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Press Release: Australia Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) Market to Reach US$ 1,148.4172 Mn by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Definition of Market/Industry:
Corrosion protective coatings (CPC) is used to prevent the corrosion of metal caused by various environmental factors. This coating avoids the exposure to moisture or other foreign particles present in the atmosphere. The coating or layer acts as a barrier between the materials and the foreign particle. The acid proof layer is used to offer robustness and mechanical integrity to the instrument and metals components that are used across various manufacturing industries. It protects the walls, process vessels, and equipment used in numerous industrial operations.
Statistics:
The Australia Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) market is accounts for US$ 809,034.7 (‘000) in 2019 and is expected to reach US$ 1,148,417.2 (‘000) by 2027, in terms of value. The market is estimated to grow with a CAGR of 4.5%.
Drivers:
The booming metal and mining industry in Australia is a prime factor propelling the market growth of corrosion protective coatings (CPC) & acid proof lining (APL). The government is investing heavily in order to promote the research and development activity in the mining industry is another major factor fueling market growth. For instance, in November 2019, India's move to allow 100 percent foreign direct investment in coal mining is a "positive move" and a good policy enabler towards the country's long-term ambition of producing 300 million tonnes of steel per annum. This is projected to fuel the market growth of corrosion protective coatings and acid proof layer market over the forecast period.
Growth of the economy in Australia has raised the demand for protective coatings which has broad usage in industrial sectors. For instance, the Australian economy has recorded an annual growth rate of 3.1% between 2015 and 2016. The gross domestic product (GDP) of Australia is projected to exhibit a growing trend over the forecast period expected to show a promising growth of the market. Moreover, a growing number of industries such as manufacturing, mining, construction, utilities, etc. in the region as these industries are a major consumer of protective coating & acid proof lining is further projected to propel the market growth over the forecast period.
Market Restraints
Strict rules and regulations in Australia regarding the hazardous factors associated with corrosion protective coatings and acid proof lining that have a negative impact on the market are expected to hamper the market growth of Australia corrosion protective coatings and acid proof lining. For instance, the Australian Paints Approval Scheme (APAS) has set stringent regulations to restrict VOC emissions from paints & coatings since 1996. Protective coatings are mainly solvent-based technology, which in turn leads to the release of toxic volatile content owing to the use of solvent. Therefore, increasing usage of solvent-based corrosion protective coatings is projected to hinder the market growth.
Rising energy cost and fluctuating price of raw material due to volatility in oil and gas prices are projected to hamper the market growth of the protective coating. Also, the rising price of energy is further estimated to obstruct the market growth of acid proof lining market in Australia over the forecast period.
Market Opportunities
Expanding architectural industry in Australia is projected to offer immense growth opportunities over the forecast period. The Australian coating and paint market is dominated by architectural and decorative paints, which accounts for nearly 60% of all products. The consumer and legislation-driven push for more environmentally-friendly coating products means that of these architectural paints some 90% are water-based. Most of these coatings are also Australian produced, and Australian companies such as Dulux are still strongly represented. The top coating manufacturers Australia are PPG Industries, Valspar, AkzoNobel, and Dulux Group.
Growing demand for industrial coating is projected to augment the market growth of corrosion protective coatings and acid proof layer. In 2016, $0.85 billion of industrial coatings were sold to customer industries such as automotive refinish coatings, industrial maintenance coatings, traffic marking paints and marine paints in the region. Therefore, this factor is expected to offer immense growth opportunities to the market over the forecast period.
Market Trends/Key Takeaways
Rising consolidation in the Australia market due to the increasing number of mergers and acquisitions in the region is a major trend that has been observed in the market. For instance, in October 2017, Dutch paintmaker AkzoNobel confirmed that it was in talks to combine with US rival Axalta Coating Systems, in a deal that would bring together two top producers of industrial coatings and create an obstacle to any renewed takeover attempt from PPG Industries.
Increasing demand for protective coatings from the construction industry is projected to propel the market growth over the forecast period. For instance, in January 2019, AkzoNobel has expanded its International range with additional coatings and mortars for the repair and remediation of concrete. Following AkzoNobel’s acquisition of Flexcrete Technologies Ltd in June 2017, the full range of advanced cementitious coatings is being made available as part of the Intercrete series.
Value Chain Analysis
Competitive Section:
Company Names
Covestro Pty Ltd
In July 2016, Covestro AG set up a new HDI production plant for coatings raw materials in Shanghai, China. The new plant has a production capacity of 50,000 tonnes of HDI per year.
The acid proof linings are being used for providing mechanical integrity and robustness to the industrial components. It helps in the protection of process vessels and equipment which are used in industrial operations from corrosion, which might be caused due to alkalies, acids and water vapor amongst others. This also helps in imparting resistance against the abrasion, thermal shock, mechanical stress and others. The corrosion protective coatings help in protecting the structures from degradation, which is caused by exposure in extreme corrosive environments.
Market Dynamics
The Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) market is expected to experience significant growth over the forecast period, owing to the steady economic growth of Australia along with the growth of the mining industry within the region. There is also a shift in the trend to use the waterborne technologies, which is fuelling the demand for acid proof linings and the corrosion protective coatings over the forecast period. The major players within the industry are also focused towards introduction of the sustainable solutions which help in reducing the adverse environmental footprint. This is leading to an increase in use of thermoplastic linings and waterborne corrosion protective coatings.
There has been a significant reduction in the use of anti-corrosion coatings which are formulated using solvent based technologies owing to the enforcement of stringent regulations by several organizations such as Australian paints approval scheme. This is expected to reduce the demand of solvent based coatings within the market. Furthermore, the growth of the market is expected to be hampered due to the fluctuation in the prices of raw materials, owing to volatility in the oil and gas market.
Key features of the study:
Detailed Segmentation:
Australia Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) market, By Product Type:
Australia Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) market , By End Use:
Company Profiles (Manufacturers)
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 25 market data tables* and 15 figures* on "Australia Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) Market” - Global forecast to 2027.
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