Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Corrosion is the surface deterioration of metal within a particular environment because of oxidation, moisture, salt spray, etc. Anti-corrosion coating prevents the corrosion of metal by acting as a barrier between corrosive material and the base metal. These coatings are highly used for enhancing the metal sheets life and its usage. These metal sheets are utilized by various industries ranging from marine oil & gas, industrial power generation, automotive, and others. It is mostly used in the shipbuilding and construction industry and its raw materials are derived from petroleum.
Rising loss due to corrosion in shipbuilding, construction, and other industry is one of the most significant factors driving the growth of the anti-corrosion market. The growth of end-use industries, including power generation and transportation & automotive, is another major factor supporting the growth of the market. The end-users of anti-corrosion coating prefers those products that provide chemical, water, acid, hydrocarbon resistance, improve productivity and increase the service of the component, and the products that help in reducing the maintenance cost. The fluctuating raw material cost is one of the major factors restraining the growth of the market.
The exclusive COVID 19 impact analysis provides an analysis of micro and macro-economic factors on the anti-corrosion coating market. In addition, complete analysis of changes on healthcare expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. COVID-19 outbreak has severely impacted the global anti corrosion coating industry, due to recession in other supporting industries including infrastructure companies, oil & gas, and marine, as per government boundaries. On the other hand, the stringent rules and global lockdown have also urged other investors in coating industries to curtail down businesses.
The study analyzed the global anti-corrosion coating market based on type, technology, end-users, and geography
Epoxy, polyurethane, acrylic, alkyd, zinc, and chlorinated rubber are the types of anti-corrosion coatings available in the market. The epoxy segment is projected to dominate the global anti-corrosion coatings market during the forecast period, owing to the increasing demand for epoxy coatings from oil & gas, infrastructure, and marine industries.
Based on technology the market is segmented into solvent-borne, waterborne, powder coating, and other technology. The solvent-based technology segment led the market and accounted the highest share in the market owing to rising demand for industrial tanks, manufacturing machines, pipes, ballast tanks, chemical storage tanks, gas ducts, cooling towers, smokestacks, etc. Moreover, solvent-based corrosion protection coating requires less drying time, exhibits improved temperature, humidity, and abrasion resistance.
Anti-corrosion coating is used in marine, oil & gas, industrial, automotive, construction, energy, and others and other industries. The oil & gas application segment dominated the market and accounted the highest share. This high share is attributable to the extensive usage of corrosion protection coating in this sector. Furthermore, the anti-corrosion coating minimizes the risk of microbes and improves abrasion resistance & surface finish. Anti-corrosion coatings also finds applications in hospitals, care homes, and drop-in centers for coating the floors, handles, beds, walls, and ceilings.
The Asia Pacific dominates the market due to rapid industrialization. In Asia Pacific, Japan, China, and South Korea lead the shipbuilding industry and new shipbuilding hubs are appearing in Vietnam, India. This further helps the anti-corrosion market to grow. Asia Pacific is the leading importer and exporter of crude oil and crude oil is the main ingredient used in the production of anti-corrosion coatings. Europe is also emerging as a strategic location for the anticorrosion market after the Asia Pacific. Increasing investment in the construction and shipbuilding industry is the major driving force behind the growth of the market in the region.
The key competitor of the market includes 3M Co., AkzoNobel N.V., BASF SE, Hempel A/S, Akzonoble N.V., Kansai Paints Co., Ltd, Nippon Paints Co. Ltd., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems Ltd., The Dow Chemical Company, Wacker Chemie AG, among others.
The study analyses the global anti-corrosion coating market based on the type, technology, end-user, and geography. Anti-corrosion coating types include epoxy, polyurethane, acrylic, alkyd, zinc, and chlorinated rubber coatings. The epoxy segment is likely to dominate the market over the forecast period. The market finds applications in marine, oil & gas, industrial, automotive, construction, energy, and others and other industries. The oil and gas segment is likely to register the fastest growth in years to come. By technology the market is bifurcated into solvent-borne, waterborne, powder coating, and other technology. The solvent-based segment is leading the market over the forecast period. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, and the Rest of the World.
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