Anti-Corrosion Coatings Market size is expected to reach USD 20.21 billion by 2024; according to a new research report by Global Market Insights, Inc.
U.S Anti-Corrosion Coatings Market size, by product, 2015 & 2025 (USD Million)
Increasing energy demand is analyzed to be the key factor propelling global anti-corrosion coatings market size. These 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 industry growth.
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The global construction industry was valued at over USD 8 trillion in 2015 and may reach USD 16 trillion by 2024, 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 industry growth. Along with structural strength, it also offers value added aesthetic appearance to the overall structure.
Oil & gas industry is noteworthy demand contributor, with substantial product use across equipments including drill bits, drill pipes and oil storage tanks, as these equipment’s 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 coating market share. In addition, increasing energy production demand via shale gas, tar sands, oil shale and oil stands will complement business growth.
Ethylene, benzene, toluene and naphthalene, are major raw materials for the industry and follow crude oil supply dynamics, which influence anti-corrosion coatings 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.
Browse key industry insights spread across 150 pages with 283 market data tables & 19 figures & charts from the report, “Anti-Corrosion Coatings Market Size 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 (U.S., Canada, Germany, Russia, Italy, UK, France, Spain, China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025”in detail along with the table of contents:
Key insights from the report include:
- Global anti-corrosion coatings market size is projected to reach USD 20.21 billion by 2024, with estimated gains at 5% CAGR.
- 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.
- In 2015, product demand for infrastructure was valued at over USD billion. 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. anti-corrosion coating market share is projected to expand at over 4.5% CAGR by 2024.
- 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.
- As of 2015, the industry remains highly competitive. Ashland, Axalta Coating, Hempel, BASF, AkzoNobel, Jotun, Kansai Paints, PPG Industries and RPM International are some of the substantial revenue contributors.
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.