NEW YORK, Oct. 14, 2020 /PRNewswire/ --
Report Scope:
The scope of this report is broad and covers various product types used across anticorrosion coating applications and end-user segments. To research, this report classifies the product types as epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber and others, as an effort to help companies and investors prioritize product opportunities and strategic movements.
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End-user industries coverage includes marine, oil and gas, industrial manufacturing, construction, energy, automotive, and others.These sectors consume anticorrosion coatings for applications such as heat exchangers, cooling towers, boilers, effluent water treatment plants, pipe lines, drill equipment and rails that require specialized coating technologies to deal with corrosion resistance boosting for operational performance to be delivered by each of these major assets.
Every piece of an asset has a lifetime cost attached to it, and the life cycle purely depends on the regular maintenance work performed on the asset.
The market segmentation is further classified into technology-based waterborne, solvent-borne, powder coating and others.Solvent-based anticorrosion coatings contain a high amount of volatile organic compounds that are hazardous for human health and the environment.
Water-borne coatings are gaining popularity among various end-users owing to their properties, such as low VOC content in comparison with solvent-borne coatings. Powder coatings are used for metal protective coating applications as they deliver superior results, and in terms of color they stay bright and fresh for a long period.
Revenues reported are captured from 2018 to 2024 and given for each product type and end-user with estimated valued derived from the companies' total revenues.
The report also includes a discussion of the major players across each regional anticorrosion coatings market. Further, it explains the major drivers and regional dynamics of the global anticorrosion coatings market and current trends within the industry.
The report concludes with a special focus on the vendor landscape and includes detailed profiles of the major vendors in the global anticorrosion coatings market.
Report Includes:
- 69 data tables and 35 additional tables
- An updated overview of the global market for anticorrosion coatings
- Analyses of the global market trends, with data corresponding to market size for 2018-2019, estimates for 2020, and projections of compound annual growth rates (CAGRs) through 2024
- Detailed insights into factors driving and restraining the growth of the global anticorrosion coatings market and a country-level market value analysis for each segment
- Estimation of market size and forecast the potential market for anticorrosion coatings, along with global market share analysis on the basis of product type, technology, end-user with major regions and countries involved
- Latest information on market opportunities, prospects and threats, new and upcoming technologies, regulatory developments, and demographic shifts that are affecting the market
- Industry value chain analysis of global anticorrosion coatings market providing a systematic study of the key intermediaries involved, which could further assist stakeholders in formulating appropriate strategies
- Key merger and acquisition deals, partnerships, innovations, joint ventures and other market strategies within the anticorrosion coatings industry
- Assessment of the competitive landscape and detailed profiles of the major listed companies, including Akzo Nobel N.V., BASF SE, DuPont Chemical Co., The Dow Chemical Co., Hempel A/S, PPG Industries Inc., and The Sherwin-Williams Co.
Summary:
The global anticorrosion coatings market is driven by a rise in its penetration beyond conventional applications across end-users such as construction, automotive, transportation, consumer durables and industrial machineries, to name a few.
The majority of these end-user applications are in turn driven by consumers who contribute to each of these growth engines of the economy. Macroeconomic factors such as consumer confidence, purchase power, investment climate, manufacturing base expansion and trade relations are among the few specific parameters that decide the growth of the anticorrosion coatings market.
Demand for water-based coatings is expected to rise over the forecast period due to increasing awareness about the ill effects of solvent-based coatings and various regulations regarding VOCs and hazardous air pollutants that are harmful to the environment.The guidelines provided by various regulatory bodies applicable to coatings manufacturers are stringent due to the carcinogenic and flammable properties of solvents.
Therefore, powder and water-based coatings are expected to gain popularity over the forecast period owing to their Volatile Organic Compounds (VOCs)-free property.
The ongoing crisis due to the COVID-19 pandemic has caused a severe disruption in various end-use industries owing to several restrictions on cross-border trades and lockdown imposed by several governments to contain the spread, resulting in slower market growth. The situation is in continuation of the impact of global trade drifts that started in mid-2018, further intensified by the pandemic.
Asia is expected to remain a prominent consumer of coatings and is expected to observe the fastest growth in the coming years due to the prowess of its manufacturing base. In addition, the increasing competitiveness of regional end-user demand fueled by government initiatives to secure the local economy is expected to drive countries' specific industrial output over the forecast period.
The architectural application segment is expected to have high penetration due to increasing construction and infrastructure activities in Asia-Pacific and the Middle East.An increasing application scope in the architectural industry such as for interior and exterior walls, doors, trims, and facades is expected to further drive the market.
Strict government regulations restricting VOC emissions and solvent content are expected to be a key factor boosting the demand for water-borne anticorrosion coatings in the architectural industry. Increasing demand for maintenance works and special primers for concrete and metal structures are expected to drive demand for high-performance coatings.
The industrial segment is expected to exhibit high penetration over the forecast period.Increasing demand for water-borne and powder coatings owing to the need for maintaining a healthy working environment is projected to fuel the market growth.
The demand for anticorrosion coatings is expected to grow at a moderate rate due to the wide spread of the industrial application.
The automotive application segment is expected to grow at the highest CAGR of REDACTED over the forecast period.An increasing middle-class income level coupled with rising living standards in the emerging economies of Asia-Pacific and Central and South America are projected to fuel automotive sales.
The low cost of production of water-borne coatings, coupled with the longer shelf life of powder coatings, is expected to drive the demand.
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