VALLEY COTTAGE, N.Y., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) delivers key insights on the global corrosion protective coatings & acid proof lining market in its latest report titled, “Corrosion Protective Coatings & Acid Proof Lining Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025”. The global corrosion protective coatings and acid proof lining market is projected to register a healthy CAGR of 6.2% in terms of value during the forecast period (2015-2025). This mainly attributed to various factors, regarding which FMI offers detailed insights in its report.
On the basis of end-use industry, the global corrosion protective coatings & acid proof lining market has been segmented into marine, oil & gas, power generation, construction, automotive, transportation, chemicals, mining & metallurgy and others. Marine segment accounted for over 21.0% value share of the market in 2014 and is expected to register a CAGR of 5.7% over the forecast period. However, in terms of value, construction industry segment is projected to be dominant by 2025.
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On the basis of product type, the corrosion protective coatings market is segmented into polymer coatings and rubber lining systems, while the acid proof lining market is segmented into ceramic & carbon brick lining, tile lining and thermoplastic lining. In the overall corrosion protective coatings market in 2014, polymer coatings segment accounted for a value share of more than 60% which is projected to increase to by 2025. In the global acid proof lining market, ceramic & carbon brick lining segment is projected to exhibit the highest growth rate of 5.5% over the forecast period.
On the basis of technology, the global corrosion protective coatings market is segmented into solvent-borne, waterborne and powder-based technology. Among these, waterborne technology segment is expected to exhibit the highest growth of 5.7% over the forecast period.
Growth of the global corrosion protective coatings & acid proof lining market is mainly driven by rising demand from various end-use industries, developments in coating technologies, strengthening global economies and low competitive pressure due to fast-growing demands. Other trends driving growth include a rising shift from solvent-borne technology to waterborne technology and increasing investments by key players in developing regions.
This report covers trends driving each segment and respective sub-segments and offers analysis of and insights on the potential of the corrosion protective coatings & acid proof lining market in specific regions. Asia Pacific dominated the global corrosion protective coatings & acid proof lining market with over 36.3% market share in 2014, and is anticipated to remain dominant by 2025, followed by North America and Western Europe. Among all regions, Asia Pacific is anticipated to register the highest CAGR over 2015-2025, followed by North America, due to the rapid growth of various end-use industries in these regions.
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Key players in the global corrosion protective coatings & acid proof lining market include BASF Coatings GmbH, PPG Industries Inc. and The Sherwin Williams Company. Major participants are focusing on R&D activities to provide innovative and environment-friendly products to attain sustainability. In addition, these key players are also focusing on expansion and strategic acquisitions to strengthen their product portfolio.
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Source: Future Market Insights