial infrastructure in developing countries will further support the anti corrosion coatings industry expansion over the forecast period.

Market key trends

One of the key trends in the anti corrosion coatings market is the development of green corrosion resistant coatings. Strict environmental regulations regarding VOC emissions from traditional solvent borne coatings is pushing manufacturers to invest in water based and powder technology. Innovation in 100% solids PU and epoxy resin systems have enabled the formulation of sustainable anti corrosion coatings with equivalent or better performance than solvent coats. Their use alleviates health, safety and environmental concerns in various end use industries.

Porter's Analysis

Threat of new entrants: The anti corrosion coatings market requires high R&D investment and established distribution channels. So threat of new entrants is moderate.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and pricing pressure.

Bargaining power of suppliers: Major raw material suppliers have strong global presence resulting in moderate bargaining power.

Threat of new substitutes: Substitute options like galvanization are available but limited application areas keep the threat low.

Competitive rivalry: The market is moderately competitive due to presence of large international players and differentiated products.

Geographical Regions
North America accounts for the largest share in the global anti corrosion coatings market value owing to established infrastructure and stringent environmental regulations.

Asia Pacific is projected to be the fastest growing region during the forecast period due to increasing industrial and construction activities in countries like China and India coupled with growing domestic demand.

Geographical Regions
Europe has the second largest share in the global anti corrosion coatings market value owing to presence of major petrochemical industries and growing offshore wind energy sector. Stringent regulatory norms also drive the demand.