Corrosion Protective Coatings Market Analysis
Corrosion Protective Coatings Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Corrosion is a natural process, which converts a refined metal to a chemically stable state namely sulfide, oxide, or hydroxide. It is a gradual decay of metal by chemical or electrochemical reaction with the environment. Corrosion damage is massive and it can cause impairment of the metal function, losing its operational capability. Corrosion mainly occurs due to environmental conditions such as soil, air, and water. Corrosion protection is necessary, which minimizes the occurrence of repetitive maintenance. Corrosion protective coatings are used to avoid the degradation of metal due to environmental exposure, oxidation, moist air, and more. The corrosion protective coatings add a layer to inhibit contact between metal surfaces and chemicals. The most common method is the protective coating, which finds application in various industries.
Global corrosion protective coatings market size is projected to expand significantly and expected to register a CAGR of 7.45% during the forecast period (2019-2027). Growing demand for corrosion protective coatings from naval and ship sector, due to rising investment in ship repairing industries is expected to boost the market growth during the forecast period. Furthermore, growing demand from the oil and gas industry, owing to vast technical systems in the companies that require timely maintenance measure is expected to drive growth of the market in the near future. Moreover, rising use of protective coatings in the steel industry is expected to increase the demand for corrosion protective coatings, which in turn will propel the market growth in the near future. Epoxy-based paintings are also expected to exhibit significant growth, which in turn increases the demand for corrosion protective coatings and thereby drive growth of the market during the forecast period.
However, rising concerns regarding toxic nature of corrosion protective coatings chemicals are expected to restrain growth of global corrosion protective coatings market during the forecast period.
Market Regional Analysis
Asia Pacific is projected to account for major market share in global corrosion protective coatings market during the forecast period. This is owing to increasing demand for end-use industries such as oil & gas from emerging countries such as India. North America is also expected to witness significant market growth during the forecast period, owing to growing adoption of corrosion protective coatings in the region. The U.S. is projected to be the major contributor to the region. Europe and rest of the world (ROW) are expected to witness significant market growth during the forecast period.
Key players operating in the global corrosion protective coatings market are Metal Coatings Corporation, 3M, Daubert Chemical Company, AnCatt, Plasma Coating Products Arcoy Industries Pvt., Flosil Chemicals, Kaefer, and Carboline.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to: