Corrosion Protective Coatings Market Size, Share, and Trends 2024 to 2033

Corrosion Protective Coatings Market (By Coating Technology: Organic Coatings, Inorganic Coatings, Metallic Coatings; By Surface Type: Metal Substrates, Plastic Substrates, Others; By Application: Spray Coating, Others; By Environment and Exposure Conditions: Atmospheric Conditions, Immersion Conditions, Underground Conditions, Applications, Others; By End-Use Industry: Oil and Gas, Marine) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : June 2024
  • Report Code : 4482
  • Category : Chemical and Material

Corrosion Protective Coatings Market Size and Growth

The global corrosion protective coatings market size was USD 11.07 billion in 2023, calculated at USD 11.50 billion in 2024, and is expected to reach around USD 16.17 billion by 2033, expanding at a CAGR of 3.86% from 2024 to 2033. The rising application of corrosion protective coatings in oil & gas and marine industries across the world is driving the growth of the corrosion protective coatings market.

 Corrosion Protective Coatings Market Size 2024 to 2033

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Corrosion Protective Coatings Market Key Takeaways

  • Asia Pacific led the market with the largest share of 52% in 2023.
  • North America is expected to experience the fastest growth rate during the forecast period.
  • By coating technology, the organic coating segment led the market in 2023.
  • By coating technology, inorganic coating is expected to be the fastest-growing segment during the forecast period.
  • By surface type, the metal substrates segment holds the largest market share during the forecast period.
  • By surface type, the concrete substrates segment is estimated to be the fastest-growing segment during the forecast period.
  • By application, the spray coatings segment dominated the corrosion protective coatings market in 2023.
  • By application, the powder coatings segment is estimated to grow with the highest CAGR during the forecast period.
  • By environment and exposure conditions, the atmospheric conditions segment held the largest market share during the forecast period.
  • By environment and exposure conditions, the high-temperature applications segment is expected to be the fastest-growing segment during the forecast period
  • By end-use industry, the oil and gas segment dominated the corrosion protective coatings market in 2023. 
  • By the end-use industry, the infrastructure segment is expected to grow at the fastest growth rate in the corrosion protective coatings market.

Corrosion Protective Coatings Market Size and Growth 2024 to 2033

The Asia Pacific corrosion protective coatings market size reached USD 5.76 billion in 2023 and is expected to be worth around USD 8.49 billion by 2033, at a CAGR of 3.95% from 2024 to 2033.

 Asia Pacific Corrosion Protective Coatings Market Size 2024 to 2033

Asia Pacific holds the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of this region is mainly driven by the rising government initiatives in countries such as India, South Korea, China, Japan, and some others for developing the chemical industry. Also, growing advancements in the oil & gas and electronics industries in countries such as China, India, Indonesia, Japan, Singapore, and some others have driven the market growth. Moreover, the presence of market players such as Nippon Paint, Kansai Paint, Toa Paint, Avian Brands, and some others have driven the growth of the corrosion protective coatings market. 

  • In January 2023, the government of South Korea announced the launch of the ‘Chemical Industry Forum’. This announcement aimed to develop the overall chemical industry in this country.
  • In August 2022, Nippon Paint launched E-Marine 2000 LT. E-marine 2000 LT is an anti-corrosive coating that finds several applications in marine industries.

 Corrosion Protective Coatings Market Share, By Region, 2023 (%)

North America is expected to be the fastest-growing region during the forecast period. The growth of this region is mainly driven by the scientific advancements in the aerospace sector in countries such as the U.S., Canada, and others. Also, the growing interest from the public and private sectors for development & research related to coating industries has boosted the market growth. The market growth is also driven by the rising construction of roads and bridges, along with the presence of a well-established automotive industry in this region. Moreover, the presence of coating companies such as Axalta Coating Systems, PPG Industries, Sherwin Williams, Benjamin Moore, and others drives market growth.

  • In March 2023, PPG launched ENVIROCRON. ENVIROCRON is a powdered coating that provides high corrosion resistance for metal substrates such as hot-dip-galvanized steel, metalized steel, aluminum, and other metals.

Market Overview

The corrosion protective coatings market is one of the most important industries of the chemical sector. This industry deals in developing coatings that possess anti-corrosive properties for use in several end-user industries, including automotive, marine, oil and gas, aerospace, power generation, and others. There are several technologies involved in manufacturing corrosion protective coatings, which mainly include organic coatings, inorganic coatings, and metallic coatings. These coatings also consist of several applications, such as spray coating, brush/roller coating, dip coating, powder coating, electroplating, and others. This industry is expected to grow exponentially with the growth in the chemical industry.

  • In February 2024, Covestro launched waterborne coating solutions. This solution consists of high-performance waterborne resins that provide fast drying capacity along with superior stability and high chemical and block resistance

Corrosion Protective Coatings Market Growth Factors

  • The ongoing developments in the chemical industry have boosted the growth of the corrosion protective coatings market.
  • The technological advancements in coating industries are expected to drive the growth of the market.
  • The increasing government initiatives to strengthen the chemical sector have driven the market growth.
  • The growing demand for corrosion protective coatings from the automotive and aerospace industries fosters market growth.
  • The rising investments from public and private sector entities for developing the coating industries also boost the market growth.
  • The increasing demand for water-borne protective coatings in the marine industries across the world has boosted the market growth.
  • The growing international trade through waterways across the world has boosted the market growth.
  • The rising adoption of epoxy resin due to superior durability and strength across the globe also propels the corrosion protective coatings market growth.

Corrosion Protective Coatings Market Scope

Report Coverage Details
Market Size by 2033 USD 16.17 Billion
Market Size in 2023 USD 11.07 Billion
Market Size in 2024 USD 11.50 Billion
Market Growth Rate CAGR of 3.86% from 2024 to 2033
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Coating Technology, Surface Type, Application, Environment and Exposure Conditions, End-Use Industry, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Corrosion Protective Coatings Market Dynamics

Driver 

Rising trend of electric vehicles (EVs)

The automotive industry has developed drastically with the advancements in modern technologies. Currently, the adoption of electric vehicles (EVs) is an ongoing trend that is shaping the automotive sector positively. The demand for EVs has increased rapidly in recent times due to rising awareness regarding environmental problems along with increasing prices of fossil fuels. Also, automotive manufacturers have started manufacturing EVs that are affordable and come with superior features. Moreover, the governments of several countries are allowing tax exemptions for adopting EVs along with launching initiatives to strengthen the EV infrastructures. Thus, with the growing demand for EVs, the demand for corrosion protective coating increases due to several applications in charging infrastructure, cooling systems, battery enclosures and connections, electrical contacts and connectors, and others. This, in turn, drives the growth of the corrosion protective coatings market. 

  • For instance, in April 2024, the Netherlands government announced an initiative stating that fully electric vehicles are exempted from every tax, and plug-in hybrid vehicles will get a 50% reduction in taxes till the end of 2024. 
  • For instance, in July 2023, ProXL launched XPRESS605. XPRESS605 is a superior-performance VHS clear coating that is used in the automotive sector for providing a high gloss gun finish along with rapid curing.

Restraint

Less affordability and strict compliance 

The prices of raw materials such as pigments, additives, zinc oxide, resin, solvents, and some others have increased in recent times. Also, the workforce engaged in coatings industries lacks high skills, and their wage rates are also growing gradually. Thus, with the rise in wage rates and raw material prices, the coating companies have to increase the prices of the end products to earn maximum profits. This, in turn, restrains the market growth. Moreover, there are several government policies that forbid the use of volatile organic compounds (VOCs), which are important for the coating industry and are expected to restrain the growth of the corrosion protective coatings market during the forecast period.

Opportunity

Innovations in coatings 

The coating industry has been growing rapidly with the development of science and technology in recent times. Recently, scientists have developed smart coatings that find applications in several industries. Smart coatings are integrated with nanomaterials that provide added functions such as stimuli response or environment sensing. Thus, rising innovations in smart coatings are expected to create ample growth opportunities for market players in the future.

  • In April 2023, Petronas launched an advanced material-based technology for the protection of machinery from corrosion. This technology is named ‘ProShield+’ and is used as an additive in steel structures.
  • In February 2023, Zentek launched Zenarmor. Zenarmor is a new functionalized graphene oxide (GO) based corrosion protection technology that offers self-healing properties, superior performance, and eco-friendliness.

Coating Technology Insights

The organic coatings segment held the largest market share in 2023 and is expected to continue its dominance during the forecast period. The main types of organic coating include epoxy-based coatings, polyurethane-based coatings, acrylic-based coatings, alkyd-based coatings, and others. Epoxy-based coatings are mainly used as strong adhesives in the automotive industry. Polyurethane-based coatings are used in several industries, including marine, oil-based, furniture, and some others. Acrylic-based coatings are fast-drying coats that are mainly used for architectural and decorative purposes. Alkyd-based coatings are used in interior trim, cabinets, doors, and other regularly used objects that require smooth durability. Thus, the growth of the organic coatings segment is expected to drive the growth of the overall corrosion protective coatings market.

The inorganic coatings segment is estimated to be the fastest-growing segment during the forecast period. The main types of inorganic coatings include zinc-rich coatings, aluminium-rich coatings, phosphate coatings, silicate coatings, and others. Zinc-rich coatings are mainly used on steel surfaces for protection against corrosion. Aluminum-rich coatings are widely used in naval operations as they provide chemical protection against sulfur oxides (SO2, SO3) and hydrogen sulfide (H2S). Phosphate coatings are mainly used in military equipment, cars, washing machines, toys, refrigerators, and some others, as they provide protection against corrosion. Silicate coatings are found to be applicable to plastering during the construction of buildings as they are highly durable and require less maintenance. Thus, growing developments in inorganic coatings are likely to boost the growth of the corrosion protective coatings market.

Surface Type Insights

The metal substrates segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. The growth of this segment is generally driven by the rising use of metal substrates in aerospace industries to improve corrosion and heat resistance in aerospace components. Also, growing advancements in the electroplating process are also expected to drive market growth. Moreover, the growing adoption of metal substrates in automotive and oil & gas industries is further expected to boost the growth of the corrosion protective coatings market.

The concrete substrates segment is expected to grow with the highest CAGR during the forecast period. The growth of this segment is generally driven by the rising number of construction activities across the world. Also, the growing demand for concrete substrates due to properties such as high tensile strength and fast drying is driving the growth of the corrosion protective coatings market.

Application Insights

The spray coatings segment dominated the market in 2023. The growth of this segment is driven by the growing demand for spray coatings in the automotive and healthcare industries. Also, the rising use of gas turbines in helicopter engines, ships, tanks, and railway locomotives has increased the demand for spray coatings, thereby driving the market growth. Moreover, spray coating provides high temperature and corrosion resistance properties to protect engine components in automobiles, which are likely to drive the growth of the corrosion protective coatings market.

The powder coatings segment is estimated to grow with the highest CAGR during the forecast period. The growth of this segment is generally driven by the rising demand for eco-friendly coatings across the world. Also, the growth of the market can be attributed to the growing use of powder coatings in electronic appliances such as washing machines, freeze liners, air conditioners, and others. Moreover, rising applications of powder coating in electric vehicles for battery protection are driving the growth of the corrosion protective coatings market.

  • For instance, in January 2022, Arkema launched Rilsan T Orange 7706. Rilsan T Orange 7706 is a powder coating that finds application in electric vehicle battery systems and other components.

Environment and Exposure Conditions Insights

The atmospheric conditions segment held the largest market share during the forecast period.  The growth of this segment is mainly driven by the growing impacts of natural calamities such as excessive rain, heavy wind, and UV radiation. Also, growing developments in the production of coatings that can withstand harsh environmental conditions are driving the growth of the corrosive protective coatings market.

The high-temperature applications segment is expected to be the fastest-growing segment during the forecast period. The growth of this segment is generally driven by the rise in the number of power generation and oil & gas industries. Also, the coating companies are manufacturing high-grade thermal resistance coatings that can withstand extreme heat, which has driven the growth of the corrosive protective coatings market.

End Use Industry Insights

The oil & gas segment dominated the market in 2023. The growth of this segment is generally driven by the growing number of oil & gas exploration centers across the world. Also, corrosion protective coatings provide temperature resistance, abrasion resistance, chemical resistance, and some others for protection of machinery used in oil & gas industries, thereby driving the market growth.

The infrastructure segment is expected to be the fastest-growing segment in the corrosion protective coatings market. The growing number of buildings across the world is driving the market growth. Also, corrosive protective coatings act as a barrier between corrosive elements and metal substrates that help in increasing the service life of infrastructures, thereby driving the growth of the corrosive protective coatings market.

Corrosion Protective Coatings Companies

Corrosion Protective Coatings Market Companies

  • Metz Specialty Materials Pty Ltd
  • Flight Extruded Plastics
  • PETRONAS
  • Steuler KCH Australia Pvt Ltd
  • Townscend
  • Rubbertec Australia Pvt Ltd
  • Covestro Pty Ltd
  • Denso
  • Weir Minerals Australia Ltd
  • Stebbins Australia Pty Ltd
  • Kaefer Novacoat Pty Ltd
  • REMA TIP TOP Industrial Australia PTY Ltd
  • Era Polymers
  • Jotun Australia Pty Ltd
  • AkzoNobel Corrocoat Engineering Pty Ltd.

Recent Developments

  • In May 2024, AkzoNobel launched the Interpon A3000 coating. Interpon A3000 is a corrosion protective coating for two-wheelers that enhances corrosion resistance and durability and reduces carbon footprints.
  • In February 2024, Sherwin-Williams launched a new coating named ‘Repacor SW-1000’. This coating contains several anti-corrosive properties and provides durable finishing in offshore wind structures.
  • In February 2024, Sandvik launched a new corrosion protection coating. This coating is named 'Golden Shank,' and it comprises a low-friction nickel-plated coating.
  • In November 2023, Induron Protective Coatings launched Novasafe. Novasafe is an epoxy-based coating that is capable of withstanding high concentrations of sulfuric acid in harsh conditions.

Segments Covered in the Report

By Coating Technology

  • Organic Coatings
    • Epoxy-based Coatings 
    • Polyurethane-based Coatings 
    • Acrylic-based Coatings 
    • Alkyd-based Coatings 
    • Others
  • Inorganic Coatings
    • Zinc-rich Coatings 
    • Aluminum-rich Coatings 
    • Phosphate Coatings 
    • Silicate Coatings 
    • Others
  • Metallic Coatings
    • Galvanizing Coatings 
    • Sacrificial Coatings (e.g., zinc, aluminum) 
    • Barrier Coatings 
    • Composite Coatings 
    • Others

By Surface Type

  • Metal Substrates
  • Concrete Substrates 
  • Wood Substrates 
  • Plastic Substrates 
  • Others

By Application

  • Spray Coating 
  • Brush/Roller Coating 
  • Dip Coating Powder Coating 
  • Electroplating 
  • Others

By Environment and Exposure Conditions

  • Atmospheric Conditions 
  • Immersion Conditions (e.g., marine environments, chemical exposure) 
  • Underground Conditions 
  • High Temperature Applications 
  • High Humidity Applications 
  • Others

By End-Use Industry

  • Oil and Gas 
  • Marine 
  • Construction 
  • Automotive 
  • Aerospace 
  • Power Generation
  • Infrastructure 
  • Industrial Machinery 
  • Mining 
  • Chemical Processing 
  • Water and Wastewater Treatment 
  • Others

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Frequently Asked Questions

The global corrosion protective coatings market size is expected to increase USD 16.17 billion by 2033 from USD 11.07 billion in 2023.

The global corrosion protective coatings market will register growth rate of 3.86% between 2024 and 2033.

The major players operating in the corrosion protective coatings market are Metz Specialty Materials Pty Ltd, Flight Extruded Plastics, PETRONAS, Steuler KCH Australia Pvt Ltd, Townscend, Rubbertec Australia Pvt Ltd, Covestro Pty Ltd, Denso, Weir Minerals Australia Ltd, Stebbins Australia Pty Ltd, Kaefer Novacoat Pty Ltd, REMA TIP TOP Industrial Australia PTY Ltd, Era Polymers, Jotun Australia Pty Ltd, and Others.

The driving factors of the corrosion protective coatings market are the rising trend of electric vehicles (EVs) and growing EV demand boosts need for corrosion protective coatings.

Asia Pacific region will lead the global corrosion protective coatings market during the forecast period 2024 to 2033.

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