Middle East Anticorrosion Coatings Market Size, Share, and Analysis by 2030

The Middle East anticorrosion coatings market size was valued at US$ 953.12 million in 2022 and is expected to reach US$ 1,470.49 million by 2030; it is estimated to register a CAGR of 5.6% from 2022 to 2030.

MARKET ANALYSIS

The Middle East anticorrosion coatings market is experiencing significant growth due to the increasing demand for corrosion protection in various industries such as oil and gas, petrochemicals, power generation, water and wastewater treatment, and marine. Corrosion is a major concern in the region due to the harsh environmental conditions, including high temperatures, humidity, and exposure to saltwater. The oil and gas industry is one of the major drivers of the anticorrosion coatings market in the Middle East. The region is home to some of the largest oil and gas reserves in the world, and the infrastructure required for exploration, production, refining, and transportation of oil and gas is prone to corrosion. Anticorrosion coatings are used to protect pipelines, storage tanks, offshore platforms, and other equipment from corrosion, thereby extending their service life and reducing maintenance costs. According to the National Iranian Oil Company, the country has ~158 billion barrels of crude oil reserves. According to data from Gachsaran Oil & Gas Production Company, the field, which has been in operation since 1930, currently produces 650,000 bpd (Barrel Per Day) of oil. Additionally, the Middle East anticorrosion coatings market size is likely to surge by 2030 owing to the growing demand for anticorrosion coatings from the automotive industry.

GROWTH DRIVERS AND CHALLENGES

Factors such as the strong presence of the oil and gas industry and the strong growth of the building & construction industry favor the Middle East anticorrosion coatings market growth. The Middle East region is experiencing rapid industrialization, particularly in sectors such as oil and gas, petrochemicals, power generation, and water and wastewater treatment. This increased industrial activity requires effective corrosion protection to ensure the longevity and reliability of infrastructure and equipment. Anticorrosion coatings are crucial in these industries to protect assets such as pipelines, storage tanks, reactors, and power plant components from corrosion caused by harsh environmental conditions, chemicals, and saltwater exposure.

In the oil and gas industry, for example, pipelines are subjected to corrosive substances such as crude oil, natural gas, and saltwater during transportation. Anticorrosion coatings are applied to these pipelines to prevent corrosion, maintain the integrity of the infrastructure, and ensure safe and efficient operations. Further, the Middle East is known for its extreme weather conditions, including high temperatures, humidity, and exposure to saltwater. These conditions accelerate the corrosion process, making effective anticorrosion coatings essential for protecting assets and minimizing maintenance costs. Additionally, the Middle East's proximity to the Arabian Gulf and the Red Sea exposes infrastructure and equipment to high levels of saltwater, which is highly corrosive. Without proper protection, assets such as pipelines, storage tanks, and power plant components can quickly deteriorate, leading to costly repairs or replacements.

Contributions and market initiatives of the RPM International Inc, The Sherwin-Williams Co, Akzo Nobel NV in Middle East are positively influencing the anticorrosion coatings market growth. However, there are various health and safety concerns regarding the anticorrosion coatings. Volatile organic compounds (VOCs) are found in anticorrosion coatings and paints. Their high vapor pressure allows molecules to evaporate into the surrounding air. As a result, humans in close proximity can inhale hazardous vapors or gases. Hazardous air pollutants, which can cause cancer and other serious health problems, are released into the atmosphere at the rate of millions of pounds per year, as per the Environmental Protection Agency’s Toxic Release Inventory.

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Middle East Anticorrosion Coatings Market: Strategic Insights

Middle East Anticorrosion Coatings Market

• Market Size 2022
  US$ 953.12 Million
• Market Size 2030
  US$ 1,470.49 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• Middle East and Africa

Market Segmentation

Resin Type

• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Vinyl Ester

Technology

• Solvent-Borne
• Water-Borne

End Use

• Marine
• Oil and Gas
• Power
• Automotive
• Building and Construction
• Aerospace and Defense

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REPORT SEGMENTATION AND SCOPE

The "Middle East Anticorrosion Coatings Market Analysis and Forecast to 2030" is a specialized and in-depth study focusing significantly on Middle East market trends and growth opportunities. The report aims to provide an overview of the Middle East market with detailed market segmentation on the basis of resin type, technology, end use, and country. The report provides key statistics on the use of anticorrosion coatingss across the region, along with their demand in major countries. In addition, the report provides a qualitative assessment of various factors affecting the anticorrosion coatings market performance in major countries. It also includes a comprehensive analysis of the leading players in the anticorrosion coatings market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, Middle East anticorrosion coatings market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of Middle East anticorrosion coatings market, which helps understand the entire supply chain and various factors influencing the market growth.

SEGMENTAL ANALYSIS

Middle East anticorrosion coatings market is segmented on the basis of resin type, technology, and end use. Based on resin type, the market is segmented into epoxy, polyurethane, acrylic, alkyd, vinyl ester, and others. The epoxy segment accounted for the largest Middle East anticorrosion coatings market share in 2022. Epoxy anticorrosion coatings, formulated with epoxy resins as their primary constituents, belong to the class of thermosetting polymers, imparting robustness and durability to the protective layer they create. Deployed across diverse industries such as oil & gas, maritime, automotive, and infrastructure, epoxy anticorrosion coatings serve as a frontline defense mechanism for metal surfaces. The application process involves the precise amalgamation of epoxy resins with curing agents, resulting in a chemically resistant and adhesive compound. Upon application, these coatings solidify into a tough, impermeable barrier that shields metal surfaces from corrosive agents, preventing oxidation and deterioration over extended periods.

Based on technology, the anticorrosion coatings market is segmented into solvent-borne, water-borne, and others. Solvent-borne anticorrosion coatings are sophisticated formulations engineered to provide robust protection against the detrimental effects of corrosion, particularly on metallic surfaces. These coatings employ organic solvents as carriers for a meticulously crafted blend of components, each contributing to the coating's effectiveness. The primary constituents include resins, which form the structural backbone of the coating; pigments that impart color and additional barrier properties; and corrosion inhibitors strategically integrated to thwart the corrosive process. The solvent component plays a pivotal role in the application process, allowing for ease of spreading and ensuring uniform coverage on the substrate. Upon application, the solvents facilitate the even distribution of the coating, penetrating surface irregularities and creating a seamless, protective film.

Based on end-use, the market is segmented into marine, oil and gas, power, automotive, building and construction, aerospace and defense, and others. The oil and gas segment accounted for the largest Middle East anticorrosion coatings market share in 2022. The utilization of anticorrosion coatings in the marine industry is imperative for preserving the structural integrity and longevity of vessels and marine structures subjected to harsh and corrosive marine environments.

Seawater, with its high salt content, poses a significant threat to metal components, making corrosion a pervasive challenge. To overcome this, anticorrosion coatings are applied to these components. These coatings are precisely formulated to withstand the corrosive effects of saltwater, moisture, and atmospheric conditions. In marine applications, anticorrosion coatings find extensive use on ship hulls, offshore platforms, pipelines, and other submerged or exposed metallic structures. The coatings act as protective barriers, preventing direct contact between corrosive elements and the metal surface. The implementation of anticorrosion coatings in the oil & gas industry is critical for safeguarding infrastructure and equipment from the corrosive challenges posed by harsh operating environments. Pipelines, storage tanks, drilling equipment, and various components in the oil & gas sector are constantly exposed to corrosive elements such as moisture, corrosive gases, and chemicals.

Anticorrosion Coatings Market – by Technology, 2022 and 2030

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REGIONAL ANALYSIS

The report provides a detailed overview of the Middle East anticorrosion coatings market with respect to major countries, including Saudi Arabia, UAE, Iran, Qatar, and the Rest of Middle East. Saudi Arabia accounted for the largest share of the Middle East anticorrosion coatings market and was valued at over US$ 200 million in 2022. Saudi Arabia marks the presence of oil & gas manufacturers and is a hub for mid-sized businesses operating in the region. The market in Iran is expected to reach over US$ 250 million by 2030. The market in UAE is expected to record a CAGR of ~6% from 2022 to 2030. The demand for high-performance coatings has escalated significantly in the Middle East as it is a global hub for oil & gas production. According to the National Iranian Oil Company, the country has ~158 billion barrels of crude oil reserves. According to data from Gachsaran Oil & Gas Production Company, the field, which has been in operation since 1930, currently produces 650,000 bpd (Barrel Per Day) of oil.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

RPM International Inc, The Sherwin-Williams Co, Akzo Nobel NV, Jotun AS, PPG Industries Inc, 3M Co, The Progressive Center Co for Construction Chemicals Ltd, Nippon Paint Holdings Co Ltd, BASF SE, and HB Fuller Co are among the prominent players profiled in the Middle East anticorrosion coatings market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The Middle East anticorrosion coatings market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Some initiatives taken by the key players operating in the anticorrosion coatings market are listed below:

• In September 2023, H.B. Fuller Company acquired the UK-based Sanglier Limited, one of Europe's largest manufacturers and fillers of sprayable industrial adhesives. The acquisition expands H.B. Fuller's innovation capabilities and product portfolio across the UK and Europe, particularly in Construction Adhesives and Engineering Adhesives businesses. The acquisition complements technologies acquired through Apollo and Fourny acquisitions and spray capabilities developed in the US. The team of nearly 60 employees will operate within H.B. Fuller's existing Construction Adhesives global business unit.
• In March 2023, The company launched the PPG ENVIROCRON Primeron primer powder portfolio, designed to provide high corrosion resistance for metal substrates including steel, hot-dip galvanized steel, metalized steel, and aluminum. The products are tested according to the corrosivity categories and approved by the QUALISTEELCOAT international quality label for coated steel. The products include ZINC coating, PRO coating, EDGE coating, and FLEX coating.

Middle East Anticorrosion Coatings Report Scope