LONDON, Jan. 24, 2017 /PRNewswire/ -- Australia's corrosion protective coatings and acid proof lining market is anticipated to register a healthy CAGR of 3.6% in terms of volume and 4.8% in terms of value over a 10-year period (2016–2026). Sales of corrosion protective coatings in Australia was valued at US$ 653.7 Mn in 2015 and is expected to account for US$ 1.1 Bn by the end of 2026. Sales of acid proof lining was valued at US$ 8.2 Mn in 2015 and is expected to account for US$ 13.4 Mn by the end of 2026.
Corrosion protective coatings are formulated to protect structures from degradation caused due to exposure in extreme corrosive environments. The basic function of corrosion protection coating or lining is to act as a barrier between the material and the corrosive environment. Acid proof lining is extensively used to provide robustness and mechanical integrity to equipment and components used in industrial operations. It protects the floor, walls, equipment, and process vessels used in industrial operation from the corrosive action of strong acids, alkalis, water vapour etc. In addition to several corroding chemicals, acid proof lining helps impart resistance against thermal shock, abrasion, high impact, and mechanical stress.
Drivers, Restraints, and Trends
The growth of corrosion protection coating and acid proof lining is predicted to be driven by several factors such as a promising growth of the mining industry and steady economic growth in Australia. Further, a shifting trend towards using waterborne technology and increasing globalisation among players is predicted to fuel the demand for corrosion protective coating and acid proof lining in major end-use industries.
Enforcement of stringent environmental regulations set by the Australian Paints Approval Scheme (APAS) and other organisations has reduced the usage of anti-corrosion coatings formulated using solvent based technology. This is likely to reduce the demand for solvent based corrosion protective coatings in Australia significantly. Fluctuations in raw material prices owing to a volatile oil and gas market is anticipated to adversely impact the growth of the corrosion protective coatings and acid proof lining market over the forecast period.
The market for corrosion protective coatings and acid proof lining in Australia is likely to witness key trends in the coming years. Leading market players are focusing on providing sustainable solutions to reduce environmental footprint. This has led to an increasing use of waterborne corrosion protective coatings and thermoplastic linings. There is also a continuous market consolidation – top companies are engaging in strategic acquisitions and collaborating with domestic players to strengthen their market position.
Market projections (2016–2026)
The Australia corrosion protection coatings and acid proof lining market has been segmented on the basis of product type into polymer coatings, rubber lining systems, and acid proof linings. In terms of value, the polymer coatings segment is anticipated to expand at the fastest CAGR of 4.9% over the forecast period. The acid proof lining segment is projected to expand at a value CAGR of 4.6% over the forecast period.
The Australia corrosion protection coatings and acid proof lining market has been segmented on the basis of end-use industry (marine, oil and gas, power generation, transportation, chemicals, mining and metallurgy, water treatment, others). The mining and metallurgy industry segment is estimated to expand at a volume CAGR of 3.5% and a value CAGR of 4.7% over the forecast period. The oil and gas industry segment is expected to be the fastest growing segment expanding at a volume CAGR of 4.4% and a value CAGR of 5.6% over the forecast period.
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