The market for anti-corrosion coatings is expected to expand at a CAGR of more than 5% during the forecast period. Major factors driving the market studied includes expansion of oil and gas activities in Asia-pacific and North America, modernization of infrastructure etc.
– Regulations related to the VOCs, rise in prices of raw materials etc. are expected to hinder the growth of the market studied.
– Power plants expected to provide growth to high-performance anti-corrosion coatings is likely to act as an opportunity in the future.
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Key Market Trends
Increasing Demand from the Infrastructure Industry
– The infrastructure segment accounts for the largest share in the market and is also estimated to be the fastest-growing segment.
– Rails, bridges, and roads constitute major segments of the infrastructure. With the increase in population, expansions in infrastructure have become an inevitable part of socio-economic development.
– There are various small-scale projects spread across Asia-Pacific and North America.
– Apart from being the most populous nation in the world, China also has the largest number of railroad passengers.
– Moreover, road projects in Asia-pacific are also set to help increase the consumption of anti-corrosion coatings. Bharathmala project, in India, and the ongoing Belt and Road project, in China, are some of the expansions observed in the market.
– The aforementioned factors are expected to increase the demand for anti-corrosion coatings in the forecast period.
Asia-Pacific Region to Dominate the Market
– 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 shipbuilding 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 have resulted in a large number of recreational, commercial, and defense vessels.
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– Furthermore, the oil and gas sector occupies a good share of the anti-corrosion coating market, in terms of revenue.
– China is the leading importer and exporter of crude oil in the world, thus, any changes affecting the expansion activities related to the oil and gas sector are likely to have a significant impact on the coating market in China.
– Thus, the various industry is growing in the region. Such development in varied activities is expected to drive the anti-corrosion coatings market in the forecast period.
The anti-corrosion coatings market is consolidated, and the major companies include PPG Industries Inc., AkzoNobel NV, Nippon Paints, RPM International Inc., the Sherwin-Williams Company, etc.
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