Immense Economic Loss due to Corrosion facilitating the demand for Anti-Corrosion Coatings
According to a new report published by Reports Monitor titled, “Global Anti-Corrosion Coatings Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Anti-Corrosion Coatings market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Anti-corrosion coating refers to the adoption of a preventive coating for the protection of metal components against the degradation due to moisture, humidity, salts or other chemicals. Anti -rust coating acts as an interface between the chemical compounds and corrosive materials.
Increased demand from the various end-use industries such as marine infrastructure, transportation, aerospace and defense and others. Among these, marine infrastructure is expected to hold the major market share due to the high demand by the shipbuilding and repairing. Increased economic losses due to the corrosion also form the major factor in propelling the market growth.
For instance: According to the research conducted by the Hindustan Zinc Limited shows, those India losses about $100 billion every year due to the corrosion. The increased demand for the high efficiency corrosion coatings to avoid the huge economic losses has resulted in generating more market opportunities. However the fluctuation in the cost of the raw materials may slow down the market growth.
This report provides a detailed analysis of Anti-Corrosion Coatings market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches.
The anti- corrosion coating is majorly segmented on the basis of types, technology and applications. Based on the type the market is bifurcated into: epoxy, polyurethane, acrylic, alkyd and zinc. Depending upon the technology the market is segmented into: solvent-borne, water-borne and powder based anti-rust coatings. Based on the end-use the market is segmented into: marine, oil and gas, industrial, power generation, automotive and transportation and others.
Based on the regions spanned the global anti-corrosion coatings are analyzed across: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Asia Pacific is anticipated to hold the major share owing to the expansion in the automotive, industrial and manufacturing sector, thereby resulting in the increased demand for the anti-corrosion coatings. Increased investment in marine and shipping industry by the countries such as China, India and Japan has generated increased demand for the anti-corrosion coatings hence boosting the market growth. LAMEA region is anticipated to show a stable growth owing to the increasing industrial activities in marine and oil and gas industries.
The major key players in the anti-corrosion coatings market are: Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), Axalta Coating Systems Ltd. (U.S.), BASF SE (Germany), The Sherwin-Williams Company (U.S.), Ashland Inc. (U.S.), Kansai Paint Co., Ltd. (Japan), Hempel A/S (Denmark), Nippon Paints Co. Ltd (Japan), Jotun (Norway), RPM International Inc. (U.S.), DowDuPont (U.S.), Bluechem (Africa), Chugoku Marine Paints Ltd. (Japan), and Clariant (Switzerland).
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