International. The global anti-corrosion coatings market is estimated at US$24.84 billion in 2017 and is projected to reach US$31.73 billion in 2022, at a CAGR of 5.0% from 2017 to 2022.
According to analyst Markets & Markets, increasing losses due to corrosion are one of the most important factors influencing the growth of the global anticorrosive coatings market. In addition, the growth of end-use industries such as power generation is further driving demand from this sector.
Based on type, the global anti-corrosion coatings market has been segmented into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. The acrylic segment is projected to grow at the highest CAGR from 2017 to 2022, due to increased production of aqueous acrylic coatings and strict environmental regulations.
In addition, the growing demand for acrylic coatings from the marine, oil and gas and automotive and transportation industries is also driving the growth of the acrylic segment.
The power generation segment is anticipated to be the fastest growing end-use industry segment of the global anti-corrosion coatings market between 2017 and 2022. The growth of this segment can be attributed to the increased demand for renewable and corrosive energy sources from industrial equipment.
