Anticorrosion Coatings Market - Forecast
Anticorrosion Coatings Market size is forecast to reach $ 23,263.19 million by 2025, after growing at a CAGR of 5.54% during 2020-2025. Major factors driving anticorrosion coatings demand include growth in a construction project, expansion of oil and gas activities in the Asia Pacific and North America, and growth in automotive production. According to OICA in 2018, global light commercial vehicle production increased from 19,482,394 to 20, 635,799 i.e., 5.9% higher from 2017. Asia Pacific road projects such as the Bharathmala project, in India, and the ongoing Belt and Road project, in China, are also increasing the consumption of anti-corrosion coatings. Furthermore, increasing government regulations on VOC emission is creating a need to develop coatings with low VOC emission and enhanced corrosion properties which are expected to influence the global anti-corrosion coatings market growth in the coming year. However, fluctuation in raw materials prices is expected to hinder ma...