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Global Anti-Corrosion Coatings Market Industry Trends, Estimation & Forecast, 2018 - 2025

01-21-2020 09:41 AM CET | Industry, Real Estate & Construction

Press release from: Digitsnmarkets

Anti-Corrosion Coatings Market Industry

Anti-Corrosion Coatings Market Industry

Anti-corrosion coatings are used to protect metal or other surfaces from natural degradation caused by different corrosive agents such as moisture, chemicals, and salt. Worldwide, corrosion causes huge financial losses in a large number of industries. Increasing requirements for anti-corrosion coatings in marine, oil & gas, construction, power generation, and other industries are anticipated to positively impact the market growth in the forecast period.

The rising investment in infrastructures in the construction and transportation sectors in the emerging economies is the major key factor driving the market growth. The fluctuating prices of crude oil may hamper the growth of the market.

“Global Anti-Corrosion Coatings Fiber market is valued at USD24.35 billion in 2018 and it is expected to reach more than USD 34.73 billion by 2025, likely to grow at a CAGR of 4.89% during the forecast period”
 
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On the basis of technology, the solvent-borne segment is anticipated to lead the global anti-corrosion coating market during the forecast period. Solvent-borne formulations are increasingly used in automotive coatings, industrial coatings, and printing inks. Thus, the increasing use of solvent-borne technology to develop anti-corrosion coatings is anticipated to drive the growth of the solvent-borne technology segment. While by type, the epoxy segment is accounted for the highest growth with CAGR of 5.1% during the forecast period, owing to the increasing demand for epoxy coatings from marine, oil & gas, and infrastructure industries.

The anti-corrosion coatings market in the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period. This growth is mainly attributed to the increasing demand for anti-corrosion coating from the power generation and automotive & transportation industries in this region.

Middle East accounted for approximately 30% of the global oil production in 2018. Middle East countries, including Saudi Arabia, UAE, Qatar, and Iraq, are the major revenue generators for the anti-corrosion coating market. Oil & gas upstream and downstream operation system equipment are subject to corrosion and degradation due to water, oxygen, carbon dioxide, and hydrogen sulfide (H2S), and microbiological activity. Thus, anti-corrosion coatings play a significant role in the Middle East oil & gas sector. The region has also witnessed a surge in investments in the construction industry, owing to an increase in population, which supplements the market growth.

Major industry players with significant revenue share include PPG Industries, Inc., AkzoNobel N.V., The Sherwin-Williams Company, Axalta Coating Systems Ltd., BASF SE, Hempel A/S, Jotun, Ashland Inc., RPM International Inc., Kansai Paint Co., Ltd, and others. The companies are involved in several growth and expansion strategies to gain a competitive advantage. Industry participants also follow value chain integration with business operations in multiple stages of the value chain.

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