MENA Corrosion Protective Coatings & Acid Proof Lining Market is expected to surpass US$ 3,464.07 Mn by the end of 2028 - Coherent Market Insights

Definition of Market/Industry:

Corrosion protective coatings increase the ability of the materials to withstand the harsh environmental conditions which can cause corrosion. These coatings restrict the corrosion processes by creating a barrier between the surface and the environmental factors. Acid proof lining enhances the mechanical and thermal resistance and also offer resistance to mixtures, solvents, and acids. They are durable and increase the service life of the product. Acid lining find applications across power generation, chemicals, pharmaceuticals, water treatment & processing, and metallurgy.

Market Statistics:

The MENA Corrosion Protective Coatings & Acid Proof Lining market is expected to surpass US$ 3,464.07 Mn in terms of value by the end of 2028.

Drivers:

Expanding marine industry in the region is projected to foster the market growth of the MENA corrosion protective coatings & acid proof lining. This is attributed to the rise in maritime activities such as shipping and offshore repair. Marine industry growth is majorly experienced across countries Saudi Arabia, UAE, Oman, and Qatar. Moreover, growing public and private investments in the in the development of marine and port infrastructure is also anticipated to augment the market growth of the MENA corrosion protective coatings & acid proof lining.

Market Opportunities

Robust growth in the oil &gas industry in the MENA region is projected to serve major growth opportunities to the market of corrosion protective coatings & acid proof lining. This is attributed to the rise in investment in the oil &gas sector. According to the PIPELINE OIL AND GAS, oil spend is expected to rise by nine percent year-on-year to $56 billion in the Middle East with expansionary projects such as Safaniyah, Marjan, and Zuluf in Saudi Arabia in 2019. Moreover, Zohr gas production is set to grow from 2 billion cubic feet per day (CFD) to 3 billion CFD in 2019 as stage 2 wells and gas processing modules are commissioned.

MENA Corrosion Protective Coatings & Acid Proof Lining Market: Recent Developments

• On Sept. 08, 2021, Ashland Global Holdings, Inc. has established a renewable annual trust for ongoing and future environmental remediation and related litigation. The initiative follows Ashland’s announcement in February to align its operations with the ambitious aim of the Paris Climate Accord to limit global temperature rise to 1.5°C above preindustrial levels. At that time, Ashland also became a signatory to the United Nations Global Compact and is making the UN principles part of the company’s business strategy, culture and day-to-day operations.
• On Sept. 03, 2021 Ashland Global Holdings, Inc.  announced that it has entered into an uncollared accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association, to repurchase an aggregate of $450 million of Ashland common stock, with an initial delivery of approximately 3.9 million shares. The program is subject to the $1 billion share repurchase program authorized by Ashland Board of Directors on March 15, 2018 from which $800 million is outstanding.
• On Aug. 31, 2021 Ashland announced today that its wholly owned subsidiary, Ashland LLC, has signed a definitive agreement to sell its performance adhesives business to Arkema in an all-cash transaction valued at approximately $1.65 billion or 20 times LTM EBITDA. The transaction is expected to close by the end of calendar year 2021, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.

Market Restraints

Availability of the other corrosion coatings solution such as hard and soft rubber lining systems is expected to negatively affect the market growth. Hard and soft rubber lining systems are gaining traction in the MENA market and are considered as an ideal substitute of the acid proof linings. Thus, the availability of the substitutes is projected to hinder the market growth.

MENA Corrosion Protective Coatings & Acid Proof Lining Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on MENA Corrosion Protective Coatings & Acid Proof Lining market.

Key Takeaways:

• The MENA Corrosion Protective Coatings & Acid Proof Lining market was valued at US$ 2,330.5 Mn in 2020 and is forecast to reach a value of US$ 3,464.07Mn by 2028 at a CAGR of 5.1% between 2021 and 2028.
• The Oil & Gas Industry segment was valued US$ 932.21 Mn in 2020 and is expected to witness a CAGR of 5.9 % over the forecast period. Growth in the oil & gas exploration activities in the gulf countries is expected to represent lucrative opportunities to the market of corrosion protective coatings & acid proof lining over the foreseeable time period.

Market Trends

Growing demand for self-healing coatings based on Nano containers is expected to foster the market growth of the MENA corrosion protective coatings & acid proof lining. These coatings offer effective maintenance of the metal surface especially in the crude oil extraction process. Therefore, the growing demand for self-healing coatings based on Nano containers is expected to augment the market growth over the forecast timeframe.

Partnership and agreements by major players are a major trend in the market and this trend is expected to accelerate the market growth of the MENA corrosion protective coatings & acid proof lining. For instance, in November 2018, Unique Group has entered into a cooperation agreement with offshore corrosion control company Deepwater Corrosion Services Inc. As part of the agreement, Unique Group will offer Deepwater’s technologically advanced corrosion control solutions to the Middle East Market.

Competitive Section:

Company Names 

1. Hajjan Trading & Industrial Services Company Ltd. (HATCON
2. KCC Corrosion Control Co. Ltd.
3. Al-sabaiea National Gen. Cont. & Gen. Trd. Co.
4. Rezayat Protective Coating Company Ltd.
5. Bahrain Rubber Company W.L.L.
6. Anticorrosion Protective Systems L.L.C.
7. Al Gurg Paints LLC.
8. DicoTech Limited
9. REMA TIP TOP AG (TIP TOP Oberflächenschutz Elbe GmbH)
10. General Industries Co. Ltd
11. FABA Commercial Services W.L.L.