The market for anti-corrosion coatings is gaining momentum and will record commendable growth over the next several years. Future growth trends in the market can be attributed to a positive application outlook in a range of end-use industries including shipbuilding, infrastructure, and oil & gas.

Considering the product landscape, the industry is segmented into epoxy, acrylic, polyurethane, alkyd, chlorinated rubber, zinc, and others. The other segments captured nearly 5% of the market share during 2020 and is slated to grow substantially in the near future.

Epoxy based anti-corrosion coatings generated more than USD 5.5 billion in terms of annual revenue during 2020 and will witness a substantial demand through 2027. Meanwhile, the demand for chlorinated rubber based anti-corrosion coatings is expected to rise steadily over the forthcoming years owing to benefits such as easy application and fast drying. The infrastructure sector is one of the major end-users for these coatings and will continue to generate a robust demand for the product.

The global anti-corrosion industry is bifurcated into water based, solvent based, and powder on the basis of application. It is estimated that the demand for solvent based coatings will rise at a CAGR of about 2.5% over 2021-2027.

In terms of the end-user, the oil & gas sector accounted for a market share of over 16% in terms of revenue in 2020. With increasing number of onshore as well as offshore oil & gas exploration and production activities worldwide, the demand for anti-corrosion coatings across the oil & gas sector will continue to increase over the coming years.

The consumption of anti-corrosion coatings is increasing rapidly across the shipbuilding sector, which held more than 15% of the industry share in 2020. Rising shipbuilding activities across many countries will further boost the product penetration.

Meanwhile, the infrastructure industry will continue to be one of the most prominent end-users for a variety of different anti-corrosion coatings, with numerous major infrastructure development projects in line. Both in developed and developing regions, the respective governments are investing in residential and commercial expansion to meet the needs of the burgeoning urban population.

From a geographical point of view, the market for anti-corrosion coatings in North America is slated to expand at a healthy 4% CAGR in the next few years. The regional product demand and consumption will be largely driven by ongoing infrastructure development and refurbishment projects. The Middle Eastern and Africa region had accounted for 4% around revenue share of the global anti-corrosion coatings industry and will witness promising growth opportunities through 2027.

Manufacturers of anti-corrosion coating solutions are adopting various growth and expansion strategies in anticipation of a robust product demand in the near future. Recently in February for instance, Greenkote had announced a major expansion of production capacity at its Brook Park, Ohio based facility in response to an upsurge in demand for anti-corrosion coating formulations to be used on environmentally exposed metal hardware and fasteners across a number of different industries.