Anti-Corrosion Coatings Market Report 2019: Future Analysis, Size, Share, Top Key Players: AKZONOBEL N.V., ASHLAND, PPG INDUSTRIES, THE SHERWIN-WILLIAMS COMPANY, RPM INTERNATIONAL, NIPPON PAINTS, DOWDUPONT

The global anti-corrosion coatings market is expected to register a CAGR of 5.20% during the forecast period, 2018 to 2023. Asia-Pacific dominated the global anti-corrosion coatings market, with China taking the lead in the region, owing to its massive manufacturing and industrial sectors.

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Robust Development of Shipbuilding and Offshore Engineering Industries
The global shipbuilding industry is expected to register a CAGR of 3% to 5% through the next five years, with Asia-Pacific registering the highest growth. In Asia-Pacific, though China, Japan, and South Korea lead the ship building industry, new shipping hubs are appearing in Vietnam, India, and the Philippines. Australia and New Zealand are both island nations and the geographical scale of Australia’s coastline and waterways has resulted in a large number of recreational, commercial, and defense vessels. Thus, the marine industry is growing in both these nations. Such development in shipbuilding activities is expected to drive the anti-corrosion coatings market in the marine segment through the forecast period.
Marine is the largest end-user industry, accounting for more than 20% share in the global anti-corrosion coatings market.

Key Developments in the Market
• October 2017: AkzoNobel revealed that the company is in talks to merge with Axalta Coating Systems
• September 2017: DowDuPont merger was successfully completed
• August 2017: E.ON started using a new environment-friendly anti-corrosion coating to protect its 385 MW Arkona wind farm in the German Baltic Sea

Major Players: AKZONOBEL N.V., ASHLAND INC., PPG INDUSTRIES INC., THE SHERWIN-WILLIAMS COMPANY, RPM INTERNATIONAL INC., NIPPON PAINTS CO. LTD, DOWDUPONT, amongst others.

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Solvent-borne The dominating Technology Segment
In 2017, the solvent-borne technology captured the maximum share of the overall market and is expected to witness a moderate growth rate during the forecast period. The demand for solvent-borne is increasing because of its superior block resistance feature, lesser drying time, and widespread applications. However, water-borne coatings segment is expected to register the fastest growth, owing to its low-VOC content.

Asia-Pacific to Dominate the Market Growth Through 2023
Asia-Pacific dominated the global anti-corrosion coatings in 2017 and is expected to register the fastest CAGR through the forecast period. Growing oil & gas reserves in China and India, continued need for maintenance in the transportation industry, and accelerating energy demand in various regions in Asia-Pacific are driving the anti-corrosion coatings market.

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