The global anti-corrosion coating market size valued at $22.8 billion in 2019, and is projected to reach $41.2 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.

1.Based on technology, the global anti-corrosion coatings market has beenclassified into solvent-borne, waterborne, and powder coating.

The solvent-borne segment is anticipated to lead the global anti-corrosion coating market between 2020 and 2027. 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.

2.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 coatings market during the forecast period, owing to the increasing demand for epoxy coatings from marine, oil & gas, and infrastructure industries.

3.Based on end-use industry, the global anti-corrosion coatings 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 2020 and 2027. 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.

4.Based on region, the global anti-corrosion coatings 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.

5.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.