New Product Launches and Expansions are Key Strategies Adopted by Leading Players in the global Anti-Corrosion Coating Market.
The global anti-corrosion coating market is estimated to be USD 24.84 Billion in 2017 and is projected to reach USD 31.73 Billion by 2022, at a CAGR of 5.0% from 2017 to 2022. This market has been segmented on the basis of type, technology, end-use industry, and region. New product launches and expansions are key growth strategies adopted by leading players to strengthen their positions in the global anti-corrosion coating market. The maximum number of strategic developments between 2014 and 2017 took place in North America, followed by Europe and Asia Pacific.
Key players operating in the global anti-corrosion coating market are AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan).
PPG Industries, Inc. is a key player in the global anti-corrosion coating market. The company has been focusing on new product launches and expansions as a part of its strategic development activities. The company offers anti-corrosion coating products based on epoxy, zinc, alkyd, and acrylic. It is also involved in R&D activities to develop high-performance coatings for various applications. For instance, in May 2014, the company launched MBE-200 2.1 VOC Epoxy Primer, which is the latest version of premium commercial performance coatings. In January 2017, the company expanded its high-performance waterborne and high-solids coatings production line in the Anhui Province, China. This development strategy helped the company expand its automotive coatings business in China.
AkzoNobel N.V. is another key manufacturer of anti-corrosion coatings. The company has been focusing on new product launches to strengthen its market position. The product portfolio of the company includes anti-corrosion coatings based on epoxy, acrylic, alkyd, and polyurethane. For instance, in July 2017, the company launched a new multi-purpose Interstores Alkyd Primer that is used in the marine industry. This development strategy helped the company widen its customer base and enhance its market share.
Related Reports:
Anti-Corrosion Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Industrial, Infrastructure, and Power Generation) - Global Forecast to 2022
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