Albany, NY, 18th October : Recent research and the current scenario as well as future market potential of "Anti-corrosion Coatings: Global Markets to 2022" globally.
The global market for anti-corrosion coatings is expected to grow due to its high demand in a broad range of industry end-users across the globe. Corrosion is an ongoing problem in most industries, including major markets such as marine, oil and gas, infrastructure, manufacturing, and automotive.
Corrosion causes tremendous financial losses in terms of infrastructure. Globally, the cost of corrosion is over REDACTED which is roughly REDACTED of global GDP.
Corrosion mostly affects the oil and gas, metal, water treatment and manufacturing industries. The impact of corrosion has created tremendous demand for anti-corrosion coatings across the globe. Industries such as petroleum, cement and concrete, paper and pulp, metal processing, water treatment, automotive, power generation, chemical processing, mining and transportation, and manufacturing industries, such as electronics, and textiles, also have high demand for anti-corrosion coatings. There is also a considerable demand for anti-corrosion coatings from other industries such as aerospace, highway bridges, hydroelectrical and nuclear power plants, among others. As the problem of corrosion is increasing globally, the demand for anti-corrosion coatings has grown over the years.
The market for anti-corrosion coatings is segmented based on type (epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others), end-user industry (marine, oil and gas, manufacturing, water and wastewater, infrastructure, automotive, and others), technology (solvent-borne, waterborne, powderbased, self-healing and others) and geographic regions (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). This report covers market drivers, restraints, opportunities and challenges that determine the scope of the market and its trends.
In recent years there has been a major shift in the global paints and coatings production, which is moving from the developed regions, such as Europe and the U.S., to the developing economies, such as China and India. Continuous increasing demand from the developed countries in addition to the demand from the developing countries is contributing to the overall expansion of the worldwide anti-corrosion coatings market. Industrial growth in the developing economies is a major driver for the growth in the coatings industry. In most regions of the world, the coatings industry is mature and its growth is dependent on many factors, including the level of economic activity and the state of the construction industry, which remains a major consumer of paints and coatings.
The Asia-Pacific is the largest regional market for anti-corrosion coatings and has high growth potential. The growth in the Asia-Pacific region is mainly driven by the growing end-user industries such as infrastructure, manufacturing, and water and wastewater. The oil and gas reserves in China and India are growing, and there is a continuous need for maintenance in the transportation industry, as well as accelerating energy demand in various regions in Asia-Pacific, both of which are ultimately driving the anti-corrosion coatings market.