Global Anti-Corrosion Coatings Market - Segmented by Type, Technology, End-User Industry, and Geography - Growth, Trends and Forecasts (2022 - 2030)
The global anti-corrosion coatings market is expected to register a CAGR of 5.20% during the forecast period, 2018 to 2023. Asia-Pacific dominated the global anti-corrosion coatings market, with China taking the lead in the region, owing to its massive manufacturing and industrial sectors.
Robust Development of Shipbuilding and Offshore Engineering Industries
The global shipbuilding industry is expected to register a CAGR of 3% to 5% through the next five years, with Asia-Pacific registering the highest growth. In Asia-Pacific, though China, Japan, and South Korea lead the ship building industry, new shipping hubs are appearing in Vietnam, India, and the Philippines. Australia and New Zealand are both island nations and the geographical scale of Australia’s coastline and waterways has resulted in a large number of recreational, commercial, and defense vessels. Thus, the marine industry is growing in both these nations. Such development in shipbuilding activities is expected to drive the anti-corrosion coatings market in the marine segment through the forecast period.
Marine is the largest end-user industry, accounting for more than 20% share in the global anti-corrosion coatings market.
Solvent-borne – The dominating Technology Segment
In 2017, the solvent-borne technology captured the maximum share of the overall market and is expected to witness a moderate growth rate during the forecast period. The demand for solvent-borne is increasing because of its superior block resistance feature, lesser drying time, and widespread applications. However, water-borne coatings segment is expected to register the fastest growth, owing to its low-VOC content.
Asia-Pacific to Dominate the Market Growth Through 2023
Asia-Pacific dominated the global anti-corrosion coatings in 2017 and is expected to register the fastest CAGR through the forecast period. Growing oil & gas reserves in China and India, continued need for maintenance in the transportation industry, and accelerating energy demand in various regions in Asia-Pacific are driving the anti-corrosion coatings market.
Key Developments in the Market
• October 2017: AkzoNobel revealed that the company is in talks to merge with Axalta Coating Systems
• September 2017: DowDuPont merger was successfully completed
• August 2017: E.ON started using a new environment-friendly anti-corrosion coating to protect its 385 MW Arkona wind farm in the German Baltic Sea
Major Players: AKZONOBEL N.V., ASHLAND INC., PPG INDUSTRIES INC., THE SHERWIN-WILLIAMS COMPANY, RPM INTERNATIONAL INC., NIPPON PAINTS CO. LTD, DOWDUPONT, amongst others.
Reasons to Purchase this Report
• Analyze various perspectives of the market with the help of Porter’s five forces analysis
• The technology and end-user industry that are expected to dominate the market
• The regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Robust Development of Shipbuilding and Offshore Engineering Industries
The global shipbuilding industry is expected to register a CAGR of 3% to 5% through the next five years, with Asia-Pacific registering the highest growth. In Asia-Pacific, though China, Japan, and South Korea lead the ship building industry, new shipping hubs are appearing in Vietnam, India, and the Philippines. Australia and New Zealand are both island nations and the geographical scale of Australia’s coastline and waterways has resulted in a large number of recreational, commercial, and defense vessels. Thus, the marine industry is growing in both these nations. Such development in shipbuilding activities is expected to drive the anti-corrosion coatings market in the marine segment through the forecast period.
Marine is the largest end-user industry, accounting for more than 20% share in the global anti-corrosion coatings market.
Solvent-borne – The dominating Technology Segment
In 2017, the solvent-borne technology captured the maximum share of the overall market and is expected to witness a moderate growth rate during the forecast period. The demand for solvent-borne is increasing because of its superior block resistance feature, lesser drying time, and widespread applications. However, water-borne coatings segment is expected to register the fastest growth, owing to its low-VOC content.
Asia-Pacific to Dominate the Market Growth Through 2023
Asia-Pacific dominated the global anti-corrosion coatings in 2017 and is expected to register the fastest CAGR through the forecast period. Growing oil & gas reserves in China and India, continued need for maintenance in the transportation industry, and accelerating energy demand in various regions in Asia-Pacific are driving the anti-corrosion coatings market.
Key Developments in the Market
• October 2017: AkzoNobel revealed that the company is in talks to merge with Axalta Coating Systems
• September 2017: DowDuPont merger was successfully completed
• August 2017: E.ON started using a new environment-friendly anti-corrosion coating to protect its 385 MW Arkona wind farm in the German Baltic Sea
Major Players: AKZONOBEL N.V., ASHLAND INC., PPG INDUSTRIES INC., THE SHERWIN-WILLIAMS COMPANY, RPM INTERNATIONAL INC., NIPPON PAINTS CO. LTD, DOWDUPONT, amongst others.
Reasons to Purchase this Report
• Analyze various perspectives of the market with the help of Porter’s five forces analysis
• The technology and end-user industry that are expected to dominate the market
• The regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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