Anti-corrosion coatings market will collect a remarkable revenue over the years ahead, owing to the increasing usage of the product to enhance the external appearance of industrial equipment. The product finds prominent applications across the marine sector to increase the durability of various parts of the vessels. Escalating industrialization and urbanization across the globe is also one of the key factors propelling anti-corrosion coatings industry share. As per the report by Global Market Insights, Inc., “Anti-corrosion coatings market will record an annual growth rate of 5% over the period of 2016 to 2025.”
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Based on the end-use trends, anti-corrosion coatings market is primarily divided into shipbuilding, energy, industrial markets, transport, infrastructure, and oil & gas. Energy end-use segment will register the highest annual growth rate of more than 5% over the coming years of 2016 to 2025, primarily driven by the extensive use of the product to reduce the maintenance cost along with the need to enhance the life cycle of the equipment. Increasing infrastructure development across various residential and commercial sectors will propel anti-corrosion coatings market from the infrastructural sector.
Powder, water-based, and solvent-based are the applications of anti-corrosion coatings industry. Water-based application segment will collect significant revenue over the coming timeframe. The growth can be attributed to the deployment of supportive governmental rules and regulations. Solvent-based product dominated the application segment of anti-corrosion coatings market in 2015.
Chlorinated rubber, acrylic, polyurethane, zinc, alkyd, and epoxy are the various kinds of anti-corrosion coatings. Polyurethane product segment generated a revenue of more than USD 3 billion in 2015 and will grow substantially over the coming eight years. Polyurethane based coating provides glossy appearance, which will stimulate the product demand significantly. Due to the excellent abrasion and corrosion resistance capability of epoxy based products, they are used in applications that have an alkali-based and acidic environment. Epoxy product segment will register a CAGR of more than 4.5% over the period of 2016 to 2025.
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Geographically, Asia Pacific anti-corrosion coatings market will record an annual growth rate of more than 5% over the period of 2016 to 2025. Easy availability of anti-corrosion solutions, minimized labor cost, and high shipping traffic in the region will augment the industry growth. The various countries contributing toward APAC revenue share are Japan, South Korea, China, Indonesia, Singapore, Philippines, Hong Kong, and Thailand.
North America anti-corrosion industry was valued at USD 1.5 billion and will collect a considerable revenue over the coming timeframe, owing to the escalating spending by the government mainly in military sector. U.S. led North America anti-corrosion coatings market share in 2015 and will continue to remain one of the key contributors.
The noteworthy participants in anti-corrosion coatings market are Ashland Inc., BASF, Akzonobel, Jotun, Axalta Coating, RPM International Inc., Hempel, Sherwin-Williams, PPG Industries, and Hempel.
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