The global market size of anti-corrosion coating is projected to reach USD 30.04 Billion by 2021, registering a CAGR of 5.1% between 2016 and 2021.
Pune, India -- (SBWIRE) -- 08/18/2016 -- The report "Anti-Corrosion Coating Market by Type (Epoxy, Polyurethanes, Acrylic, Alkyd), Technology (Solvent, Water, Powder) and End-use Industry (Marine, Oil & Gas, Industrial, Infrastructure, and Power Generation) - Global Trends & Forecasts to 2021", The global market size of anti-corrosion coating is projected to reach USD 30.04 Billion by 2021, registering a CAGR of 5.1% between 2016 and 2021.
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The growing marine industry is expected to drive the anti-corrosion coating market during the forecast period. China, Korea, Japan, and India are witnessing high demand of new ships for both military and commercial purposes. As a result, there are huge investments in the marine sector, especially for military purposes. Epoxy is the most preferred type of anti-corrosion coating owing to its properties such as good corrosion protection, water resistance, and adhesion to steel. Thus, fuelling the demand for anti-corrosion coating.
Solventborne technology to account for the major share of the market by 2021
The anti-corrosion coating market is segmented by technology, namely, solventborne, waterborne, powder coating, and others (such as UV-cured coating, nanocoating, and radiation-cured coating among other technologies). In 2015, the solventborne technology captured the maximum share of the overall market and is expected to witness moderate growth rate during the forecast period. The demand for solventborne is increasing because of its properties such as excellent block resistance, lesser drying time, and widespread applications.
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Marine to be the largest end-use industry of the anti-corrosion coating market between 2016 and 2021
The major end-use industries of anti-corrosion coating market are marine, oil & gas, industrial, power generation, automotive & transportation, and others (such as water & wastewater processing, food & beverage processing, and pulp & paper industries). The marine end-use industry accounted for the largest share of the anti-corrosion coating market due to the large volume of coatings used in marine applications. Anti-corrosion coatings are predominantly used in the marine sector and are specially formulated to counter extremely harsh environment such as salt water, temperature, pressure, and organic formation among others.
Asia-Pacific to be the largest market during the forecast period
The anti-corrosion coating market is broadly segmented into five regions, namely, Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is the largest market and is projected to be the fastest-growing market during the forecast period. This dominance by the Asia-Pacific region is mainly due to rapid economic growth, particularly, in the marine and automotive & transportation end-use industries in the region. In addition, rapid industrialization in Asia-Pacific coupled with improved living standard is driving the market for anti-corrosion coating.
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Currently, the global anti-corrosion coating market is dominated by various market players such as AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), Hempel A/S (Denmark), Jotun A/S (Norway), Axalta Coating System Ltd. (U.S.), The Sherwin-Williams Company (U.S.), Kansai Paints Co. Ltd. (Japan), RPM International, Inc. (U.S.), BASF SE (Germany), and Ashland Inc. (U.S.) among others.
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