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.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 953.12 Million |
| Market Size by 2030 | US$ 1,470.49 Million |
| Global CAGR (2022 - 2030) | 5.6% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Resin Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The List of Companies - Middle East Anticorrosion Coatings Market
The automotive industry is growing in the Middle East. In Saudi Arabia, the industry is undergoing a transformation with the establishment of local manufacturing plants and the introduction of electric vehicles. The automotive industry in Saudi Arabia is growing owing to the country’s Vision 2030 program and its ambitious goals for clean and autonomous mobility.
The major players operating in the Middle East anticorrosion coatings market are 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.
Various countries in the Middle East play a vital role in global oil production. Saudi Arabia, Iran, the UAE, and other oil-producing countries in the region comprise many of the largest oil producers. Presence of oil reserves plays a crucial role in the economic growth of different countries in the region, as most of their income depends on the oil industry.
Ans. 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.
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.