According to a report published by Global Market Insights, Inc., the anti-corrosion coatings market might surpass USD 20.21 billion by the end of 2025. However, complex product development process for specific application and the requirement to meet necessary performance standards as well as various stringent environmental regulations may impede market size.
Anti-corrosion coatings market is poised to garner lucrative growth owing to the rapidly developing global renewable energy sector. These coatings are used to protect energy-generating instruments from severe climatic conditions. For example, solar power, which is emerging as a promising energy sector, is mostly impacted by ambient air moisture.
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Anti-corrosion coatings help mitigate such weathering effects in order to protect important and expensive instruments. Experts predict that the demand for clean energy would skyrocket over the coming years as the global population crosses 9 billion by the year 2040. This could present new growth opportunities for anti-corrosion coatings companies in the long run.
In terms of end-use, the anti-corrosion coatings market is majorly segmented into shipbuilding, oil & gas, industrial markets, infrastructure, construction, transport, energy, and others. The global construction sector is projected to record huge revenues and is estimated to touch USD 16 trillion by 2025, while registering gains over 7%. Earlier in 2015, the sector was valued more than USD 8 trillion.
As technology evolves, the infrastructure industry is experiencing a prominent demand for metal-based structures like prefabricated washrooms and walls, in both residential and commercial projects. Apart from providing remarkable structural strength, coatings manage to enhance the aesthetic appearance of the overall structure.
Meanwhile, the oil & gas sector has remained to be a constant contributor for the anti-corrosion coatings market as it finds substantial use in different instruments like drill pipes, oil storage tanks, and drill bits. These instruments are usually exposed to marshy land and underground water, making the use of anti-corrosion coatings vital to avert potential equipment damage.
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Earlier in 2010, the oil & gas equipment business accounted for more than USD130 billion and is anticipated to cross USD 278 billion by 2025. Rapid growth and demand from this sector could massively benefit the anti-corrosion coating industry, currently led by players like Axalta Coating, Ashland, Hempel, AkzoNobel, Jotun, BASF, Kansai Paints, RPM International and PPG Industries.
On the regional front, Asia Pacific is considered to be a lucrative ground for anti-corrosion coating companies. Countries like India, Japan, and China would play a significant role in driving the demand for these coatings, helping the region register gains over 5% by 2025. This remarkable growth can majorly be contributed to the region’s prospering construction sector.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.