According to the market report “Anticorrosion Coatings Market : By Base Material (Epoxy, Alkyd, Acrylic, Urethanes, Vinyl And Others); By Applications (Oil & Gas, Marine, Energy And Power, Construction And Infrastructure, Automotive, Aerospace And Others), By Geography- Forecast 2016-2021” published by IndustryARC, global anticorrosion coatings market is estimated reach $22.36 billion by 2021.
Browse 22 Market Tables, 78 Figures spread through 156 slides and an in-depth TOC on “Global anticorrosion coatings Market (2016 – 2021).
Corrosion is a destructive act as a result of chemical or electrochemical reaction between metal and other element present in the surrounding environment. This destructive attack changes the properties of the material and cause permanent impairment of the function of the metal. Hence, anticorrosion coatings are used to safeguard the metal surface from being corroded in high risk and corrosive environment. The anticorrosion coatings are used as paints, sealers, e-coat and other topcoats above the metallic parts of any object. These coatings are extensively used in the oil & gas refineries, where high chance of occurrence of corrosion prevails in the vast pipeline system. Any leakage due to corrosion in these pipelines can be extremely dangerous and flammable to the surrounding environment. Different types of corrosion protective coatings are used such as epoxy coatings, alkyd coatings, polymer coatings and many more.
The anticorrosion coatings market is poised to grow at a CAGR of 4.75% to reach $22.36 billion by 2021. Oil & gas industry is evaluated to be the dominant industry for anticorrosion coatings market. This growth is mainly attributed to the growing demand for oil production which in turn raises the number of onshore and off shore refining facilities. Anticorrosion coating are also demanded in industrial maintenance and construction sector. Moreover, anticorrosion paint technology is used in automotive sector as well to prevent various parts of the vehicles from rusting. Marine industry faces numerous number of corrosion problems due to direct contact of ship parts with saline water. This problem can only be reduced by anticorrosion coatings and hence this type of coating find its use extensively in marine industry.
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The anticorrosion coating market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. APAC generated the highest revenue in 2015 and is estimated to remain predominant in 2021. This rise is credited due significant growth in marine, construction and infrastructure, power generation, automotive and other industries.
The Key Players in Anticorrosion coatings Market Include
- AkzoNobel N.V.
- PPG Industries Inc.
- Sherwin Williams
- RPM International Inc.
- Hempel A/S
AkzoNobel N.V. and PPG Industries Inc. are the two major companies providing anticorrosion coatings for various industries. Other companies which comprise of crucial market share for anticorrosion coatings market are Sherwin Williams, RPM International Inc. and Hempel A/S. Product launches, mergers, acquisitions, partnership and collaboration are the crucial growth strategies implemented by the key players in the industry who are striving to upturn their market share.
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