SOUTH AFRICA CORROSION PROTECTIVE COATINGS AND ACID PROOF LINING MARKET ANALYSIS

South Africa corrosion protective coatings and acid proof lining market is projected to reach around US$ 96.49 Billion by the end of 2030, in terms of revenue, growing at CAGR of 5.9% during the forecast period (2022-2030).

South Africa Corrosion Protective Coatings and Acid Proof Lining Market - Impact of Coronavirus (COVID-19) Pandemic

COVID-19 is likely to harm South Africa's two primary sources of income: mining and tourism. The disruption of the Chinese economy is likely to lower demand for South African raw commodities from China, such as iron, chromium, and manganese ores. Furthermore, according to the International Monetary Fund, GDP growth in South Africa is predicted to decrease from 0.2% in 2019 to -5.8% in 2020. In 2020, the corrosion protection coatings and acid proof lining market is likely to be hampered by lower GDP growth and a downturn in the mining industry. However, according to the International Monetary Fund, South Africa's GDP growth is predicted to reach 4.0% in 2021, driving the country's mining industry.

South Africa Corrosion Protective Coatings and Acid Proof Lining Market: Growth Drivers

Growing spending on repair and maintenance

Growing infrastructure repair and maintenance spending, particularly in the public sector, is primarily driving the growth of the South African corrosion protection coatings and acid proof lining market. Other important factors likely to drive corrosion protective coatings and acid proof lining market growth are the region's developing building industry and rising population. For instance, according to the World Factbook South Africa GDP is US$790.625 billion (2021 est.) and $753.6 billion (2020 est.) this states that the purchasing power of South Africans has risen. Hence, the interpretation of this will be the spending of South Africans on repair and maintenance will rise in the future.

Manufacturers are progressively concentrating on developing new and environmentally safe coating techniques

Manufacturers' increasing emphasis on developing new and eco-friendly coating technologies is projected to fuel market expansion. Strict Volatile Organic Compound (VOC) Control regulations are driving manufacturers to create eco-friendly coatings technology, which is expected to have a favorable influence on the South Africa corrosion protection coatings and acid proof lining market during the forecast period.

South Africa Corrosion Protective Coatings and Acid Proof Lining Market: Market Restraints

High pricing of raw materials that are used in the production of coatings products

Pigments, solvents, binders, additives, and white urea are some of the major raw materials used in the production of coatings. The steadily rising cost of raw materials used in the manufacture of coatings goods is likely to hamper South Africa's corrosion protective coatings and acid proof lining market expansion. Some of the key raw ingredients utilized in the creation of coatings include pigments, solvents, binders, additives, and white urea.

Market Trends

The growing trend of eco-friendly is encouraging producers to go for bio-based paints and coatings solutions. For these various manufacturers are launching and also promoting the user to use eco-friendly paints in order to maintain environmental sustainability. Rising such efforts from governments and manufacturers are projected to foster the market growth of the South Africa corrosion protective coatings & acid proof lining during the foreseeable timeframe.

South Africa Corrosion Protective Coatings & Acid Proof Lining Market Share (%) in terms of Value, By End use, in 2022

On the basis of end-use in 2022, the mining & metallurgy segment has accounted for the largest market share of 37.2% in terms of value, followed by others and the power generation segment respectively.

Figure 1: Renewable Methanol Market, By End use, in 2022

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South Africa Corrosion Protective Coatings and Acid Proof Lining Market: Recent Developments

• On February 16, 2023, Steuler the company which specializes in industrial linings and designs plants for environmental and pickling technology around the globe acquired the British company Ancorite. The subsidiary company deals with floor coatings, linings, and pipes made of glass fiber-reinforced plastics. This agreement will eventually boost the Corrosion Protective Coatings and Acid Proof Lining Market.
• On 26 May 2022: Jotun Group (Norway) a company involved in coatings manufacturers, combining the best quality with constant innovation and creativity. and Med Investment Holding Spa (Algeria) a local equity ethical investor concluded and executed a partnership agreement for producing Jotun paint and coatings in Algeria through a joint venture with Technover P. The joint venture will produce Jotun decorative paints and protective coatings to international standards in a newly built.
• On 5 November 2021, SGS France extended its good laboratory practice (GLP) capabilities at its Saint-Etienne-du-Rouvray GLP test site. This will now provide a turnkey service for developing new pesticides, for biocides homologation and for renewal approval.

South Africa Corrosion Protective Coatings and Acid Proof Lining Market: Key Companies

Key players active in the South Africa Corrosion Protective Coatings and Acid Proof Lining market are BASF SE, Akzo Nobel N.V., Jotun A/S, E. I. du Pont de Nemours and Company, Steuler KCH GmbH, The Weir Group PLC., SGS South Africa (Pty) Ltd., Corrocoat SA (Pty) Ltd, Ferro South Africa (Pty) Ltd, Flowcrete SA (PTY) Ltd, REMA TIP TOP South Africa, and Dunlop Industrial Products Pty Ltd

*Definition: Corrosion protective coating is a coating material that is used on the surface to make it suitable to withstand harsh environmental factors. The acid proof lining improves the mechanical reliability, robustness, thermal shock, provide resistance against abrasion, and high impact on the metallic body. Acid proof lining is categorized into the thermoplastic lining, tile lining, and ceramic & carbon brick lining. Moreover, it also protects the walls, process vessels, and instruments used in various industrial operations.