Press release
Anti-Corrosion Coating Market: AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany)
The global anti-corrosion coating market is estimated to be USD 24.84 billion in 2017 and is projected to reach USD 31.73 billion by 2022, at a CAGR of 5.0% from 2017 to 2022. This market has been segmented on the basis of type, technology, end-use industry, and region. New product launches and expansions are key growth strategies adopted by leading players to strengthen their positions in the global anti-corrosion coating market. The maximum number of strategic developments between 2014 and 2017 took place in North America, followed by Europe and Asia Pacific.
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Key players operating in the global anti-corrosion coating market are AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan).
PPG Industries, Inc. is a key player in the global anti-corrosion coating market. The company has been focusing on new product launches and expansions as a part of its strategic development activities. The company offers anti-corrosion coating products based on epoxy, zinc, alkyd, and acrylic. It is also involved in R&D activities to develop high-performance coatings for various applications. For instance, in May 2014, the company launched MBE-200 2.1 VOC Epoxy Primer, which is the latest version of premium commercial performance coatings. In January 2017, the company expanded its high-performance waterborne and high-solids coatings production line in the Anhui Province, China. This development strategy helped the company expand its automotive coatings business in China.
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AkzoNobel N.V. is another key manufacturer of anti-corrosion coatings. The company has been focusing on new product launches to strengthen its market position. The product portfolio of the company includes anti-corrosion coatings based on epoxy, acrylic, alkyd, and polyurethane. For instance, in July 2017, the company launched a new multi-purpose Interstores Alkyd Primer that is used in the marine industry. This development strategy helped the company widen its customer base and enhance its market share.
Rising losses due to corrosion are one of the most significant factors anticipated to drive the growth of the global anti-corrosion coating market
The global anti-corrosion coating market is estimated to be USD 24.84 billion in 2017 and is projected to reach USD 31.73 billion by 2022, at a CAGR of 5.0% from 2017 to 2022. The market has been segmented on the basis of type, technology, end-use industry, and region.
The acrylic segment is anticipated to be the fastest-growing type segment of the global anti-corrosion coating market. This growth can be attributed to the increasing demand for acrylic coatings from various end-use industries, such as industrial, infrastructure, and automotive & transportation.
Based on technology, the waterborne technology is projected to grow at the highest CAGR during the forecast period. The eco-friendly nature of waterborne anti-corrosion coatings has contributed to the growing demand for these coatings from industrial and infrastructure industries, thereby influencing the growth of the waterborne technology segment.
The power generation segment is projected to be the fastest-growing end-use industry segment of the global anti-corrosion coating market. This growth can be attributed to the high demand for anti-corrosion coatings from coal-fired power plants as well as solar and wind energy power plants.
The anti-corrosion coating market in the Asia Pacific region is anticipated to grow at the highest CAGR from 2017 to 2022, owing to the increasing demand for anti-corrosion coatings from the power generation and automotive & transportation industries in this region. In addition, the rising demand for epoxy anti-corrosion coatings across various end-use industries has further provided lucrative growth opportunities to manufacturers of anti-corrosion coatings in the Asia Pacific region.
Key players operating in the global anti-corrosion coating market include AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan). Most of these companies have adopted new product launches and expansions as key growth strategies to strengthen their presence in the global anti-corrosion coating market. Furthermore, the demand for anti-corrosion coatings from various end-use industries has propelled R&D activities for the development of advanced anti-corrosion coatings, thereby providing new growth avenues for anti-corrosion coating manufacturers.
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