Middle East Anticorrosion Coatings Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Resin Type, Technology, End Use

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.

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.

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.

In 2022, the Saudi Arabia dominated the Middle East anticorrosion coatings market. Saudi Arabia's position as a key player in the global oil & gas sector has been a significant driver for the heightened demand for advanced anticorrosion coatings. With an extensive network of pipelines, refineries, and petrochemical facilities, the need to protect these critical assets from corrosion is paramount. The harsh environmental conditions, including high temperatures and humidity, further underscore the need for robust anticorrosion solutions. According to the Organization of the Petroleum Exporting Countries, Saudi Arabia possesses ~17% of the world's proven petroleum reserves. It is the largest exporter of crude oil globally. Saudi Arabia holds the world's largest crude oil production capacity at ~12 million barrels per day, including capacity from the Neutral Zone shared with Kuwait. The country's oil & gas sector accounts for ~50% of the GDP and 70% of export earnings.

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 key players operating in the Middle East anticorrosion coatings market. Market players focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as investments in research and development activities and new product launches.

The overall Middle East anticorrosion coatings market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Middle East anticorrosion coatings market.

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