In a recent published report, Kenneth Research has updated the market report for Anti-Corrosion Coatings Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Anti-Corrosion Coatings Market products.
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A report on Anti-Corrosion Coatings Market has recently been added into the repository of market research reports of Kenneth Research. The report, which is calculated for the forecast period 2021 2025, provides an in-depth analysis on the opportunities, latest trends, challenges and the growth drivers that are associated with the growth of the market. The market is thriving on account of the growing need for chemicals that are less toxic, backed by the stringent government regulations to regulate chemical pollution. It is estimated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2021. On the other hand, it is estimated that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. Further, the market is projected to grow on account of the growing trade in chemicals worldwide.
The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
Anti-corrosion coatings are imperative for protecting a surface from rusting which occurs on account of exposure to water, air and various forms of chemicals. Some of the key attributes of this form of coating include heightened resistance to chemicals, light weight, abrasion resistance and gloss retention among others.
Metals such as titanium and zinc are some of the major rat materials that are used for the production of such types of coatings. Rising application of anti-corrosion coatings from several end-use industries is one of the key factors responsible for the growth of the anti-corrosion coatings market at present.
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Burgeoning growth of the shipbuilding industry is one of the key factors augmenting market growth of anti-corrosion coatings at present. China is spearheading the growth of the shipbuilding industry. According to the Ministry of Industry and Information Technology (MIIT), the completion rate of ships in China accounted for 41.9% of the world total, while it also accounted for 45.5% of the global orders and 44.6% of the holding orders.
Further, emerging shipping hubs are appearing in countries such as India, Vietnam, and Philippines among others. Further, according to NACE International, costs due to corrosion amounted to US$ 2.5 trillion annually, which is also equivalent to 3.4% of the global Gross Domestic Product (GDP). These factors have paved the way for the growth of the anti-corrosion coating market. However, high demand for Fiberglass Reinforced Plastic (FRP) is resulting market slowdown of anti-corrosion coatings.
Based on technology, solvent borne coatings emerged as the leading segment in 2017, majorly due to its heightened block resistance feature, wide application, and less drying time. However, water-borne coatings are expected to exhibit the fastest growth during the forecast period due to its low VOC content.
Asia Pacific is expected to continue leading the anti-corrosion coatings market throughout the forecast period. Rapid penetration of several end-use industries such as automotive, marine, construction and defense among others is one of the key factors pushing the growth of the anti-corrosion coatings market in the region.
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Notable players operating in the field of anti-corrosion coatings include BASF S.E., AkzoNobel N.V., PPG Industries, The Sherwin Williams Company, and Axalta Coating Systems LLC among others.
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