The global anti-corrosion coating market is estimated to be USD 24.84 Billion in 2017 and is projected to reach USD 31.73 Billion by 2022, at a CAGR of 5.0% from 2017 to 2022. This market has been segmented on the basis of type, technology, end-use industry, and region. New product launches and expansions are key growth strategies adopted by leading players to strengthen their positions in the global anti-corrosion coating market. The maximum number of strategic developments between 2014 and 2017 took place in North America, followed by Europe and Asia Pacific.
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The Asia Pacific anti-corrosion coating market is expected to be the largest market between 2017 and 2022. Increasing demand for anti-corrosion coatings from various end-user industries, such as infrastructure, automotive & transportation, and power generation is fueling the growth of the market.
Key players operating in the global anti-corrosion coating market are AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan).
PPG Industries, Inc. is a key player in the global anti-corrosion coating market. The company has been focusing on new product launches and expansions as a part of its strategic development activities. The company offers anti-corrosion coating products based on epoxy, zinc, alkyd, and acrylic. It is also involved in R&D activities to develop high-performance coatings for various applications. For instance, in May 2014, the company launched MBE-200 2.1 VOC Epoxy Primer, which is the latest version of premium commercial performance coatings. In January 2017, the company expanded its high-performance waterborne and high-solids coatings production line in the Anhui Province, China. This development strategy helped the company expand its automotive coatings business in China.
AkzoNobel N.V. is another key manufacturer of anti-corrosion coatings. The company has been focusing on new product launches to strengthen its market position. The product portfolio of the company includes anti-corrosion coatings based on epoxy, acrylic, alkyd, and polyurethane. For instance, in July 2017, the company launched a new multi-purpose Interstores Alkyd Primer that is used in the marine industry. This development strategy helped the company widen its customer base and enhance its market share.
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