Asia Pacific is the largest and fastest-growing market owing to growth of various end use industries. This is a result of increasing middle class population in the major markets of India, China, Indonesia and ASEAN countries. A rise in disposable incomes has increased demand for goods and population has driven new projects and modernization of existing infrastructure. Increasing energy production (renewables and non-renewables) to achieve self-sufficiency and water transportation to densely populated urban areas is driving anti-corrosion coating market in this region.
In North America and Europe, the growth is expected to be slow due to maturation of these markets. Burgeoning growth of the automotive and military industries are major drivers in these regions. Increased environmental scrutiny from regulatory bodies has resulted in increased R&D and innovations in manufacturing processes and products.