According to a latest research by Future
Market Insights (FMI), the global market for corrosion protection
rubber linings and coatings will register a healthy expansion during
the forecast period (2017-2022). The global corrosion
protection rubber linings and coatings market is estimated to
account for nearly US$ 12,000 Mn revenues by 2022-end.
Shifting end-user preferences from
solvent-borne solutions to water-borne solutions is a key trend being
observed in the market currently. Manufacturers of corrosion
protection products are increasingly focusing on safeguarding various
end-use sector’s operational performance. These manufacturers are
also taking steps to cater the imperative need of preventing exterior
corrosion of industrial surfaces. In addition, the focus on
development of highly-volatile deterioration-resistant materials is
increasing on the back of growing inclination towards
technologically-advanced corrosion coating.
Global leading manufacturers of corrosion
protection rubber linings and coatings are making heavy investments
in research and development activities, in a bid to develop new
techniques for complete prevention of corrosion. Various industrial
facilities, ranging from processing equipment, water treatment
plants, oil & natural gas tank farms, to pipelines, are at huge
risk of corrosion, especially the ones whose structures are made of
carbon steel. This is mainly because carbon steel is highly prone to
corrosion, which has resulted into production downtime, and repair &
replacement activities.
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Several proactive industries are
therefore moving beyond traditional techniques that are only capable
of slowing down the corrosion. The industries are further shifting
towards adoption of novel techniques, which enable complete
prevention from corrosion, thereby minimising cost, and production
downtime needed to replace, repair, or recoat the corroded equipment
or material. According to World Corrosion Organisation, over 3% of
world’s GDP is spent on corrosion-related activities across the
globe annually.
Projected to account for over 40% revenue
share of the market during 2017 to 2022, solvent-borne segment by
form type is expected to remain dominant in the global corrosion
protection rubber linings and coatings market. In addition,
water-borne segment is expected to witness a relatively faster
expansion in sales through 2022. As solvents comprise of harmful
chemicals, end-users are now preferring water-borne solutions over
solvent-borne for corrosion protection.
Asia-Pacific Excluding Japan (APEJ) and
North America will remain the largest markets for corrosion
protection rubber linings and coatings. The markets in Japan, and
Middle East & Africa (MEA) are also expected to witness a healthy
expansion through 2022. In addition, the market in Europe is
estimated to create an absolute $ opportunity of roughly US$ 560 Mn
between 2017 and 2022.
Hard rubber lining systems are expected
to remain preferred among products, with sales projected to account
for nearly two-third revenue share of the market during 2017 to 2022.
However, soft rubber lining systems’ sales are anticipated to
reflect a comparatively higher CAGR than that of hard rubber lining
systems through 2022.
Sales of corrosion protection rubber
linings and coatings in marine, and construction end-use sectors are
expected to collectively account for over one-third revenue share of
the market in 2017. These end-use sectors will witness a rise in
their market share through 2022. In addition, oil & gas is
expected to remain the fastest growing end-use sector in the market,
with sales poised to account for nearly US$ 2,000 Mn in revenues by
2022-end.
Key market players included in FMI’s
report include The Sherwin Williams Company, STEULER – KCH GmbH,
PPG Industries, Inc., Polycorp Limited, Koch Knight LLC, Jotun A/S,
BASF SE, Axalta Coating Systems, Ashland Global Holdings, Inc., and
Akzo Nobel NV.
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