The increase in disposable income and rapid urbanization is driving the Corrosion Protection Coating maket demand.
New York, July 20, 2020 (GLOBE NEWSWIRE) -- The global Corrosion Protection Coating market is forecast to reach USD 32.34 Billion by 2027, according to a new report by Reports and Data. The Corrosion Protection Coatings are widely used across the transportation, manufacturing, aerospace, oil & gas, infrastructure, chemical, energy, marine, and shipbuilding sectors. Corrosion protective coatings account for a meaningful share in the industrial coatings industry on account of several aspects. These include UV light, chemicals and heat resistance, improved toughness, and dimensional stability. In extension, superior weathering resistance to spillage of chemicals and mild industrial environment coupled with higher adhesion of these products to steel structures at raised temperatures is likely to improve the demand. Rising demand for VOC free powder and fusion bonded epoxy products from manufacturers, including pipeline development and oil & gas on account of superior sealing and corrosion inhibition, is expected to propel the industry over the next eight years. Rising demand for waterborne products on account of low toxicity and flammability and reduced discharges of toxic gases is expected to drive the demand over the forecast period.
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The COVID-19 impact:
As the COVID-19 crisis grows, producers are quickly changing their practice & purchasing priorities to meet the required demand of a pandemic.
Each of the segments and its sub-segments is looking at the all-round view of the market mentioned above. Market forecasts will give in-depth insight into industry parameters by accessing growth, consumption, upcoming market trends, and various price fluctuations. It will be mostly effect the polishing and manufacturing industry that will be providing Protective coating to all the metallic body.
Further key findings from the report suggest
- The market vale of the technology sub-segment solvent-based will change from 63.8% in 2019 to 64.0% in 2027, with a percentage of 13.7%, which will cover all the metal-based industry for corrosion protection.
- Asia Pacific anti-corrosion coatings market share is anticipated to register an annual growth rate of 7.5% over the coming years. The growth can be attributed to the expanding construction sector across this region.
- The marine segment accounted for 15.1% of the overall volume in 2019 and expected to grow at an estimated CAGR of 7.2% from 2019 to 2027. Rising demand for large capacity commercial ships on account of the growing tourism industry globally is expected to fuel demand over the forecast period
- The Resin type’s subcategory Epoxy segment has been gradually increasing and is estimated to reach up to 7.6% of CAGR.
- Key participants include Jotun (Norway), Hempel A/S Ashland Inc. (US) , RPM International , Sherwin-Williams , The Sherwin-Williams Company, BASF SE (Germany), Axalta Coating Systems Ltd. (US), PPG Industries , and AkzoNobel N.V. among others.
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For the purpose of this report, Reports and Data have segmented into the global Corrosion Protection Coating market on the basis of Resin, Technology type, Application, and region:
Resin Outlook (Revenue, USD Billion; 2017-2027)
- Others (silicone and zinc)
Technology Type Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oil & Gas
- Building & Construction
- Others (aerospace and defense)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/corrosion-protection-coating-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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