PORTLAND, Oregon and PUNE, India, March 15, 2017 /PRNewswire/ --
Global anti-corrosion coating market was valued at $14,276 million in 2015, and is expected to reach $26,627 million by 2022, growing at a CAGR of 9.7% during the forecast period, according to a new report published by Allied Market Research. The epoxy anti-corrosion coating segment held approximately more than two-fifths share of the total market in 2015.
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Summary of the Report Anti-corrosion Coating Market can be accessed on the website at: https://www.alliedmarketresearch.com/anti-corrosion-coating-market
Anti-corrosion coatings are used to combat the occurrence and progression of corrosion on a metal substrate. In addition, it offers high mechanical strength, high chemical & temperature resistance, wear & tear resistance, high permeability, and superior finishing ability to the metal structures.
Increased globalization is a key factor that affects the anti-corrosion coating industry. Rapid economic growth in India and China has led to increased construction activities, resulting in high consumption of anti-corrosion coatings. As majority of the countries in Asia-Pacific are still largely rural, the economic growth is set to fuel the ongoing urbanization, transforming India and China into manufacturing hubs for marine, automobile, food & beverages, pharmaceutical, and chemical industries. Moreover, increase in population in these countries is expected to boost the demand for housing & commercial infrastructure, which in turn is projected to drive the anti-corrosion coatings market growth.
Solvent-borne anti-corrosion coating segment was the largest revenue generator in 2015, as these coatings are widely used in several applications. However, it is expected to witness a downturn due to the stringent regulations imposed by government bodies such as Environmental Protection Agency (EPA) of U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe. Waterborne and powder anti-corrosion coatings are gaining popularity owing as they possess low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).
"Increased application of anti-corrosion coatings in the marine industry to reduce frictional resistance in the propellers and machinery parts of ships to improve its efficiency is expected to offer major opportunities to the market." states Eswara Prasad, Team Lead, Chemicals & Materials at AMR.
Key findings of the Anti-corrosion Coating Market:
Asia-Pacific accounted for the largest market share in 2015, and is projected to grow at the highest CAGR, owing to high economic growth, which is expected to boost the ongoing urbanization. Rise in investments in marine, construction, automotive, and energy industries in India and China, owing to shift in the industry trends, is projected to drive the anti-corrosion coating market.
The prominent players profiled in this report include 3M Co., Akzo Nobel N.V., BASF SE, Hempel A/S, Kansai Paints Co., Ltd, Nippon Paints Co. Ltd., PPG Industries, Inc., The Sherwin-Williams Company, The Dow Chemical Company, and Wacker Chemie AG.
Read similar market research reports on Materials and Chemicals at:
https://www.alliedmarketresearch.com/materials-&-chemicals-market-report
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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