Owing to high prices related to production downtime, replacement, and repair activities associated with corrosion, several proactive industries are moving beyond conventional techniques, which have only slowed corrosion. These industries are shifting their focus towards novel techniques, capable of eliminating corrosion of carbon steel, minimizing cost, as well as production downtime required for replacing, repairing, or recoating the equipment, and extending the equipment life. The World Corrosion Organization has stated that the annual cost of corrosion across the globe is worth more than 3 percent of world's GDP, based on recent statistics. Leaders in global corrosion protection rubber linings and coatings market are making huge investments in R&D activities, for coming up with novel techniques to prevent corrosion completely. Rapid adoption of automation in automobile manufacturing has fuelled demand for enhanced coatings, which offer a permanent solution to chemical as well as mechanical corrosion. In addition, focus on safeguarding operational performance of end-use sectors, coupled with the eminent requirement for preventing industrial surfaces from exterior erosion is increasing. Moreover, the rising shift toward adoption of technologically advanced corrosion coatings has resulted into requirement for development of materials, which have resistance to highly-volatile deterioration. A key trend being observed in the global market for corrosion protection rubber linings and coatings is growing inclination towards waterborne technology from solvent-borne technology. A latest study published by Future Market Insights has projected the global corrosion protection rubber linings and coatings market to register a steady expansion over the forecast period (2017-2022). Revenues from the market are estimated to reach approximately USD12,000 Mn by 2022-end. By product type, although hard rubber lining systems are expected to remain sought-after among end-users in the market, sales of soft rubber lining systems will exhibit a relatively faster expansion through 2022. Sales of hard rubber lining systems are expected to surpass USD7,500 Mn in revenues by 2022. On the basis of end-users, marine sector is expected to remain dominant in the global corrosion protection rubber linings and coatings market, followed by construction sector. Sales of corrosion protection rubber linings and coatings in marine and automotive sectors are expected to register a parallel expansion through 2022. Based on form type, solvent-borne corrosion protection rubber linings and coatings are expected to account for a relatively larger revenue share of the market during 2017 to 2022. However, sales of waterborne corrosion protection rubber linings and coatings market will register a comparatively higher CAGR through 2022. This increase in adoption of water-borne solution is mainly because of the presence of harmful chemicals in solvents. Asia-Pacific excluding Japan (APEJ) is expected to remain the largest market for corrosion protection rubber linings and coatings, followed by North America. The markets in North America and APEJ are expected to register similar CAGRs through 2022. FMI's report has listed some key players actively operating in the market, which include Akzo Nobel NV, Ashland Global Holdings, Inc., Axalta Coating Systems, BASF SE, Jotun A/S, Koch Knight LLC, Polycorp Limited, PPG Industries, Inc., STEULER - KCH GmbH, and The Sherwin Williams Company.
Source: Future Market Insights