The global corrosion protective
coatings market is expected to reach USD 28.02 billion by 2024, according to a
new report by Grand View Research, Inc. Rising industrial production coupled
with growing spending by regional governments on infrastructure development in
emerging countries of Asia Pacific and the Middle East is expected to drive
global corrosion protective coatings market growth over the next eight years.
Growing demand for ships for
commercial and naval applications coupled with rising investment in ship
repairing activities from emerging economies including China, India is expected
to drive the market demand over the forecast period. Growing application scope
in paper and pulp industry owing to the presence of acidic and corrosive
atmosphere in the plant is likely to fuel growth over next eight years.
The rapid growth of the
automotive industry in the emerging economies including Asia Pacific and Latin
America owing to rising demand for automobiles and rising disposable income of
consumers is expected to drive the growth over the forecast period. Growing
application scope in rust and corrosion prevention of vehicle body and other
metal components is likely to augment market growth. In addition, rising use of
waterborne corrosion protective coatings as electrocoating is expected to drive
the market demand.
Solvent borne corrosion
coatings accounted for a major share of market volume. Wide application scope
of epoxy coating and their ability to serve in various operating conditions is
expected to drive the market growth. However, rising concern regarding the
toxic nature of the solvent borne corrosion protective coating is expected to
pose a challenge to market growth over the forecast period.
In depth research report on Corrosion Protective Coatings
Market
Further key findings from the report suggest:
•
The global corrosion protective
coatings market demand was 5,821.3 kilo tons in 2015 and is expected to reach
10,196.6 kilo tons by 2024, growing at a CAGR of 6.4% from 2016 to 2024.
•
Waterborne corrosion protective
coatings are expected to be the fastest growing technology segment growing at a
CAGR of6.8% from 2016 to 2024.Factors such as low VOC content, improved
durability, quicker drying time and lesser requirement of clear coat to even
out the different surface layers are expected to provide an edge to waterborne
coatings over other coating solutions. This is expected to propel the market
growth over next few years.
•
Industrial sector application
of corrosion protective coatings is expected togrow at a CAGR of 6.8% from 2016
to 2024. Rapid industrialization in the emerging economies including Asia
Pacific and the Middle East& Africa coupled with rising capacity expansion,
and renovation activities of the manufacturing plants in the mature economies
including North America and Europe are expected to drive the demand over the
forecast period. Growing emphasis on improving the shelf life of the steel used
in plant structure fabrication is expected to drive the demand over next eight
years.
•
Epoxy based corrosion coatings
held the largest market share owing to its wide-scale application in various
end-use industries including construction, automotive, manufacturing and oil
& gas. Rising demand and application share of waterborne coatings in the
end-use industries including construction and production on account of its low
VOC content is expected to drive the market demand for acrylic corrosion
coating over the forecast period.
•
Asia Pacific accounted for the
largest market share of over 40% in 2015. Easier raw material availability
coupled with cheaper manufacturing costs is expected to drive market growth.
The region is also expected to witness the highest growth of 7.2% from 2016 to
2024.
•
Corrosion protective coatings
industry is moderately fragmented with the presence of a large number of
prominent market participants across the globe. Some leading companies
operating in the global market include AkzoNobel N.V.,Hempel A/S, BASF
Coatings, Jotun A/S, BASF, PPG Industries Inc. Hempel Marine Paints is a paints
and coatings manufacturer headquartered in Denmark. The company operates in
five segments including protective, marine, decorative, container, and yacht.
Grand View Research has
segmented the corrosion protective coatings market on the basis of material,
technology, application and region:
Global Corrosion Protective Coatings Material Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Alkyd
•
Acrylic
•
Epoxy
•
Polyurethane
•
Zinc
Global Corrosion Protective Coatings Technology Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Solvent Borne Epoxy
•
Waterborne Epoxy
•
Solids Epoxy
•
Others
Global Corrosion Protective Coatings Application Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Marine
•
Oil & Gas
•
Construction
•
Industrial
•
Automotive
•
Others
Global Corrosion Protective Coatings Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
North America
o
U.S
•
Europe
o
Germany
o
UK
•
Asia Pacific
o
China
o
India
•
Latin America
o
Brazil
•
Middle East and Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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