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Global Anticorrosion Coating Market Pegged for Robust Expansion During 2015 – 2021
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Increasing investment in infrastructure mainly across the developing and emerging economies has been a dominant factor driving demand for anticorrosion coatings. Steel is among major raw materials employed in the infrastructure segment. Although steel has high tensile strength, it is prone to corrosion and other substitutes have higher costs. Moreover, surge in economic losses owing to corrosion of structures, has been driving demand for the coatings across the globe. High growth in automotive market is also among foremost factors driving demand for anticorrosion coatings. Several raw materials employed in the production of anticorrosion coatings pose severe threat to environment and human health. The hazards have led to surge in government regulations that have restrained anticorrosion coatings market growth. Research and development to develop bio based anticorrosion coatings are anticipated to offer huge growth opportunity for the market.
Asia Pacific dominated the global demand for anticorrosion coatings in 2013 and this trend is anticipated to continue till the end of 2020. Asia Pacific comprises two of the fastest growing economies across the globe: India and China. China is the largest producer and consumer of anticorrosion coatings. Moreover, high GDP growth and increasing disposable income in Asia Pacific has led to high growth in several end user industries for anticorrosion coatings including automotives, marine, etc. High growth in end user industries is among foremost factors driving demand for anticorrosion coatings in Asia Pacific. Owing to aforementioned factors, Asia Pacific is anticipated to be the fastest growing geographic segment for anticorrosion coatings.
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North America is the second largest market for anticorrosion coatings followed by Europe. Demand for anticorrosion coatings in North America and Europe is expected to foresee a sluggish growth rate primarily owing to market saturation coupled with surge in environmental regulations. Moreover, reviving automotive segment in Europe is anticipated to drive anticorrosion coatings market growth in the region. High growth in the developing economies of South America and Africa is anticipated to offer huge growth opportunity for anticorrosion market.
Anticorrosion coatings market is driven by innovation and major players compete by increasing their research and development activities to meet the dynamic demand of end consumers. Moreover, surge in environmental regulations have further boosted the research and development activities. The market is fragmented and major portion of the global market share is constituted by regional players. Therefore the market is characterized by high price sensitivity. Moreover, low capital investment has increased the threat of new entrants mainly in the emerging and developing economies. Hence anticorrosion market has high degree of competition that is expected to remain high for a foreseeable future. Major players in the anticorrosion coatings market include AkzoNobel NV, Nippon Paint Co. Ltd., Diamond Vogel Paints, RPM. International, Sono-Tek Corporation, PPG Industries Inc., Sherwin-Williams Company, The Dow Chemical Company and Royal DSM N.V. among others.
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