NEW YORK, July 18, 2016 /PRNewswire/ -- "Anti-corrosion coating market projected to register a CAGR of 5.1%"
The market size of anti-corrosion coating is expected to reach USD 30.04 billion by 2021, registering a CAGR of 5.1% between 2016 and 2021. The growth is primarily triggered by its huge demand from the Asia-Pacific region and the growing end-use industries such as marine, oil & gas, infrastructure, industrial, power generation, and automotive & transportation. Liberalization of foreign trade & investments and change in industrial policies has led to rapid industrialization in China for the past three decades. This, in turn, is contributing to the increasing demand for anti-corrosion coating in the Asia-Pacific region.
"Epoxy anti-corrosion coating expected to dominate the market"
Epoxy anti-corrosion coating led the global anti-corrosion coating market in 2015. Higher demand for epoxy anti-corrosion coating is owing to the compatibility of epoxy with other coating materials. The dominance of epoxy anti-corrosion coating is mainly due to its properties such as good corrosion protection, water resistance, and adhesion to steel. In addition, the increasing demand from the various end-use industries such as marine, oil & gas, infrastructure, and automotive & transportation is fuelling the growth of epoxy anti-corrosion coating.
"Asia-Pacific projected to be the fastest-growing market during the forecast period"
Asia-Pacific is projected to be the largest and the fastest-growing market of anti-corrosion coating, globally. This is mainly attributed to high economic growth rate, followed by heavy investment in the end-use industries such as automotive, infrastructure, and alternative power generation. With economic contraction and saturation in the European and North American markets, demand is shifting to the Asia-Pacific region. Moreover, with Chinese enterprises offering cheap labor and foreign enterprises providing advanced technologies, the anti-corrosion coating market experiences significant growth in the region.
Breakdown of profile of primary interviews for the report
- By Company Type – Tier 1 – 30%, Tier 2 –43%, and Tier 3 – 27%
- By Designation – C Level – 21%, Director Level – 23%, and Others – 56%
- By Region – North America – 37%, Europe – 23%, Asia-Pacific – 26%, and RoW – 14%
Some of the key companies profiled in this report are AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), Hempel A/S (Denmark), Jotun A/S (Norway), Axalta Coating System Ltd. (U.S.), The Sherwin-Williams Company (U.S.), Kansai Paints Co. Ltd. (Japan), RPM International, Inc. (U.S.), BASF SE (Germany), and Ashland Inc. (U.S.).
Reasons to buy the report
While making strategic decisions in business, timely and useful information is required. This report meets the requirements of various stakeholders, including material suppliers, product manufacturers, investors, and executives. Some of the salient features of this report are:
- Porter's Five Forces Analysis
- Value Chain Analysis
- Market Segmentation (Type, Technology, End-use Industry, and Region), by Volume and Value
- Competitor Analysis
- Detailed Information on Strategic Developments in the Industry
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