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Anti-Corrosion Coatings Market Size to Witness Substantial Growth

Author : Ronak Bora | Published Date : 2019-06-10 

According to Global Market Insights, Inc. “Anti-Corrosion Coatings Market size is estimated to witness a CAGR of 5% over the period of 2016-2025.” Anti-Corrosion Coatings Market, having attained a revenue of USD 12 billion in 2015, is all poised to witness substantial gains owing to its applications across oil & gas, chemical manufacturing, power generation, aerospace, infrastructure, and marine sectors. These coatings are widely used as cost-effective solutions for protecting the metal surface from the weathering effects which will notably influence the anti-corrosion coatings industry trends.

Powder based coatings, water-based coatings, and solvent-based coatings are some of the notable modes of application of the anti-corrosion coatings. Water based anti-corrosion coatings market will exhibit an annual growth rate of more than 4.5% over the coming period of 2016 to 2025, driven by the favorable government norms emphasizing on the usage of low volatile organic compound as an ingredient in the anti-corrosion coatings.

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Anti-corrosion coatings find extensive set of applications across various end-use sectors such as oil & gas, transport, shipbuilding, energy, and infrastructure. Global oil & gas equipment sector is anticipated to reach USD 278 billion by 2025. The expansion of this sector will create a positive roadmap for the anti-corrosion coatings industry, owing to its water proofing and corrosion resistance ability in oil storage tanks and in drilling pipes. Anti-corrosion coatings market size in the energy sector is anticipated to register a CAGR of 5% over the period of 2016-2025.  The ability of these coatings to protect the surface against changing atmospheric conditions will drive its applications across hydropower, coal, biomass, solar power, and nuclear sector.

North America anti-corrosion coatings market, which was estimated at USD 1.5 billion in 2015, is projected to experience a noteworthy surge over the next few years, subject to high government funding across the military sector along with the flourishing oil & gas sector. U.S. anti-corrosion coatings industry is set to record a CAGR of more than 4.5% in the years ahead.

Epoxy, chlorinated rubber, polyurethane, zinc, acrylic, and alkyd are the key anti-corrosion coatings products. Polyurethane anti-corrosion coatings industry, worth USD 3 billion in 2015, is forecast to observe a substantial expansion over the next few years. The growth can be attributed to the product’s ability to impart a lustrous appearance to the surface. The thriving polyurethane (PU) market will also contribute to the growth of this product segment.

Epoxy anti-corrosion coatings market is foreseen to record a cumulative growth of 4.5% during the period of 2016-2025, driven by its extensive application in concrete and metallic surfaces pertaining to the properties such as rust, moisture, abrasion, acid, and alkali resistance.

Water- based, Solvent-based, and Powder-based coatings are the application modes of anti-corrosion coatings. Water-based anti-corrosion coatings industry is projected to register notable gains in the future, driven by the execution of strict rules by the government supporting the usage of the products having low VOC (Volatile Organic Compounds) content.

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Solvent based anti-corrosion coatings market, which dominated the application mode landscape in 2015, is projected to experience a remarkable growth over the span of the next few years due to its beneficial characteristics.

Akzo Nobel N.V., Kansai Paint Company Limited, Nippon Paints Holdings Company Limited, Sokema, Axalta Coating Systems, PPG Industries Incorporation, Ashland Incorporation, Hempel A/S, BASF SE, RPM International Incorporation, The Valspar Corporation, AnCatt Company, The Jotun Group, The Sherwin-Williams Company, AICA Kogyo Company Limited, and Chugoku Marine Paints Limited are the major participants of anti-corrosion coatings industry.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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