Middle East Anticorrosion Coatings Market is expected to reach US$ 1,470.49 million by 2030

Strong Presence of Oil and Gas Industry Drive Middle East Anticorrosion Coatings Market Growth

According to the latest market study on “Middle East Anticorrosion Coatings Market Size and Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Resin Type, Technology, and End Use," the market 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. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

The Middle East anticorrosion coatings market is expected to surge significantly in the coming years due to expanding industrial sectors, particularly oil & gas, petrochemicals, power generation, and water and wastewater treatment, in the region. With the presence of large oil reserves in countries such as Saudi Arabia, Iraq, Iran, and the UAE, there is a continuous need for corrosion protection in pipelines, storage tanks, offshore platforms, and refineries. The harsh environmental conditions in the region further increase the demand for effective anticorrosion coatings. Additionally, the demand for high-performance coatings has escalated significantly in the Middle East as it is a global hub for oil and gas production. According to the National Iranian Oil Company, the country has ~158 billion barrels of crude oil reserves. The Gachsaran Oil & Gas Production Company’s data indicates that the oil field, which has been producing oil since 1930, currently produces 650,000 bpd (i.e., barrels per day). The Middle East anticorrosion coatings market has undergone substantial expansion in recent years owing to the region's dynamic industrial landscape and burgeoning infrastructure projects.

Middle East Anticorrosion Coatings Market Size Breakdown – by Region

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Additionally, the ongoing infrastructure development in the Middle East, spanning construction projects and industrial facilities, has further fueled the need for high-performance anticorrosion coatings. The further growing prominence of marine applications, including shipbuilding and offshore structures, has been contributing significantly to the market growth. As the industry evolves, there is a notable shift toward eco-friendly formulations and coatings with advanced functionalities such as self-healing and sensing capabilities. Furthermore, water and wastewater treatment plants are major consumers of anticorrosion coatings in the Middle East. The region faces water scarcity challenges and relies on desalination plants to meet its freshwater needs. These plants require corrosion protection to prevent damage to equipment and maintain water quality standards.

The Middle East anticorrosion coatings market trends include rising preferences for environment-friendly and bio-based anticorrosion coatings. In recent years, the paints and coatings industry has been moving toward more sustainable and renewable materials as industries are becoming more aware of the importance of utilizing bio-based and environmentally safe solutions. In this context, bio-based coatings are rapidly gaining a significant market share due to their effectiveness and environmental profile. Different raw materials employed in the production of conventional anticorrosion coatings pose a threat to human health and the environment. Bio-based coatings are biodegradable. In most cases, the coatings do not need removal before painting or welding, offering a more economical solution than traditional petroleum-derived rust preventives that require expensive degreasers and hazardous disposal. The hazards in conventional anticorrosion coatings have resulted in government regulations that have hampered the anticorrosion coatings market growth. With the rising demand for bio-based anticorrosion coatings, market players are highly focusing on developing and offering innovative and high-quality bio-based anticorrosion coating products.

Besides emphasizing the factors affecting the market, the Middle East anticorrosion coatings market report showcases key developments of prominent players operating in the market. 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 key players profiled in the Middle East anticorrosion coatings market report. 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.

The "Middle East Anticorrosion Coatings Market Analysis to 2030" is a specialized and in-depth study of the chemicals & materials industry, focusing on the market trends. The report aims to provide an overview of the market with detailed market segmentation. The 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. In the Middle East anticorrosion coatings market share analysis,  the epoxy segment dominated the market 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 market is segmented into solvent-borne, water-borne, and others. In terms of revenue, the solvent-borne segment dominated the Middle East anticorrosion coatings market share in 2022. 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 meticulously blended 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 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. Anticorrosion coatings are precisely formulated and applied 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.

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