Corrosion protective coatings are indispensable for the protection of several materials from the effect of rust. Used on almost all products that are made from materials that are not immune to the effects of corrosion and rust, and are prone to deterioration owing to harsh and corrosive settings, corrosive protection coatings and acid proof linings help protect structures and increase their workable lifetime.
The global corrosion protective coatings and acid proof linings market is projected to exhibit healthy growth in the near future owing to the high demand for these products in several end-use industries, numerous advancements in coating technologies, and strengthening global economies, which signifies good growth opportunities for the industrial sector.
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Demand for Waterborne and Environment Friendly Coatings Increases
Several varieties of corrosion protective and acid lining products are available in the market, primary ones of which include polymer coatings, rubber lining systems, tile lining, ceramic and carbon brick lining, and thermoplastic lining. The segment of polymer coatings among these major product types accounted for a dominant share of over 64.4% in the global market in 2014.
Based on the final form of corrosive protection coatings, the market can be segmented into solvent-based coatings, water-borne coatings, and powder-based coatings. Among these, the segment of waterborne coatings is expected to exhibit growth at the highest pace in the near future, majorly owing to the ever-tightening regulations pertaining to the presence of volatile organic compounds (VOCs) in most solvent-based coatings in the market presently.
Marine Industry and Asia Pacific Gain Leading Market Positions
The key-end use industries exhibiting significant demand for corrosion protective coatings and acid proof linings include oil and gas, marine, construction, power generation, transportation, automotive, mining and metallurgy, and chemicals. Of these, the marine segment accounts for a major share in the global corrosion protective coatings and acid proof linings market. In 2014, this end-use industry held a dominant share of 21.0% in the market. However, this segment is expected to lose its dominance to the construction industry by 2025 owing to the significant rise in demand for corrosion protective coatings from the flourishing construction sector, especially in developing parts of the globe.
Asia Pacific is currently the dominant regional market for the global corrosion protective coatings and acid proof linings market. The fact that the region is a major manufacturing hub of the shipping industry and has exhibited immense growth opportunities for the construction industry in the past few years, has helped the region in garnering a crucial position in the global corrosion protective coatings and acid proof linings market. In 2014, Asia Pacific accounted for a share of over 36.3% in the market and is also expected to be the dominant regional sector over several years to come.
Vendors Focusing on Development of Eco-friendly Products
Looking at the rising demand for environment-friendly coatings and the rising prominence of waterborne coatings in the global market, several vendors in the global corrosion protection coatings and acid proof lining market are focusing more on the development of innovative products in these segments. Some of the major vendors operating in the market are PPG Industries Inc., The Sherwin Williams Company, BASF Coatings GmbH, International Paint Limited, Axalta Coatings Ltd., Ashland Inc., Jotun A/S, and Hempel A/S.