Pune, India -- (SBWIRE) -- 08/10/2018 -- Anti-Rust Coating Market – Abstract
Anti-Rust Coatings prevent oxidization or rusting of materials & substances and thus protect them against degradation that occurs due to humidity, moisture, oxidation and salt spray, etc. Hence, they are applied to a variety of equipment & machinery expected to perform in demanding environments such the industrial chemicals exposure, marine, etc. Consequently, these coatings perceive a huge demand from the sectors such as Building & Construction, Power Generation, O&G, and most importantly from Automotive, wherein machines are constantly confronted to the conditions that prompt the risk of Rusting.
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Growing population & urbanization worldwide, is presaging the need for energy, construction, and infrastructure more than ever. At the same time, growing industrialization is prompting the demand for energy while growing businesses are defining the growth of Aerospace sector. Energy, construction, aerospace marine & automotive industries are burgeoning currently, demanding & consuming a significant amount of Anti-Rust Coating. And, hence its market is ever increasing. The augmented demand & consumption in various industries is expected to further convert the market into a vastly expanded space in the years to come.
Acknowledging the spurting growth the market is perceiving currently & the potential the market holds to grow globally, the 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.
Additional factors such as growing investments to develop advanced and bio-based coatings are 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, are paying off well, driving the market growth.
Conversely, stringent regulations imposed by the governments on the restricted use of materials emitting VOC coupled with the price volatility of the raw materials, are inhibiting the market growth.
Anti-Rust 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.
Industry/Innovation/Related News
May 04, 2018 – NW Metal Fabricators, Inc. (US) a premier metal Fabrication Company announced the expansion of its services including magnetically charged powder coating, backed in an oven to provide a glossy, anti-rust coating.
Anti-Rust Coating Market – Segmentation
The Anti-Rust Coating Market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Types: Comprises Polyurethane, Epoxy, Acrylic, and Alkyd among others (zinc, chlorination, etc.)
By Technologies: Waterborne, Solvent-Based, Powder Coating, and UV Cured.
By End-User Industries: Marine, Power Generation, Infrastructure, Oil & Gas, Transportation, Aerospace & Defense, among others.
By Regions: North America, Europe, APAC and Rest of the World.
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Anti-Rust Coating Market – Regional Analysis
Globally, Asia Pacific accounts for the largest market for Anti-Rust Coating due to the augmented demand from the growing end-user industries such as infrastructure, automotive, and transportation, in India, China, Indonesia & Japan. Growing infrastructure development projects coupled with the ever increasing population drive the regional market growth. China, backed by the burgeoning building & construction sectors is the largest consumer of the product followed by India, Thailand, Japan, and Vietnam, among others. Also, growing the considerable product demand in shipbuilding, marine, and automotive, spaces, foster the growth of the APAC market.
North America region stands the second largest market for Anti-Rust Coating owing to the enormous contribution from the US market, fuelled by the broad application areas in the automotive industries.
In Latin America, the market is estimated to witness a remarkable growth owing to the increasing industrial activities primarily in the marine, on & offshore drilling machinery used in O&G spaces. Presence of a large number of oil deposits in Brazil and Venezuela positively impact the market growth.
The MEA (the Middle East & Africa) market is anticipated to perceive a considerable market growth during the assessment period, owing to the presence of abundant oil & gas reserves and petrochemical resources.
The Europe market, on the contrary, is estimated to witness a downturn due to the stringent environmental regulations imposed on the uses of products emitting VOC (volatile organic compounds) on a large scale. Nevertheless, augmenting demand for the product in the industrial, decorative, and others applications is expected to drive the regional market growth up to some extent.