The Demand For Corrosion Protective Coatings Market Is Driven Mainly By Its Growing Demand In Chemicals Industry
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.
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.
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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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