The North America anti-corrosion coating market was valued at USD 5,479.1 Million in 2019 and is projected to reach USD 7,547.5 Million by 2027, expanding at a CAGR of 4.8% during the forecast period. Anti-corrosion coating slows down or eliminates electrochemical reactions that adversely decorate the structural integrity of metals and modify its corrosion-induced appearance. This anti-corrosion coating property makes it beneficial to a wide variety of end-user industries such as energy (power plants, solar, and wind turbines), oil & gas, construction, industrial, automotive, marine, and other industries. Solvent-bearing, water-bearing, anti-corrosion powder coating and high-energy curing coating are commonly used technologies.
Turbomachinery, transition parts, and compressor blades are some primary coating applications in the power generation industry. Power generation modules are exposed to different production processes under different thermodynamic conditions. These conditions are responsible for causing corrosion on metal surfaces used in power generation machines.
The anti-corrosion coating market is projected to create lucrative opportunities during the forecast period, due to factors such as increased demand for steel in the construction & automotive industry. Moreover, rise in coastal expansion, growth of the marine industry in North America, and the upgrade of infrastructure across various regions are boosting the demand for anti-corrosion coating during the forecast period. Conversely, threats such as increase in government legislations are limiting the growth of anti-corrosion coatings market.
Get Exclusive Sample Report of Anti-corrosion Coating Market : https://growthmarketreports.com/request-sample/103
Market Dynamics
The demand for anti-corrosion coating is driven by factors such as growing offshore exploration operations, expanding oil & gas activities in North America, increasing disruptions due to corrosion, modernization of facilities, and developments in end-use industries. However, the market is likely to be restricted by the entrance of local players into the market, the implementations of volatile organic compound (VOC) control regulations, and fluctuating raw material prices.
Growing investments in infrastructure, particularly in developed and emerging economies, are fueling the demand for anti-corrosion coatings. Steel is one of the primary raw materials used in the infrastructure industry. However, steel has high tensile strength and is vulnerable to corrosion and use of other metals for same application is costly compared to steel. Rise in economic losses due to the deterioration of buildings is driving the demand for coatings across the globe. Rapid growth of the vehicle industry is a key factor driving the demand for anti-corrosion coatings. Several raw materials used in the manufacture of anti-corrosion coatings pose a significant danger to the atmosphere and human health. Hazards also contributed to a surge in government controls that have reduced the demand for these coatings. Research & developments to produce bio-based anti-corrosion coatings are projected to create growth opportunities in the market.
The anticorrosion coatings market is driven by increasing R&D activities from major market players to satisfy the dynamic demand of end-users. Moreover, rise in environmental regulations further boosts R&D activities, thus creating opportunities in the market.
The market is fragmented and a large part of the overall market share is made up of regional players, and thus it is highly price sensitivity. Moreover, low initial investments have increased the threat of new entrants, particularly in emerging and developed economies. The anti-corrosion market; therefore, faces strong competition, which is projected to remain high during the forecast period.
For Any Questions On This Report, Please Visit: https://growthmarketreports.com/enquiry-before-buying/103
Country Outlook
On the basis of country, the North America anti-corrosion coating market has been bifurcated into the US and Canada. The US is a promising country of the market. The market is this country constituted 76.5% share of the North America market in 2020. The market in Canada is projected to expand at a CAGR of 4.5% due to the increase in government spending and rise in R&D investments in the country.
Competitive Landscape
Key players in the market include 3M Co., Ancatt Inc., Ashland Inc., Axalta Coating Systems LTD., Diamond Vogel, E.I. Du Pont De Nemours and Company, Nycote Laboratories, Inc., PPG Industries, Inc., RPM International Inc., The DOW Chemical Company, The Magni Group, Inc., and The Sherwin-Williams Company. These companies are considered manufacturers of anti-corrosion coating based on their revenue, research development (R&D) activities, and supply chain management system.These players are adopting strategies such as acquisition and geographical expansion where the potential opportunity for the anti-corrosion coating can add to the company’s revenue. For instance, in December 2019, RPM International Inc. announced that its Montrose-Haeuser Co., Inc. corporation acquired Profile Food Additives, LLC, a manufacturer of dry stabilizer and emulsifier blends in the food industry.In October 2019, AkzoNobel launched a range of high-performance corrosion safety primers. It encompasses a broad variety of substrates, textures, and habitats ranging from cable cars and chemical plants to window frames and wind turbines.In August 2018, RPM International Inc. announced that its subsidiary Rust-Oleum Group plans to acquire the Mean Green line of specialty cleaning products.About Growth Market Reports:
GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: [email protected]
Web: https://growthmarketreports.com
0
Sign in to leave a comment.