LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global anti-corrosion coatings market to grow at a CAGR of over 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global anti-corrosion coatings market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The global anti-corrosion coatings market will grow at a steady rate during the forecast period. These coatings are in high demand as they help mitigate corrosion, protect the valuable assets, and increase the efficiency of the machines. Various end-user industries such as marine, construction, industrial, oil and gas, and automobile and transportation heavily rely on these coatings. The marine industry is estimated to contribute significantly to the market growth. These coatings are increasingly used in ships and vessels and protect them from deterioration caused due to harsh conditions such as extreme temperatures and exposure to high salt content.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global anti-corrosion coatings market:
- Growth in marine industry
- Rapid industrialization in APAC
- Increased demand in construction and automotive industries
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Growth in marine industry
Anti-corrosion coatings are extensively used in the marine industry and are mainly used for commercial ships and vessels such as freight carriers, cruise ships, tows, yachts, and boats. These coatings protect hulls and yachts from deterioration or corrosion caused by extremely harsh conditions such as high temperature, varying pressure, high content of salt in water, and organic development caused by moisture.
Ajay Adhikari, a lead paints, coatings, pigments research analyst at Technavio, says, “The marine industry is registering growth and is further expected to grow at a rapid pace. The growing market will drive the demand for anti-corrosion coatings across the globe. Commercial shipping, naval and fleet ownership, and shipbuilding are the key sectors that will exhibit growth. The industry will grow at an unprecedented rate because of the involvement of large and growing economies in the world.”
Rapid industrialization in APAC
Rapid economic development across the world has led to the setting up of numerous industries around the globe, especially in APAC. The developing countries such as India, South Korea, and China attract heavy investments from several companies around the globe for setting up manufacturing bases and production facilities.
“The anti-corrosion coatings are extensively used in the chemical, heavy machinery, metallurgy, and other industries. The machinery used in these industries are exposed to harsh environmental conditions. The large-scale development of industries in APAC fuels the demand for anti-corrosion coatings. Increasing industrialization in Indonesia, Malaysia, and Thailand will further increase the demand for anti-corrosion coatings in the region,” adds Ajay.
Increased demand in construction and automotive industries
High demand for anti-corrosion coatings in the construction and automotive industries has a positive influence on the global anti-corrosions market. The automotive and construction industries are expected to exhibit high growth during the forecast period, which will significantly increase the demand for anti-corrosion coatings.
These coatings protect the vehicles from rust and deterioration and increase their lifespan. These are primarily applied on the undercarriage of vehicles as these parts are exposed to harsh conditions such as high-temperature, pressure, and moisture. The global automobile industry is registering an increase in sales of passenger and commercial vehicles. The total number of units sold is anticipated to cross 109 million by 2021.
Top vendors:
- Akzo Nobel
- BASF
- RPM International
- The Dow Chemical Company
- The Sherwin-Williams Company
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