“Corrosion Protective Coatings Market: Global Demand Analysis & Opportunity Outlook 2021”
The global corrosion protective coatings market is segmented into technology type such as solvent borne, water borne and powder based. Water borne corrosion protective coating technologies such as waterborne polyurethanes, waterborne epoxy and waterborne Zn-rich coating are being used in various industries such as marine, oil & gas and others. Further, water borne technologies are more eco-friendly and offers high-performance protection to the components. These benefits of water borne technologies are likely to drive the growth of this segment in near future.
Global corrosion protective coatings market is expected to significant growth over the forecast period. Moreover, the global corrosion protective coatings market is expected to reach at USD 27.96 Billion by the end of 2023. The demand for corrosion protective coatings is increasing in industries in order to protect the equipment from corrosion and to increase the lifespan. Further, corrosion protective coatings are able to protect metal surfaces from various extreme chemical applications and offer maximum run life to the equipment. These benefits of corrosion protective coatings are likely to expand the market size of global corrosion protective coatings market during the forecast period.
The marine segment by end-user is likely to grow at remarkable pace during the forecast period. Increasing demand for waterborne coatings in marine industries to reduce the chances of metal corrosion with sea water is a key factor which is likely to bolster the growth of this segment over the forecast period. Additionally, rise in activities of export and import through shipments and cargos is increasing need of corrosion protective coatings to improve thermal resistance, dimensional stability and to provide advanced toughness to the metal surfaces is likely to fuel the growth of corrosion protective coating market in near future.
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Growing Automotive Industry
Manufacturers are adopting various possible technologies which can improve the durability and performance of the vehicles. Further, rising adoption of corrosion coatings in automotive industry to increase the wear and corrosion resistance of vehicle’s surface is expected to foster the growth of global corrosion protective coatings market in future.
Developing countries are witnessing considerable industrialization. Further, rapid emergence of industries such as oil & gas, mining, petro chemical, structural steel, power and defense industry is envisioned to increase the demand for corrosion protective coating in near future.
However, high cost of efficient and high performance corrosion protective coatings is likely to inhibit the growth of the corrosion protective coatings market in the near future.
The report titled “Corrosion Protective Coatings Market: Global Demand Analysis & Opportunity Outlook 2021” delivers detailed overview of the global corrosion protective coatings market in terms of market segmentation by resin type, by technology type, by end-user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global corrosion protective coatings market which includes company profiling of AkzoNobel N.V., Hempel A/S, BASF Coatings, Jotun A/S, PPG Industries Inc., Corrocoat Engineering Pty Ltd, COR-PRO Systems, Ontario Protective Coatings, Solent Protective Coatings Limited and Aegion Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global corrosion protective coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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