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Global Anticorrosion Coatings Market Trends and Forecasts to 2024: 4% Compound Annual Growth Rate Forecast Between 2019-2024
Dublin, Sept. 07, 2021 (GLOBE NEWSWIRE) -- The "Anticorrosion Coatings: Global Markets" report has been added to ResearchAndMarkets.com's offering.
The global anti-corrosion coatings market is forecast to grow from $26.7 billion in 2019 to $32.5 billion by 2024, at a compound annual growth rate (CAGR) of 4% during the forecast period of 2019-2024.
The global anti-corrosion coatings market is driven by a rise in its penetration beyond conventional applications across end-users such as construction, automotive, transportation, consumer durables and industrial machineries, to name a few.
The majority of these end-user applications are in turn driven by consumers who contribute to each of these growth engines of the economy. Macroeconomic factors such as consumer confidence, purchase power, investment climate, manufacturing base expansion and trade relations are among the few specific parameters that decide the growth of the anti-corrosion coatings market.
Demand for water-based coatings is expected to rise over the forecast period due to increasing awareness about the ill effects of solvent-based coatings and various regulations regarding VOCs and hazardous air pollutants that are harmful to the environment. The guidelines provided by various regulatory bodies applicable to coatings manufacturers are stringent due to the carcinogenic and flammable properties of solvents. Therefore, powder and water-based coatings are expected to gain popularity over the forecast period owing to their Volatile Organic Compounds (VOCs)-free property.
The ongoing crisis due to the COVID-19 pandemic has caused a severe disruption in various end-use industries owing to several restrictions on cross-border trades and lockdown imposed by several governments to contain the spread, resulting in slower market growth. The situation is in continuation of the impact of global trade drifts that started in mid-2018, further intensified by the pandemic.
Asia is expected to remain a prominent consumer of coatings and is expected to observe the fastest growth in the coming years due to the prowess of its manufacturing base. In addition, the increasing competitiveness of regional end-user demand fueled by government initiatives to secure the local economy is expected to drive countries' specific industrial output over the forecast period.
The industrial segment is expected to exhibit high penetration over the forecast period. Increasing demand for water-borne and powder coatings owing to the need for maintaining a healthy working environment is projected to fuel the market growth. The demand for anti-corrosion coatings is expected to grow at a moderate rate due to the wide spread of the industrial application.
The automotive application segment is expected to grow at the highest CAGR over the forecast period. An increasing middle-class income level coupled with rising living standards in the emerging economies of Asia-Pacific and Central and South America are projected to fuel automotive sales. The low cost of production of water-borne coatings, coupled with the longer shelf life of powder coatings, is expected to drive the demand.
The report includes:
69 data tables and 35 additional tables
An updated overview of the global market for anti-corrosion coatings
Analyses of the global market trends, with data corresponding to market size for 2018-2019, estimates for 2020, and projections of compound annual growth rates (CAGRs) through 2024
Detailed insights into factors driving and restraining the growth of the global anti-corrosion coatings market and a country-level market value analysis for each segment
Estimation of market size and forecast the potential market for anti-corrosion coatings, along with global market share analysis on the basis of product type, technology, end-user with major regions and countries involved
Latest information on market opportunities, prospects and threats, new and upcoming technologies, regulatory developments, and demographic shifts that are affecting the market
Industry value chain analysis of global anti-corrosion coatings market providing a systematic study of the key intermediaries involved, which could further assist stakeholders in formulating appropriate strategies
Key merger and acquisition deals, partnerships, innovations, joint ventures and other market strategies within the anti-corrosion coatings industry
Assessment of the competitive landscape and detailed profiles of the major listed companies, including AkzoNobel N.V., BASF SE, DuPont Chemical Co., The Dow Chemical Co., Hempel A/S, PPG Industries Inc., and The Sherwin-Williams Co.
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Executive Summary
Chapter 3 Overview
Chapter 4 Market Breakdown by Type of Product
Chapter 5 Market Breakdown by Technology
Chapter 6 Market Breakdown by End User
Chapter 7 Market Breakdown by Region
Chapter 8 Market Breakdown by Country
Chapter 9 Industry Structure
Chapter 10 Competitive Landscape
Chapter 11 Company Profiles
3M
AkzoNobel N.V.
Ashland LLC
Axalta Coating Systems Ltd.
BASF SE
DuPont Chemical Co.
Hempel A/S
Jotun
Kansai Paint Co. Ltd.
Nippon Paint
PPG Industries
RPM Industries
The Dow Chemicals Co.
The Sherwin-Williams Co.
Wacker Chemie AG
For more information about this report visit https://www.researchandmarkets.com/r/53bt8d
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