LOS ANGELES, April 29, 2019 (GLOBE NEWSWIRE) -- The Global Anti-Corrosion Paints Market is expected to reach the value of around $37 billion by 2025 and is expected to grow at a CAGR of around 5.6% in terms of revenue during the period 2018 - 2025.
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Metal components are protected against degradation with the help of corrosion resistant coatings, due to salt spray, moisture, oxidation or exposure to a various environmental or industrial chemicals. The anticorrosive paints prevents from corrosion by reducing the direct contact of air and water to the metal. The working principle of anti corrosive paint is to prevent metal surfaces from corrosion and also act as a barrier in between chemical compounds or corrosive material. The different types of anti-corrosion paints available are - water-based, solvent-based, and powder based which are mostly applied on iron or steel products. Rise in investment in infrastructure mainly across the developing and rising economies has been penetrating the growth of market. These paints in the construction industry provide simple surface preparation methods, superior bonding strength with promising anti-corrosion properties in concrete and steel, lower coating costs, and absolute ease of use. It also provides heat resistance, superior structural strength, and limits harmful UV radiation affecting buildings. Furthermore, major raw material used within the infrastructure is steel, as it has high tensile strength. Steelit is prone to corrosion due to environmental contact, which has led to the increasing demand for the anti-corrosive coatings across the world. However, the various raw material used within the production of anticorrosion paint is hazardous to environment and human health. Due to these hazards, government has implemented stringent regulatory norms for the production of anti-corrosive paints. This has acted as the restraining factor for the growth of anti-corrosion paints market. The opportunity towards the huge market growth is anticipated by developing bio-based anticorrosion paint which poses lesser health and environmental hazards.
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Influencing Factors on Powder-Based Anti-Corrosion Paint
Powder coatings are broadly used in various fields, such as automobiles, architecture, pipelines, domestic appliances, IT and telecoms. Architecture and construction segment is the fastest growing market for powder coating due to durability provided by powder coating. With the availability of variety of colors and finishes in powder coatings, a wide range of construction companies are adopting powder coating to provide long term exterior finishes for outdoor venues and public works projects. The cost effectiveness of the powder coating development have made it a go to finishing performance for applications across a variety of industries. Powder based anti-corrosion paints process are more advanced and specialized in the manufacturing industry, but the application of powder based paints has cover the corner of manufacturing industry. The largest portion is covered by the appliance industry of the powder coating market, accounting for about one third portion of all application in industries. Powder coating held largest market share in this segment due to its two advantages of being both ravishing as well as resistant to abrasion and corrosion.
Asia-Pacific Dominated the Demand For Anti-Corrosion Paint Market
Asia Pacific dominated the global anti-corrosion paint in 2017 and expected to grow at the fastest CAGR through the forecasted period (2018-2025). Rise in number of population and gross income of consumers in developing countries such as China, and India are likely to spur the development of marine, oil & gas, and power generation sectors; continued need for the maintenance in accelerating energy, and automotive industry demand in various regions in Asia Pacific are the driving anti-corrosion paint market. It is anticipated to raise demand for better performance anti-corrosion paints due to their extensive use in industrial sectors. Regulations of government are expected to encourage the utilization of anti-corrosion paint in several sectors such as construction, and power generations. Developing countries such as India is in the need for high quality infrastructure and China is one of the largest consumers as well as the major producer of anti-corrosion paint.
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Global Presence of Anti-Corrosion Market
The second largest market share is held by North America, mainly the U.S and Canada has a largest contribution to the anti-corrosion paint market. Furthermore, demand is fuelled due to the consumption of anti-corrosion paint by power generation end-user industry. In Europe, stringent regulations of government for anti-corrosion paint are expected to stabilize the growth of the market over forecast period., Developing industries such as chemical processing industries and power generation in Latin America –is anticipated to boost the demand for anti-corrosion paint in the region.
Insights on Market Segments
Global anti-corrosion paint market is segmented by type, application and geography. Based on different types, the market is segmented into Water-Based, Solvent-Based, and Powder-Based Application segment is further bifurcated into Marine, Oil & Gas, Industrial, Infrastructure, Power Generation, and Others Based on geography market is further classified into North America, Europe, Asia-Pacific, LAMEA.
Some of the key players operating in the global anti-corrosion market, profiled in the report include Azkonobel, PPG, Sherwin-Williams, Henkel, Jotun A/S, RPM International Inc., Nippon Paint Holdings Co., Ltd., BASF SE, Chugoku Marine Paints, Ltd, Hempel, 3M, Axalta, Sika, KCC Corporation among others.
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