According to a study by NACE International—the worldwide corrosion authority, the global annual expenditure to mitigate corrosion is in the range of $2.5 trillion, roughly equal to 3.4% of the world’s GDP. Protecting assets from corrosion is, hence, a critical requirement for all industries. Various protective, marine, and industrial coatings formulated to protect substrates such as metals and concrete from damage due to corrosion are broadly termed anti-corrosion coatings.

In this study, the global anti-corrosion coating market is analyzed for the end-user industries of oil and gas, manufacturing, water and wastewater, commercial architecture, infrastructure, marine, and power generation. The base year is 2016. The major chemistries involved in the formulation of these coatings are epoxy, polyurethane, polysiloxane, acrylic, and alkyds. The corrosion protection requirement of a coating varies based on the corrosion environment to which a substrate is expected to be exposed. Corrosive environments are rated from C1 to C5 according to ISO 12944-2 classification. Coatings used for protecting substrates in environments C1 and C2 are categorized as low-range coatings, C3 are categorized as medium-range coatings, and C4, C5I, and C5M are categorized as higher-end protective coatings in this study.

The anti-corrosion coatings market is highly competitive among manufacturers of lower-range products used mostly in manufacturing, infrastructure, and commercial architecture. Additionally, the presence of a significant number of large and regional market participants offering such products compels manufacturers to maintain low prices due to the high price sensitivity of customers, especially in the developing countries of Asia-Pacific. On the other hand, manufacturers of higher-range protective coatings used to protect substrates in harsh marine, off-shore, and chemical exposure conditions experience less competition and price sensitivity, as customers seek specialized and efficient products for such applications even at higher prices.

Asia-Pacific is the largest regional market for anti-corrosion coatings, with high growth potential driven by the growing end-user industries such as infrastructure, manufacturing, and water and wastewater.

The market in North America is expected to witness significant growth from the manufacturing sector, while a recovery in crude oil prices is expected to propel revenue growth in the region from the oil and gas sector.

Anti-corrosion coatings face regulatory pressure from organizations such as US Environmental Protection Agency (US EPA) and REACH, which mandate the use of products with low VOC emissions and eliminate the use of heavy metals. There is an increasing trend of customers moving to waterborne and higher solids anti-corrosion coatings instead of solvent-borne ones for want of lower VOC emissions, better aesthetics, and durability. Manufacturers are increasingly investing in product development to enhance environmental sustainability and product efficiency. Customers are looking for products that are easier to apply, with quicker drying times and longevity.