6th February 2020 – Global Corrosion
Protective Coatings Market Research Report Presents Intellect by
Leading Players, Type, Applications, Distribution Channel, Consumption, Revenue
(Mn/Bn USD) and Region –Forecast to 2024.
Global Corrosion Protective Coatings
Market is estimated to grow significantly in the forecast period owing to its
wide applications in industries like marine, oil & gas, automotive, etc.
Corrosion protective coatings are available in the form of powder coatings or
paints, which are applied to steel to offer protection from corrosion,
abrasion, chemical, thermal and ultraviolet degradation. They are used in areas
of extreme environments like salt water, heat or any kind of severe climatic
conditions.
Corrosion protective coatings industry
is driven by wide application of the product in several end use industries.
Emerging economies of Asia Pacific region are using corrosion protective
coatings for defense sectors like navy (ships). Investments for the same is
witnessing progress over the recent years. These factors are expected to drive
corrosion protective coatings market substantially in the near future.
Implementation of strict government policies is impelling research and
development activities in the market. However, introduction and growth of
eco-friendly waterborne items as an alternative to solvent borne coatings are
hampering the market growth of corrosion protective coatings.
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Manufactures are adopting several
technologies to improve the efficiency of automobiles. Moreover, increasing use
of coatings in automotive is expected to bring more opportunities for the
manufacturers in corrosion protective coatings industry.
Corrosion protective coatings market is
categorized on the basis of material, technology, end user and geography. On
the basis of material, the market is divided into hard rubber lining and soft
rubber lining. Soft rubber lining segment is expected to hold larger market
share of corrosion protective coatings owing to increasing number of
application.
Based on technology, corrosion
protective coatings industry is divided into solvent borne epoxy, solids epoxy
and waterborne epoxy. Water borne protective coatings are expected to the
market of lead corrosion protective coatings since they are extensively used in
multiple industrial applications like oil & gas, marine and others.
On the basis of end user, construction,
marine, energy & power, automotive, industrial, transportation among
others. Owing to the increase in demand for commercial ships due to growing
tourism and automobile industry due to increase in demand, marine,
transportation and automotive industries are expected to lead corrosion
protective coatings market in the coming years.
Geographically, corrosion protective
coatings industry is segmented as North America, Europe, Asia Pacific and
Middle East & Africa. Asia Pacific is predicted to dominate the market of
corrosion protective coatings owing to the speedy developments in shipbuilding,
construction, manufacturing and automotive industries.
The prominent players in corrosion
protective coatings market are Ashland Global Holdings, Inc., Axalta Coating
Systems, Akzo Nobel NV, BASF Coating GmbH, Polycorp Limited, Koch Knight LLC,
STEULER - KCH GmbH, Jotun A/S, The Sherwin Williams Company, and PPG
Industries, Inc.
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