Anti-Corrosion Coatings Market size worth $20.2 billion by 2025
Published Date: October 23, 2016 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Anti-Corrosion Coatings Market size is expected to reach USD 20.21 billion by 2025. Increasing energy demand is analyzed to be the key factor propelling global industry size.
Anti-corrosion coatings find widespread application in the energy sector including oil & gas, nuclear, biomass, hydro, solar and coal, as it protects the equipment used from extreme climatic circumstances. For example, solar power, an upcoming market in the energy sector is also affected by the ambient air moisture. These coatings have been popular solutions to this weathering effect to protect the expensive equipment. Additionally, the global population is estimated to surpass approximately 9 billion by 2040, which will stimulate clean energy demand, ultimately thrusting the anti-corrosion coatings market growth.
The global construction business was valued at over USD 8 trillion in 2015 and may reach USD 16 trillion by 2025, with estimated gains more than 7%. With technology innovation, the industry is witnessing escalating demand for metal-based structures, such as walls and prefabricated washrooms, in both commercial and residential constructions owing to boost the industry growth. Along with structural strength, it also offers value added aesthetic appearance to the overall structure.
Oil & gas industry is a noteworthy contributor, with substantial product use across equipment including drill bits, drill pipes, and oil storage tanks, as these equipment are exposed to underground water and marshy land. In 2010, oil & gas equipment business was valued at over USD130 billion, anticipated to surpass USD 278 billion over the forecast timeframe. Robust industry growth will positively influence anti-corrosion coatings market share. In addition, increasing energy production demand via shale gas, tar sands, oil shale and oil stands will complement business growth.
Browse key industry insights spread across 150 pages with 282 market data tables & 19 figures & charts from the report, “Anti-Corrosion Coatings Market By Product (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), By Mode Of Application (Solvent-based, Water-based, Powder), By End Use (Oil & Gas, Shipbuilding, Infrastructure, Industrial markets, Energy, Transport) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025” in detail along with the table of contents:
Ethylene, benzene, toluene and naphthalene, are major raw materials for the industry and follow crude oil supply dynamics, which influence anti-corrosion coatings market price trends. The industry is also directed by strict legislations towards VOC ingredients owing to hamper growth. Nevertheless, rising water based anti-corrosive coatings demand will generate new growth avenues.
Key insights from the report include:
- Epoxy anti-corrosion coatings market is projected to expand at over 4.5% over the forecast timeframe. These coatings offer superior abrasion and corrosion resistance from alkali, acids and water.
- Superior bonding strength with steel & concrete and surface preparation are some of the features offered by the product.
- Water-based variants are forecast to experience substantial gains owing to favorable government legislations. U.S. is projected to expand at over 4.5% CAGR through 2025.
Asia Pacific, particularly led by China, India and Japan, anti-corrosion coatings market will experience escalating gains more than 5%. The regional growth was mainly driven by robust growth in construction industry.
The major players active in the anti-corrosion coatings industry include Ashland, Axalta Coating, Hempel, BASF, AkzoNobel, Jotun, Kansai Paints, PPG Industries and RPM International are some of the substantial revenue contributors.
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