April 12, 2018
WELLESLEY, Mass., April 12, 2018– Worldwide industrial growth and the negative impacts of corrosion on a broad range of major markets are helping to grow the global anti-corrosion coatings market, according to a report by BCC Research. Expansion comes as the global paint and coating production market is shifting from developed regions such as the United States and Europe to developing nations such as India and China.
The global market is expected to see a compound annual growth rate (CAGR) of 5.9% through 2022, to reach an estimated value of $31 billion, according to the report Anti-corrosion Coatings: Global Markets to 2022.
Anti-corrosion coatings are used in industries ranging from oil and gas to manufacturing, wastewater, infrastructure, and power generation, and popular coatings range from epoxy and polyurethane to chlorinated rubber and alkyds.
Major players in the market mentioned in this report include 3M, AkzoNobel, BASF, Diamond Vogel Paints, Hempel, Jotun, Kansai Paint, Nippon Paint, PPG Industries, Royal DSM, SK Formulations India, The Sherwin-Williams Company and Wacker Chemie.
“The impact of corrosion has created tremendous demand for anti-corrosion coatings across the globe,” said BCC Research Senior Editor Gordon Nameni. “For example, there is an observable increase in the number of casualties and financial losses due to corrosion. In the public sector, power and industrial plant shutdowns – have led several governments to invest in new anti-corrosion technologies.”
Environmental Regulations Help to Shape the Market
Environmental regulations are also influencing the market. For example, American paint makers have been compelled to dedicate an increasing amount of resources to producing materials with low amounts of volatile organic compounds (VOCs), the report notes. Today, coating manufacturers see the creation of low-VOC and zero-VOC products as a business driver, though the demand to reduce VOC emissions is lower in developing countries.
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Anti-corrosion Coatings: Global Markets to 2022( CHM090A )
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