Corrosion protective coatings are generally used to protect metal component against degradation due to salt spray, oxidation, and exposure to variety chemicals in industry. The coatings create thin film which avoids contact with metals component thus prevent corrosion. Such coatings are used at multiple including marine, oil and gas, automotive. It saves material from deterioration by imparting. The film provides used in coating provides resistance from abrasion, corrosion, thermal insulation, water proofing, abrasion.
The global protective coatings market is expected to grow at a CAGR of 7.4% in the forecast period. The growth of demand of the corrosion protective coating is subjected to rise in production of coatings. The growing demand in the ships and naval sector coupled with rising investment in ship repairing activities in economies including China and India is expected to drive the market demand over the forecast period. Growing application in paper and pulp industry is expected to fuel the growth in corrosion protective coatings market. Additionally, emergent demand in the Epoxy based paints is expected to enhance the growth of the market. Moreover, implementation of stringent government policies is propelling rise in the R&D activities in the sector.
Asia Pacific region emerges as largest regional market accounting for almost half the global volume. Growth in the end user industries such as construction, shipbuilding, and manufacturing is propelling growth in the demand for corrosion protective coatings. Increase in the investment in China and India is expected to improve the demand in forecast period. Additionally, growing scope of paper and pulp owing to presence of acidic and corrosive atmosphere is likely to fuel the growth in future years.
Europe is expected to witness an increase in the demand share on account of rising investment in manufacturing companies in capacity expansion and improvement. There is also an increase in R&D activities in shipping and automotive industry which is expected increase the metal chemistry and shed life is expected to increase in demand. CLICK TO DOWNLOAD SAMPLE REPORT
The major growth of protective coatings is driven by application such in marine industry such as ships, yachts, cruise ships and boats. These coatings can bear harsh conditions such temperature changes, pressure changes and organic development caused by moisture. Rapid industrialization in developing countries in Asia-pacific region is uncovering numerous opportunities for companies in the market. Key countries like China India are witnessing emergent growth in the market. The demand of Anti-corrosion coatings is also high in automotive and construction industries. The automotive construction industries are also witnessing emergent demand in the anti-corrosion coatings.. Rise of water borne protective coating which also known as electro coating is expected to drive the market.
Solvent Borne coating accounted for major market share of market volume. Wide application and scope of epoxy will also drive the market rising concern regarding the toxic nature of solvent borne corrosion will pose a challenge to market growth over forecast period.
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