Market Study Report recently introduced new title on “Global Anti-Corrosion Coatings Market Report” that provides an in-depth overview of industry and competitive landscape, covering multiple market segments and elaborates market outlook and status to 2024.
Ethylene, benzene, toluene and naphthalene, are major raw materials for the industry and follow crude oil supply dynamics, which influence anti-corrosion coatings price trends. The industry is also directed by strict legislations towards VOC ingredients owing to hamper growth. Nevertheless, rising water based anti corrosive coatings demand will generate new growth avenues.
Increasing energy demand is analyzed to be the key factor propelling global anti-corrosion coatings market size. These coatings find widespread application in the energy sector including oil &gas, nuclear, biomass, hydro, solar and coal, as it protects the equipment used from extreme climatic circumstances. For example, solar power, an upcoming market in the energy sector is also affected by the ambient air moisture. These coatings have been popular solutions to this weathering effect to protect the expensive equipment Additionally, the global population is estimated to surpass approximately 9 billion by 2040, which will stimulate clean energy demand, ultimately thrusting industry growth.
The global construction industry was valued at over USD 8 trillion in 2015 and may reach USD 16 trillion by 2025, with estimated gains more than 7%. With technology innovation, the industry is witnessing escalating demand for metal-based structures, such as walls and prefabricated washrooms, in both commercial and residential constructions owing to boost industry growth. Along with structural strength, it also offers value added aesthetic appearance to the overall structure.
Oil &gas industry is noteworthy demand contributor, with substantial product use across equipments including drill bits, drill pipes and oil storage tanks, as these equipment’s are exposed to underground water and marshy land. In 2010, oil &gas equipment business was valued at over USD130 billion, anticipated to surpass USD 278 billion over the forecast timeframe. Robust industry growth will positively influence anti-corrosion coating market share. In addition, increasing energy production demand via shale gas, tar sands, oil shale and oil stands will complement business growth.