The global corrosion protective coatings market is expected to reach USD 28.02 billion by 2024, according to a new report by Grand View Research, Inc. Rising industrial production coupled with growing spending by regional governments on infrastructure development in emerging countries of Asia Pacific and the Middle East is expected to drive global corrosion protective coatings market growth over the next eight years.
Growing demand for ships for commercial and naval applications coupled with rising investment in ship repairing activities from emerging economies including China, India is expected to drive the market demand over the forecast period. Growing application scope in paper and pulp industry owing to the presence of acidic and corrosive atmosphere in the plant is likely to fuel growth over next eight years.
The rapid growth of the automotive industry in the emerging economies including Asia Pacific and Latin America owing to rising demand for automobiles and rising disposable income of consumers is expected to drive the growth over the forecast period. Growing application scope in rust and corrosion prevention of vehicle body and other metal components is likely to augment market growth. In addition, rising use of waterborne corrosion protective coatings as electrocoating is expected to drive the market demand.
Solvent borne corrosion coatings accounted for a major share of market volume. Wide application scope of epoxy coating and their ability to serve in various operating conditions is expected to drive the market growth. However, rising concern regarding the toxic nature of the solvent borne corrosion protective coating is expected to pose a challenge to market growth over the forecast period.
Further key findings from the report suggest:
The global corrosion protective coatings market demand was 5,821.3 kilo tons in 2015 and is expected to reach 10,196.6 kilo tons by 2024, growing at a CAGR of 6.4% from 2016 to 2024.
Waterborne corrosion protective coatings are expected to be the fastest growing technology segment growing at a CAGR of6.8% from 2016 to 2024.Factors such as low VOC content, improved durability, quicker drying time and lesser requirement of clear coat to even out the different surface layers are expected to provide an edge to waterborne coatings over other coating solutions. This is expected to propel the market growth over next few years.
Industrial sector application of corrosion protective coatings is expected togrow at a CAGR of 6.8% from 2016 to 2024. Rapid industrialization in the emerging economies including Asia Pacific and the Middle East& Africa coupled with rising capacity expansion, and renovation activities of the manufacturing plants in the mature economies including North America and Europe are expected to drive the demand over the forecast period. Growing emphasis on improving the shelf life of the steel used in plant structure fabrication is expected to drive the demand over next eight years.
Epoxy based corrosion coatings held the largest market share owing to its wide-scale application in various end-use industries including construction, automotive, manufacturing and oil & gas. Rising demand and application share of waterborne coatings in the end-use industries including construction and production on account of its low VOC content is expected to drive the market demand for acrylic corrosion coating over the forecast period.
Asia Pacific accounted for the largest market share of over 40% in 2015. Easier raw material availability coupled with cheaper manufacturing costs is expected to drive market growth. The region is also expected to witness the highest growth of 7.2% from 2016 to 2024.
Corrosion protective coatings industry is moderately fragmented with the presence of a large number of prominent market participants across the globe. Some leading companies operating in the global market include AkzoNobel N.V.,Hempel A/S, BASF Coatings, Jotun A/S, BASF, PPG Industries Inc. Hempel Marine Paints is a paints and coatings manufacturer headquartered in Denmark. The company operates in five segments including protective, marine, decorative, container, and yacht.