HOME › Research Insight › New Product Launches and Expansions are the Key Strategies Adopted by the Leading Players of the Global Anti-Corrosion Coating Market
New Product Launches and Expansions are the Key Strategies Adopted by the Leading Players of the Global Anti-Corrosion Coating Market
The global market size of anti-corrosion coating was USD 22.45 Billion in 2015 and is projected to reach USD 30.04 Billion by 2021, registering a CAGR of 5.1% between 2016 and 2021. New product launches, expansions, and contracts & agreements are the strategies adopted by the key players to strengthen their foothold in the global anti-corrosion coating market. The maximum number of strategic developments undertaken between 2011 and 2016 took place in Europe, followed by North America and South America.
Market players are concentrating on developing new variants of anti-corrosion coating with better performance qualities and according to the evolving environmental regulations. The anti-corrosion coating producers are focusing on developing new technologies and product developments. The industry has observed a shift from from the production of solvent borne coatings to water borne coatings. The major R&D initiatives are for reducing the harmful VOC emissions in the coatings while maintaining and simultaneously improving upon the quality and performance. The companies are investing in the setting up of new facilities, mainly in emerging regions; they are also trying to increase their global presence to address the growing demand in the emerging markets. All these developments are a reaction to the increasing demand for anti-corrosion coating applications in emerging regions with high development rate.
New product developments have dominated the strategies adopted by the key anti-corrosion coating manufactures in the recent past.PPG Industries (U.S.) and Jotun Coatings (Norway) have been the most active players in the anti-corrosion coating market.
Developing new product variants of anti-corrosion coating has been the most used strategy by the players in the anti-corrosion coating market. Between 2009 and 2014, over 50% of the developments in the market are about the launch of new products.
Further, the leading market players are focusing on collaboration, capacity expansion, and merger & acquisition to create awareness about the benefits of anti-corrosion coating and cater to the customerís needs.
The market leaders have adopted different strategies for the developed and developing countries. In developed countries, the demand is expected to be low as compared to the developing countries. This is due to high per-capita coating consumption in developed countries coupled with financial slump in investments. On the other hand, the emerging regions such as Asia-Pacific and The Middle East & Africa present huge potential for the anti-corrosion coating market as per-capita coating consumption is low.
Therefore, the strategy of the market players is focused on development of new products, expanding production capacities for the growth of the market in developed countries and to penetrate the emerging markets.
Anti-Corrosion Coating Market by Type (Epoxy, Polyurethane, Zinc, Alkyd, Acrylic), Technology (Solvent, Water, Powder), and End-Use (Marine, Oil & Gas, Power Generation, Industrial, Infrastructure, Automotive) - Global Trends & Forecasts to 2019
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252