Global Anti Corrosion Coating Market Information- by Type (Epoxy, Zinc, Acrylic, Silicone, Polyurethane Alkyd, Chlorinated Rubber, and Others), by Application (Water-Based Coating, Solvent-Based Coating, Powder Coating, and Others), by End User Industry (Oil & Gas, Shipbuilding, Marine, Energy, Transport, Automotive, and Others) and by Region - Forecast till 2023
Pune, India -- (SBWIRE) -- 08/10/2018 -- Anti-Corrosion Coating Market – Abstract
Anti-Corrosion Coatings are specially designed to match various expected weather conditions, such as extreme or intense heat, etc. They contest the destructive effects of corrosion on metal by providing a protecting layer to the substances or materials used in the various industries. These coatings are applied to equipment & the types of machinery used in the energy industry, such as oil & gas, nuclear, coal, hydro, and biomass, and other renewable energy sources. Also, they are used in the Shipbuilding & Marine industry, and in the Transport & Automotive industries where machines are continually confronted to the extreme weather conditions and so to the threats of corrosion.
Due to the growing demand for the sustainable or alternative energy generation sources, the energy industry is booming currently, demanding for Anti Corrosion Coatings more than ever. This, coupled with the demand from other burgeoning sectors such as Marine & Automotive drive the market growth of Anti-Corrosion Coatings. The augmented demand & consumption in various industries is expected to further convert the market into a vastly expanded space in the years to come.
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Acknowledging the spurting growth the market is perceiving currently & the potential the market holds to grow globally, a leading research firm 'Market Research Future' (MRFR) has recently published a study report mapping companies active in the industry. In its market analysis, MRFR asserts that the Global Anti-Corrosion Market will garner USD ~ 33.27 Billion by 2023 with CAGR of ~5.3% during 2016 to 2023.
Additionally, factors such as growing industrialization is fostering the market growth. Improving economic conditions across the globe are providing impetus to the market growth, enabling access to the quality life through the enhanced purchasing power of consumers. Seminal efforts &investments, made by the market players to develop advanced coatings, are paying off well, driving the market growth.
Conversely, the lack of awareness about the benefits offered by these coatings is the major restraining factor for the market growth. Also, the volatility of prices, demand & supply gap of the raw materials, is hampering the market growth.
Anti-Corrosion Coating Market – Competitive Analysis
With the presence of numerous matured & small key players accounting for a substantial market share, this market appears to be fiercely competitive & fragmented. The market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch.
Developing customized coating solution is the latest trend observed in the market during the analysis. Resultantly, this trend is expected to drive the market competition intensely. Manufacturers having the ability to manufacture tailor-made coatings are expected to gain a competitive edge over their rivals.
May 03, 2018 – DNV GL (Norway), a leading global quality assurance and risk management company, launched the second phase of a JIP (joint industry project) to develop a design guideline that complements current pipeline codes and standards, which does not meet the complex demands of today's larger diameter pipelines operating in deeper and more challenging environments. Phase 2's scope of work will involve the collection of full-scale bending test data using large diameter pipeline sections with different types of anti-corrosion coating between the steel pipe and the concrete coating.
Anti-Corrosion Coating Market – Segmentation
The Anti-Corrosion Coating Market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Types: Includes Zinc, Epoxy, Acrylic, Polyurethane Alkyd, Silicone, and Chlorinated Rubber, among others (co-polymers, fluorocarbons, graphene, glass flakes, and ceramic).
By Applications: Solvent-Based Coating, Water-Based Coating, and Powder Coating, among others (high-energy cure coatings, antifouling coatings, & nano-coatings, etc.).
By End-User Industries: Shipbuilding, Oil & Gas, Marine, Transport, Energy, and Automotive, among others (power plants, pipes & tanks, wastewater treatment plants, & wind turbines, construction)
By Regions: North America, Europe, APAC and Rest of the World.
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Anti-Corrosion Coating Market – Regional Analysis
Globally, Asia Pacific accounts for the largest market for Anti-Corrosion Coating due to the augmented demand from the growing end-use industries such as marine and shipbuilding industry in China region followed by Japan, and India. Increasing demand for water-based coating and solvent-based coating from the burgeoning automotive industry, especially in India, Taiwan, and South Korea, drives the regional market growth extensively.
On the other hand North America region stands the second largest market for Anti-Corrosion coatings, especially water-based and solvent-based coatings. Americas is the highest producer of this coating and consumes a vast amount of the product.
The third largest market for Anti Corrosion Coating, Europe, is followed by Latin America and Middle East. Booming automotive industry in the region drives the regional market growth to an extent.