Ottawa, June 28, 2024 (GLOBE NEWSWIRE) -- The global anti-corrosion coatings market size is estimated to grow from USD 34.38 billion in 2023 to approximately USD 59.29 billion by 2033, According to Precedence Research. The anti-corrosion coatings market is driven by increasing demand for anti-corrosion coatings in oil refineries, petrochemical industries and novel technologies.
The anti-corrosion coatings market encompasses the production, distribution, and application of coatings designed to protect metal and other substrates from corrosion. Anti-corrosion coatings prevent corrosion in extremely corrosive situations. They can be divided into three categories: barrier, inhibitory, and sacrificial. Barrier coatings create a non-porous covering over a substrate, keeping the environment from harming the base metal. If damaged, the substrate is left vulnerable.
Inhibitive coatings create a passive layer on a substrate by reacting with metal and humidity. Their corrosion resistance deteriorates with time; hence, they are widely employed in over-coated primers. Sacrificial coatings work as additives on a substrate, corroding to preserve the substance beneath. The amount of protection varies depending on the additive concentration and paint binder utilized.
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Anti-corrosion Coatings Market Key Insights
- Asia Pacific dominated the anti-corrosion coatings market with the largest revenue share of 60.73% in 2023.
- By Type, the solvent-based technology segment dominated the market in 2023.
- By End-User, the oil & gas segment has held the biggest revenue share in 2023.
- By Material, the acrylic material segment has held the largest market share in 2023.
Asia Pacific Anti-corrosion Coatings Market Size and Forecast
The Asia Pacific anti-corrosion coatings market size was valued at USD 20.88 billion in 2023 and is expected to cross around USD 36.76 billion by 2033 with a CAGR of 5.8% from 2024 to 2033.
Asia-Pacific dominated the anti-corrosion coatings market in 2023. The Asia-Pacific area is seeing an increased desire for anti-corrosion coatings as citizens’ purchasing power grows and large firms make considerable capital investments. The region’s construction and building industries are expanding, driving demand for these coatings.
The water and wastewater industry is also experiencing an increase in demand for efficient anti-corrosion coatings, particularly in the Middle East and Asia-Pacific. Epoxy is the predominant chemical utilized in this business; however, acrylics and hybrid chemistries are gaining popularity due to their environmental friendliness and ease of application. The profitable manufacturing end-user market allows coating manufacturers to offer direct-to-metal, hybrid, and low-cost compositions based on epoxies, alkyds, and latexes.
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Anti-corrosion Coatings Market Coverage
| Report Attribute | Key Statistics |
| Anti-corrosion Coatings Market Size in 2033 | USD 59.29 Billion |
| Anti-corrosion Coatings Market Size in 2024 | USD 36.31 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 5.6% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Type, Material, End User, and Regions |
| Regional Scope | North America, APAC, Europe, Latin America, and Middle East & Africa |
Anti-corrosion Coatings Market Report Highlights
Type Outlook
The solvent-based technology segment dominated the anti-corrosion coatings anti-corrosion coatings market in 2023. Solvent-based coatings have traditionally been popular due to their quick drying time, durability, and application flexibility. However, they come with environmental concerns due to high VOC emissions and potential health hazards. Solvent-based coatings have long been favored for their quick drying time, durability, and versatility in application. However, these advantages come at a cost to the environment and human health.
The high levels of volatile organic compounds (VOCs) released during the application and drying of solvent-based coatings contribute to air pollution and can harm respiratory health. Also, the potential for exposure to harmful chemicals in these coatings poses risks to workers and consumers. As awareness of environmental impact and health concerns continues to grow, there is an increasing demand for alternative coating options that offer similar benefits without the drawbacks of solvent-based formulations.
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End-User Outlook
The oil & gas segment dominated the anti-corrosion coatings market in 2023. Metallic equipment in oil, gas, and refinery plants interacts with a wide range of chemicals, including crude oils, petroleum products, natural gas, water, fuels, solvents, air, and soil. These activities take place at temperatures ranging from -196°C to +1400°C and pressures ranging from vacuum to 1000 bars. Oil, gas, and refinery units are high-risk industries that use flammable, explosive, toxic, and dangerous substances. The sector has a wealth of knowledge, but the development of new deep wells, the introduction of new technologies and materials, tight gas and fuel quality requirements, and environmental pollution reduction provide new obstacles to safe equipment and construction.
Material Outlook
The acrylic material segment dominated the anti-corrosion coatings market in 2023. Acrylic coatings are used in various applications, such as automotive finishes, household appliances, equipment, walls and roofing materials, and leather products. Solvent-based acrylic coatings, including thermoplastic and thermosetting types, are utilized in industrial applications such as exterior wall spraying and vehicle refinishing.
Water-based acrylic coatings, such as thermoplastic and thermosetting acrylic latex, are required for metal anticorrosion coatings, road marking paint, and building exterior paint. Thermosetting UV-curable and thermosetting acrylic powder coatings are the two most common solvent-free acrylic coatings. Acrylic coatings can be applied to automotive surfaces, household walls and roofs, and leather products, providing a long-lasting and visually beautiful protective covering. They also provide environmental benefits and can be employed in a variety of sectors.
Browse More Insights:
- Polypropylene Market Size and Forecast: The global polypropylene market size accounted for USD 136.04 billion in 2022, and it is expected to hit around USD 226.92 billion by 2032, poised to grow at a CAGR of 5.3% from 2023 to 2032.
- Circular Polymers Market Size and Forecast: The global circular polymers market size was valued at USD 72.40 billion in 2023 and is anticipated to reach around USD 197.80 billion by 2033, growing at a CAGR of 10.57% from 2024 to 2033.
- Waterborne Coatings Market Size and Forecast: The global waterborne coatings market size was estimated at USD 86.39 billion in 2023 and is expected to hit around USD 139.87 billion by 2032, poised to grow at a CAGR of 5.5% from 2023 to 2032.
- Bioplastics Market Size and Forecast: The global bioplastics market size was estimated at USD 14.53 billion in 2023 and is expected to hit around USD 63.84 billion by 2032 and is growing at a CAGR of 17.9% between 2023 and 2032.
- Petrochemical Market Size and Forecast: The global petrochemical market size was valued at USD 620.74 billion in 2023 and is anticipated to reach around USD 1,132.80 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.
- Polystyrene Market Size and Forecast: The global polystyrene market size reached USD 34.55 billion in 2023 and is projected to hit around USD 54.52 billion by 2032, expanding at a CAGR of 5.20% from 2023 to 2032.
- Powder Coating Market Size and Forecast: The global powder coating market size was valued at USD 15.53 billion in 2023 and it is projected to be worth around USD 25.4 billion by 2032, expected to register a growth at a CAGR of around 5.62% from 2023 to 2032.
- High Performance Adhesives Market Size and Forecast: The global high-performance adhesives market was valued at USD 33.86 billion in 2022 and is projected to hit over USD 54.38 billion by 2032 with registered a CAGR of around 4.9% from 2023 to 2032.
- Conformal Coatings Market Size and Forecast: The global conformal coatings market size reached USD 968.97 million in 2022, and it is expected to be worth around USD 1,810.31 million by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
- Adhesives and Sealants Market Size and Forecast: The global adhesives and sealants market size was valued at USD 68.37 billion in 2023 and it is projected to hit around USD 120.15 billion by 2033, growing at a CAGR of 5.8% from 2024 to 2033.
Anti-corrosion Coatings Market Dynamics
Driver
Self-healing coatings have transformed the field of organic coatings by improving corrosion resistance. When damaged, these coatings may heal themselves, increasing their operational life and improving corrosion resistance. Incorporating microcapsules or micro/nanocontainers packed with specific healing chemicals, such as inhibitors of corrosion or polymer precursors, into the coating matrix is one strategy for conferring self-healing properties on organic coatings.
These microcapsules break when external forces cause damage, allowing agents to enter the afflicted area, filling and correcting cracks or faults, and restoring the coating’s integrity. This method has proven particularly effective in difficult situations, such as steel substrates exposed to harsh marine environments or aluminum films prone to acidic environments. Furthermore, intrinsic self-healing processes allow coatings to repair tiny damages by reversible chemical reactions or polymer.
Restraint
Health concern
The restraining factor for the anti-corrosion coatings market is a health risk. Anti-corrosion coatings and paints present health and safety hazards to industrial workers who come into exposure to them. Exposure to paint compounds can cause headaches, poor sleep quality, memory problems, and muscle weakness. Anti-corrosion coatings and paints contain VOCs, which have a high vapor pressure and allow molecules to evaporate into the atmosphere around them. These pollutants can cause headaches, dizziness, nausea, and irritation to the eyes or skin.
Prolonged exposure can also raise the likelihood of developing asthma or allergic reactions and contribute to more serious disorders such as kidney damage and cancer. Furthermore, typical coatings may be ineffective in eliminating hazardous germs from the environment they serve, which can result in allergic reactions and major health problems.
Opportunity
Nano-ceramic-based anti-corrosion coatings
This study looks at the synthesis, processes, and uses of nanoceramic-based coatings for corrosion prevention. It emphasizes the necessity of corrosion prevention and its influence on a variety of sectors. It examines the limits of standard corrosion protection technologies and how nanoceramic-based coatings might overcome them.
The study describes the numerous synthesis processes, such as electrodeposition, sol-gel, and physical vapor deposition, as well as the parameters that influence the process. It covers current advances in nanoceramic coating manufacturing methods. This research also covers the creation of a self-healing process, passive layers, and barrier characteristics of nanoceramic coatings. Nonceramic coatings have several uses in areas such as aerospace, marine, and automotive.
Recent Developments
- In March 2024, the study evaluate the mechanical and anticorrosive properties of graphene oxide (GO) and hybrid epoxy resin-SiO2 composite material. The composites were created with various GO concentrations and tested on aluminum 6061 substrates. The addition of GO considerably enhanced mechanical qualities, and the coatings' anticorrosive properties were assessed using electrochemical impedance spectroscopy and induced corrosion. The results are consistent with ASTM standards.
- In January 2024, Researchers created an anticorrosive steel covering using eggshell nanoparticles that were thermally and chemically treated. The coating creates a physical barrier that protects metals in corrosive situations, lowering financial risks to the environment. The study reveals that eggshell nanofillers can increase anti-corrosion performance by acting as a cathode. The usage of eggshells as nanofillers with zinc offers sacrificial protection.
Anti-corrosion Coatings Market Leaders
- Akzo Nobel N.V.
- Ashland
- The Sherwin-Williams Company
- Axalta Coating Systems, LLC
- BASF SE
- Hempel A/S
- Kansai Paint Co., Ltd.
- Jotun
- PPG Industries, Inc.
Segments Covered in the Report
By Type
- Water-based
- Solvent-based
- Powder
- Others
By End-User
- Building & Construction
- Oil & Gas
- Marine
- Aerospace and Defense
- Automotive & Rail
- Others
By Material
- Polyurethane
- Epoxy
- Acrylic
- Alkyd
- Zinc
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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