Corrosion Protection Coating Global Market Report 2024

The main types of corrosion protection coatings include epoxy, polyurethane, zInc., alkyd, acrylic, chlorinated rubber, and others. Epoxy, for instance, is a polymer composed of carbon chains connected to elements like hydrogen, oxygen, or nitrogen. Epoxy coatings offer optimum protection against mechanical erosion and electrochemical attack. Various technologies, including water-based, solvent-based, powder-based, and others, are utilized in industries such as marine, oil and gas, petrochemical, infrastructure, power generation, water treatment, among others.

This report provides corrosion protection coating market statistics, including corrosion protection coating industry global market size, regional shares, competitors with a corrosion protection coating market share, detailed corrosion protection coating market segments, market trends and opportunities, and any further data you may need to thrive in the corrosion protection coating industry. This corrosion protection coating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The global corrosion protection coating market has grown strongly in recent years. It will grow from $16.84 billion in 2023 to $17.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historical period can be attributed to the diverse applications in the food industry, the increasing global population, the demand for high fructose corn syrup (HFCS), its use in biofuel production, consumption in the feed industry, and expanded applications in various industrial sectors.

The global corrosion protection coating market is expected to see strong growth in the next few years. It will grow to $23.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to the increasing demand for eco-friendly coatings, the expansion of the energy sector, a growing emphasis on asset longevity, the importance of water and wastewater treatment, and compliance with stringent environmental regulations. Major trends expected in this period include a shift towards waterborne coatings, advancements in nanotechnology, the adoption of smart coatings, a rising demand for UV-curable coatings, a transition towards powder coatings, and the development of anti-corrosion coating technologies within the industry.
The corrosion protection coatings market is poised for growth, primarily driven by the burgeoning oil and gas industry. Economic growth, a key determinant of oil and gas demand, fuels the need for corrosion protection coatings. These coatings play a crucial role in safeguarding steel structures within the oil and gas and petrochemical sectors from corrosion. Notably, the U.S. Energy Information Administration reported a significant increase in the United States' petroleum consumption in 2021, reaching approximately 19.78 million barrels per day, with a notable 8% rise compared to 2020. This escalating demand for oil and gas is anticipated to be a major catalyst for the corrosion protection coatings market.

The corrosion protection coating market is also expected to benefit from the expanding industrial sector, characterized by increased infrastructure projects and economic activities. This sector, encompassing endeavors like building construction, bridge development, and transportation system expansion, generates a substantial demand for corrosion protection coatings. These coatings ensure the longevity and resilience of assets created in the industrial landscape. Statistics from July 2023, published by Statistics Canada, reveal the intent of approximately 19.5% of businesses in the manufacturing sector to expand within the next 12 months. This trend underscores the pivotal role of corrosion protection coatings in supporting the growth of the industrial sector.

Technological innovations stand out as a prominent trend in the corrosion protection coating market, with companies like Hempel introducing fast-drying coatings that enhance productivity and corrosion protection. For instance, in June 2022, Hempaprime CUI 275, a fast-drying, alkylamine-cured epoxy paint, has proven effective in energy generation, oil and gas facilities, offering short overcoating intervals and broad temperature resistance.

Moreover, major players in the corrosion protection coatings market are focusing on product innovation, exemplified by the introduction of corrosion control powder coatings. This method involves applying a dry powder onto metal surfaces to prevent corrosion and enhance durability. For instance, in June 2023, Akzo Nobel N.V., a Netherlands-based company, launched Interpon Redox, a high-performance powder coating designed for corrosion control. The portfolio includes systems tailored to address diverse substrates, surfaces, and environmental conditions, showcasing a commitment to meeting the needs of a varied customer base.

In a strategic move to strengthen its position, Sherwin-Williams acquired the European industrial coatings business of Sika AG, a Germany-based chemical company, in August 2021. This acquisition provides Sherwin-Williams with a growth opportunity and reinforces its market presence in Europe, contributing to the overall expansion and development of the corrosion protection coatings market.

Major companies operating in the corrosion protection coating market report are Jotun A/S, Hempel A/S, RPM International Inc., Akzo Nobel N.V., The Sherwin-Williams Company, BASF SE, Axalta Coating Systems LLC, PPG Industries Inc., 3M Company, Koninklijke DSM N.V., Heubach GmbH, Renner Herrmann S.A., The Magni Group Inc., Wacker Chemie AG, Bluechem Group, Nippon Paint Holdings Co. Ltd., Rust-Oleum Corporation, Krylon Products Group, Valspar Corporation, Henkel AG & Co. KGaA, Sika AG, The Dow Chemical Company, Covestro AG, Berger Paints India Limited, Chugoku Marine Paints Ltd., Hempel (USA) Inc., Carboline Company, International Paint Ltd., Sherwin-Williams Protective & Marine Coatings, Tnemec Company Inc., and Ameron International Corporation.

Asia-Pacific was the largest region in the corrosion protection coating market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the corrosion protection coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the corrosion protection coating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The corrosion protection coating market consists of sales of inorganic zinc coatings. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.