According to the new market research report, The Anti-Corrosion Coating Market size is estimated to be USD 24.8 billion in 2017 and is anticipated to reach USD 31.7 billion by 2022, at a CAGR of 5.0%
Rising loss due to corrosion is one of the most significant factors influencing the growth of the anti-corrosion coating market. Additionally, the growth of end-use industries, including automotive & transportation and power generation, is driving the anti-corrosion coatings market demand.
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The acrylic segment is projected to account for the largest market share between 2017 and 2022.
Acrylics are projected to account for the largest market share during the forecast period. Increasing production of waterborne acrylic coatings in line with stringent environmental regulations on the manufacturing solventborne coatings are the major factors driving the demand for acrylic anti-corrosion coatings. Also, the rising demand from the marine, oil & gas, and automotive & transportation industries is driving the acrylic segment.
Power generation is projected to be the fastest-growing end-use industry segment of the anti-corrosion coating market.
Power generation is projected to be the fastest-growing end-use industry segment between 2017 and 2022. The growth of this segment is attributed to the rising need for harnessing renewable energy sources and the corrosiveness of industrial equipment. The power generation segment is projected to register the highest CAGR during the forecast period in Asia Pacific.
The high dependency of Asia Pacific countries on conventional energy has led to their depletion. This is propelling the need to harness alternative sources such as renewable energy, especially wind and solar. Installations of solar and wind energy systems in high corrosion environments reduce their performance. Thus, the need to protect these systems from corrosion is driving the demand for anti-corrosion coatings in the power generation sector.
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The global anti-corrosion coating market is estimated to be USD 24.84 Billion in 2017 and is projected to reach USD 31.73 Billion by 2022, at a CAGR of 5.0% from 2017 to 2022. This market has been segmented on the basis of type, technology, end-use industry, and region. New product launches and expansions are key growth strategies adopted by leading players to strengthen their positions in the global anti-corrosion coating market. The maximum number of strategic developments between 2014 and 2017 took place in North America, followed by Europe and Asia Pacific.
Key players operating in the global anti-corrosion coating market are AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan).
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PPG Industries, Inc. is a key player in the global anti-corrosion coating market. The company has been focusing on new product launches and expansions as a part of its strategic development activities. The company offers anti-corrosion coating products based on epoxy, zinc, alkyd, and acrylic. It is also involved in R&D activities to develop high-performance coatings for various applications. For instance, in May 2014, the company launched MBE-200 2.1 VOC Epoxy Primer, which is the latest version of premium commercial performance coatings. In January 2017, the company expanded its high-performance waterborne and high-solids coatings production line in the Anhui Province, China. This development strategy helped the company expand its automotive coatings business in China.
AkzoNobel N.V. is another key manufacturer of anti-corrosion coatings. The company has been focusing on new product launches to strengthen its market position. The product portfolio of the company includes anti-corrosion coatings based on epoxy, acrylic, alkyd, and polyurethane. For instance, in July 2017, the company launched a new multi-purpose Interstores Alkyd Primer that is used in the marine industry. This development strategy helped the company widen its customer base and enhance its market share.
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