Increasing applications and usage of the anticorrosion coatings is spreading faster than earlier with high CAGR growth rates; owing to rising need to enable anti rust ability in metallic surfaces; thus driving the anticorrosion coatings market. Chemical reactions in air and water can damage metallic materials to a great extent which can hamper processes or businesses. The need to avoid this has led in the expansion of the usage of corrosion coatings.
Insights on Market Growth Trends:
Anticorrosive Paint demand and supply continues to grow with expected growth in their features in terms of durability, reliability and overall quality. Pipe coating is a leading application of the market with high future scope.
Regulations due to the presence of heavy metals in these chemicals and VOC emission are fueling the development and adoption of green coatings and bio based coatings. These advanced coatings are shifting the priority from the conventional ones significantly.
Epoxy Coatings holds around 55% of the total market share according to IndustryARC analysis. While this is the largest product segment, Acrylic Coatings is noted to be the fastest growing sales boosters globally. Protecting metal components against degradation due to moisture, salt spray, oxidation or exposure to a variety of environmental or industrial chemicals, will continue to draw further prominence to the market globally.
Apart from the primary destruction of capital due to corrosions, human life can also be on stake sometimes which clearly cannot be afforded, thus the demand and supply of the corrosion protection coatings products will continue to be propelled even in the coming future.
While Germany, the U.K., France and few more regions are accounted to be the top leading contributors to the market sales, North America, Europe and APAC are noted to be the fastest growing regional segments. Revenue growths in these geographies are catalyzed by increasing environmental regulations and law enforcements. High CAGR growth rates in these are high with APAC poised to dominate the anticorrosion coatings market with a prominent CAGR of 6.43% during the forecast period 2016-2021.
The presence of industries such as marine industry and energy and power in this region is set to fuel the anticorrosion coatings market. Also, subsequent increase in demand for construction coupled with the growing adoption of anticorrosion coatings in automotive industry for corrosion protection is set to spur the APAC anticorrosion coatings market as well.
Report scope further includes:
Segmentation of Anticorrosion Coatings Market:
The Anticorrosion Coatings Market is broadly segmented into 3 types based on the later given factors below. The broad segmentation is further led to a narrower stream of divisions made by experts of IndustryARC and mentioned in this research report.
- By Service Type: Epoxy, Alkyd, Polyurethane, Acrylic and Others.
- By Application: Oil & Gas, Marine, Power Generation, Industrial, Infrastructure, Automotive and Others
- By Geography: North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW).
Vendors Brief on Anticorrosion Coatings Market:
Few of the top notable competitors out of the complete list of 40+ companies of the Anticorrosion Coatings Market which are studied in depth and mentioned in this research report by IndustryARC are:
- Diamond Vogel Paints
- PPG Industries
- Nippon Paint Co. Ltd.
- Sherwin-Williams Company
- AkzoNobel NV
- BASF SE
- Kansai Paints
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