AUSTRALIA CORROSION PROTECTIVE COATINGS AND ACID PROOF LINING MARKET ANALYSIS

Australia Corrosion Protective Coatings and Acid Proof Lining market was valued at US$ 970.3 Mn in 2022 and is expected to exhibit a CAGR of 5.01%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 1,434.7 Mn by 2030. Corrosion protective coatings (CPC) is used to prevent the corrosion of metal caused by various environmental factors. This coating avoids exposure to moisture or other foreign particles present in the atmosphere. The acid-proof layer is used to offer robustness and mechanical integrity to the instrument and metal components that are used across various manufacturing industries. It protects the walls, process vessels, and equipment used in numerous industrial operations.

Australia Corrosion Protective Coatings and Acid Proof Lining Market: Growth Drivers

Demand for protective coatings industrial sector

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 research and development activity in the mining industry is another major factor fueling the market growth. Growth of the economy in Australia has raised the demand for protective coatings which has broad usage in industrial sectors. The gross domestic product (GDP) of Australia is projected to exhibit a growing trend over the forecast period expected to show promising growth in the market. In 2020, Australia was the world’s largest coal exporter based on energy content and the second-largest exporter based on weight, behind Indonesia. It was also the largest exporter of LNG in the world that year. Moreover, a growing number of industries such as manufacturing, mining, construction, utilities, etc. in the region as these industries are major consumers of protective coating & acid proof lining is further projected to propel the market growth over the forecast period.

Australia Corrosion Protective Coatings and Acid Proof Lining Market: Market Restraints

Strict rules and regulations in Australia regarding the hazardous factors

Strict rules and regulations in Australia regarding the hazardous factors associated with corrosion-protective coatings and acid proof lining are expected to hamper the market growth of Australia Corrosion Protective Coatings and Acid Proof Lining Market. 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 market growth.

Rising energy costs and fluctuating prices of raw materials due to volatility in oil and gas prices are projected to hamper the market growth of protective coatings. 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.

Australia Corrosion Protective Coatings and Acid Proof Lining Market: Market Segmentation

On the basis of end use, Australia corrosion protective coatings and acid proof lining market is segmented into marine, oil & gas, power generation, transportation, chemicals, mining & metallurgy, water treatment, and others. Increasing demand for industrial coatings in the oil and gas segment is likely to dominate the market within the country. Due to their anti-corrosion, heat-resistant, abrasion-resistant, and fire-resistant qualities, protective coatings are used in oil and gas industry pipelines and equipment for both the downstream and midstream segments to transfer oil and gas. Protective coatings offer a practical answer to a variety of corrosion problems in the oil and gas sector, including those affecting drilling, wellhead, and subsea equipment. To protect these assets, millions of pounds of paint are used. Equipment for the production of oil and gas downstream must perform well in conditions of high pressure, agitation, and temperature. Additionally, they must have improved resistance to chemical and corrosion attacks. Industrial coatings offer defense against pressure and temperature extremes and corrosion.

Figure 1. Australia Corrosion Protective Coatings And Acid Proof Lining Market, By End Use, 2022

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Australia Corrosion Protective Coatings and Acid Proof Lining Market: Market Segmentation

On the basis of product type, Australia corrosion protective coatings and acid proof lining market is segmented into Corrosion Protective Coatings (CPC),and Acid Proof Lining (APL). Growing demand for the corrosion protective coatings segment is likely to dominate the market within the country. The purpose of corrosion protective coatings is to shield structures from deterioration brought on by exposure to extremely corrosive environments. As a barrier between the material and the corrosive environment, corrosion protection coatings and linings serve this basic purpose. Acid proof lining is frequently used to give tools and parts used in industrial operations robustness and mechanical integrity. It guards against the corrosive effects of strong acids, alkalis, water vapor, and other industrially used equipment on the floor, walls, equipment, and process vessels. In addition to a number of corrosive chemicals, acid proof lining aids in providing resistance to mechanical stress, high impact, thermal shock, and abrasion.

Figure 2. Australia Corrosion Protective Coatings and Acid Proof Lining Market - By Product Type, 2022

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Australia Corrosion Protective Coatings and Acid Proof Lining Market: Recent Developments

• In June 2022, PPG released the first commercial retroreflective powder coating in the industry, the PPG ENVIROCRONTM LUM coating. PPG is the world’s leading coatings company by consistently delivering high-quality, innovative and sustainable solutions. The layer, which is still pending patent protection, is made to improve vision at night and in dim lighting.
• In February 2021, Hempel announced a purchase agreement with Wattyl (Australia's leading manufacturer of decorative and protective coatings). The acquisition of Wattyl will strengthen the company's position as the leading digital platform in the Austrian industrial coatings market.
• According to British Petroleum, Australia produced 435 thousand barrels of oil per day on average in 2021, down from 453 thousand barrels per day in 2020.

Australia Corrosion Protective Coatings and Acid Proof Lining Market: Key Companies

Major players operating in the Australia corrosion protective coatings (CPC) & acid proof lining (APL) market include Metz Specialty Materials Pty Ltd, Flight Extruded Plastics., Denso (Australia) Pty Ltd, Weir Minerals Australia Ltd, Stebbins Australia Pty Ltd, Kaefer Novacoat Pty Ltd, Era Polymers, Steuler KCH Australia Pvt Ltd, Townscend, Rubbertec Australia Pvt Ltd, Covestro Pty Ltd, REMA TIP TOP Industrial Australia PTY Ltd, Jotun Australia Pty Ltd, AkzoNobel, and Corrocoat Engineering Pty Ltd.

*Definition: Layers of material applied to a surface to inhibit or prevent corrosion are known as protective coatings. They can be metallic or non-metallic, and they are applied in a variety of ways. Corrosion-resistant coatings, which can be made of zinc or iron, are applied to metal parts to prevent corrosion. Corrosion Protective coatings, which include polyurethane and epoxy coatings, rust converters, and undercoating products, are specifically designed to prevent corrosion. Acid proof lining is a type of protective coating that is resistant to acids and is used to protect surfaces from acid corrosion.