SAN FRANCISCO, Sept. 22, 2020 /PRNewswire/ -- The global
anti-corrosion coatings market size is anticipated to reach
USD 38.6 billion by 2027,
according to a new report by Grand View Research, Inc., growing
at a CAGR of 4.6% over the forecast period. Rising
demand for anti-corrosion coatings in industries, such as oil &
gas, building & construction, and marine, is expected to drive
the market over the forecast period. The primary purpose of the
anti-corrosion coating is to protect the metal substrates from
environmental exposures, such as humidity, moisture, and
oxidation.
Key suggestions from the report:
- The global market was valued at USD
27.2 million in 2019 and is estimated to register a CAGR of
4.6% from 2020 to 2027
- The marine application segment is expected to witness the
fastest CAGR of 5.3% over the forecast period in terms of
revenue
- The high CAGR is attributed to the rising spending on navy
defense infrastructure across developed and developing countries
and rising cross border trade through marine
transportation
- The oil & gas application segment accounted for the
largest share of over 36% in 2019 and will retain the dominant
position throughout the forecast years
- This is credited to rising product demand in the oil &
gas sector due to the presence of Sulphur in the crude oil, which
causes corrosion in pipelines, vessels, and containers
- The Asia Pacific accounted
for the maximum market share of over 36% in 2019. India, in particular, is estimated to witness
the fastest CAGR 5.8% from 2020 to 2027
Read 110 page research report with ToC on "Anti-corrosion
Coatings Market Size, Share & Trends Analysis Report By
Material (Acrylic, Polyurethane), By Technology (Solvent-based,
Powder), By Application (Marine, Oil & Gas), By Region, And
Segment Forecasts, 2020 - 2027" at:
https://www.grandviewresearch.com/industry-analysis/anti-corrosion-coatings-market
These coatings act as a barrier to prevent the interaction
between the corrosive materials, compounds, chemicals from the
metal surfaces. In addition, these coatings enhance the surface
finish of the metallic components. The rising demand for
sustainable and durable metallic products, especially in the oil
& gas and building & construction industries, is expected
to drive the product demand over the forecast period. The
Asia Pacific is anticipated to be
the largest regional market over the forecast period.
This is owing to various factors, such as government initiatives
like Make in India, construction
of a silk route project connecting Xian,
China to Trieste, Italy
through both road and marine transportation. In addition, various
companies in clean energy production and aerospace are planning to
establish manufacturing facilities in India post COVID-19 pandemic, which will
support market growth. With the rising number of building &
construction projects in North
America, particularly in the U.S., demand for electric
automotive, and R&D investments for developing advanced,
environmentally-friendly anti-corrosion coatings will boost the
market growth in North
America.
Grand View Research has segmented the global anti-corrosion
coatings market on the basis of technology, material, application,
and region:
- Anti-corrosion Coatings Technology Outlook (Volume,
Kilotons; Revenue, USD Million, 2016 – 2027)
-
- Solvent-based
- Water-based
- Powder
- Others
- Anti-corrosion Coatings Material Outlook (Volume, Kilotons;
Revenue, USD Million, 2016 - 2027)
-
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Zinc
- Others
- Anti-corrosion Coatings Application Outlook (Volume,
Kilotons; Revenue, USD Million, 2016 - 2027)
-
- Oil & Gas
- Marine
- Building & Construction
- Automotive & Rail
- Aerospace and Defense
- Others
- Anti-corrosion Coatings Regional Outlook (Volume, Kilotons;
Revenue, USD Million, 2016 - 2027)
-
- North America
-
- Europe
-
- Germany
- THE U.K.
- France
- Italy
- Asia Pacific
-
- China
- India
- Japan
- Southeast Asia
- Malaysia
- Indonesia
- Thailand
- Central & South
America
-
- Middle East & Africa
-
List of Key Players of Anti-corrosion Coatings
Market:
- Akzo Nobel N.V.
- Ashland
- Axalta Coating Systems, LLC
- BASF SE
- Hempel A/S
- Jotun
- Kansai Paint Co., Ltd.
- PPG Industries, Inc.
- RPM INTERNATIONAL INC.
- The Sherwin-Williams Company
Find more research reports on Plastics, Polymers &
Resins Industry, by Grand View Research:
- Recycled Plastic Market – The demand for medical
& healthcare products has increased owing to the growing number
of COVID-19 positive cases. Moreover, the demand for electrical
& electronic products, such as laptops and mobiles, has
increased as educational institutions have shifted from classroom
learning to online classes. Asia
Pacific market is anticipated to witness the fastest CAGR
over the forecast period.
- Flexitanks Market – Flexitanks are typically used
for the transportation of non-hazardous liquids, including edible
oils, juice concentrates, syrups water, food additives,
pharmaceuticals, malt, industrial oils, and emulsions. Flexitanks
are significantly cheaper than conventional bulk liquid transport
containers, such as ISO containers, IBC's, drums, and barrels.
Moreover, flexitanks carry higher payloads than IBC's and drum,
which prove them to be more economical means of bulk
transportation.
- Polymethacrylimide Foam Market– The demand for
lightweight and efficient aircraft and commercial planes capable of
carrying huge loads have increased, which, in turn, is driving the
product demand. In addition, countries are focusing on clean
sources of energy to fulfill their electricity needs, which is
driving the demand for wind energy, positively impacting the PMI
foam market over the forecast period. Asia Pacific is anticipated to witness the
fastest CAGR over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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Grand View Research, Inc.
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