The global anti-corrosion coating market is estimated to be USD 24.84 Billion in 2017 and is projected to reach USD 31.73 Billion by 2022, at a CAGR of 5.0% from 2017 to 2022. Rising losses due to corrosion and increasing demand for anti-corrosion coatings from various end-use industries are key factors anticipated to drive the growth of the global anti-corrosion coating market during the forecast period.

Based on type, the global anti-corrosion coating market has been segmented into epoxy, polyurethane, acrylic, alkyd, chlorinated rubber, zinc, and others. The epoxy segment is anticipated to lead the global anti-corrosion coating market during the forecast period, owing to the increasing demand for epoxy coatings from marine, oil & gas, and infrastructure industries.

Based on technology, the global anti-corrosion coating market has been classified into solvent-borne, waterborne, and powder coating. The solvent-borne segment is anticipated to lead the global anti-corrosion coating market between 2017 and 2022. Solvent-borne formulations are increasingly used in automotive coatings, industrial coatings, and printing inks. Thus, the increasing use of solvent-borne technology to develop anti-corrosion coatings is anticipated to drive the growth of the solvent-borne technology segment.

Based on end-use industry, the global anti-corrosion coating market has been segmented into marine, oil & gas, industrial, infrastructure, power generation, automotive & transportation, and others. The power generation segment is projected to grow at the highest CAGR between 2017 and 2022. This growth can be attributed to the high demand for anti-corrosion coatings from coal-fired power plants as well as solar and wind energy power plants.

Based on region, the global anti-corrosion coating market has been segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and South America. The anti-corrosion coating market in the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period. This growth is mainly attributed to the increasing demand for anti-corrosion coating from the power generation and automotive & transportation industries in this region.

Anti-Corrosion Coating Market

The fluctuating raw material cost is one of the major factors restraining the growth of the global anti-corrosion coating market. A majority of raw materials used for the production of anti-corrosion coatings are derived from petroleum. Fluctuations in crude oil prices impact the cost of raw materials such as acrylic, epoxies, polyurethanes, and alkyds used in the production of anti-corrosion coatings. Key players operating in the anti-corrosion coating market include AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan).

Source: marketsandmarkets