June 12, 2020
According to the research report titled ‘Global Corrosion Protection Polymer Coating Market Size study, by Product Type (Epoxy, Polyurethane, Alkyd, Acrylic, Others), by Form Type (Solvent-borne, Waterborne, Powder-based), by Application (Construction, Automotive, Marine, Oil & Gas, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global corrosion protection polymer coating market is reckoned to witness a robust growth rate during 2019-2026
Rising concerns regarding the corrosion of metals and metallic surfaces along with shifting focus towards adopting corrosion resistant materials during manufacturing processes and transportation are major factors driving the growth of corrosion protection polymer coating industry. This coating offers superior resistance to chemical abrasion and corrosion.
Growing demand for polyurethane products coupled with flourishing oil & gas industry are further aiding the market expansion. According to IEA (International Energy Agency), the global crude oil demand was 96.2 million barrels in the year 2016 and reached 100.6 million barrels in 2019. Likewise, the Independent Petroleum Association of America reported that U.S. exported around 3.6 trillion cubic feet of LNG (liquid natural gas) in 2018 which is estimated to reach 4 trillion cubic feet by the year 2024. However, strict environmental regulations pertaining to the development of toxic products may hinder the overall market growth.
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Based on product landscape, the market is split into acrylic, alkyd, polyurethane, epoxy and others. In terms of form type, the industry is divided into powder-based, waterborne, and solvent-borne. As per the application type, the corrosion protection polymer coating industry is bifurcated into oil & gas, marine, automotive, construction, and others.
Regionally, the Asia-Pacific market is expected to register significant growth during the analysis timeframe, primarily due to increasing number of oil & gas exploration activities here.
Koch Knight LLC, Jotun A/S, Polycorp Ltd., Axalta Coating Systems Ltd., Ashland Inc., Steuler-KCH GmbH, The Sherwin-Williams Co., PPG Industries Inc., Akzo Nobel NV, and BASF Coatings GmbH are the major contenders in worldwide corrosion protection polymer coating industry.