Australia Corrosion Protective Coatings and Acid Proof Lining Market Revenue is expected to reach US$ 1.1 Bn by 2026
Future Market Insights has announced the addition of the “Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) Market: Australia Industry Analysis and Opportunity Assessment, 2016–2026" report to their offering.
In a new report titled “Corrosion Protective Coatings (CPC) & Acid Proof Lining (APL) Market: Australia Industry Analysis and Opportunity Assessment, 2016–2026”, Future Market Insights studies the performance of the corrosion protection coatings and acid proof lining market in Australia between 2016 and 2026 and throws light on the key drivers, restraints, and trends impacting the market. Sales of corrosion protective coatings in Australia was valued at US$ 653.7 Mn in 2015 and is expected to account for US$ 1.1 Bn by the end of 2026. Sales of acid proof lining was valued at US$ 8.2 Mn in 2015 and is expected to account for US$ 13.4 Mn by the end of 2026. A promising growth of the mining industry and steady economic growth in Australia is likely to boost the corrosion protection coatings and acid proof lining market. Further, a shifting trend towards using waterborne technology and increasing globalisation among players is predicted to fuel the demand for corrosion protective coatings and acid proof lining in major end-use industries.
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Deterioration of functional and mechanical properties of metal owing to corrosion caused by moisture, chemicals, temperature, and several environmental factors propels the demand for corrosion protection coatings and acid proof lining in numerous end-use industries. Corrosion protective coatings are devised to protect structures from degradation caused due to exposure in extreme corrosive environments. By acting as a barrier between the material and the corrosive environment, corrosion protection coatings or linings function as agents that enhance the life of structures by preventing their wear and tear. Acid proof lining is extensively used to provide robustness and mechanical integrity to equipment and components that find application in industrial operations. Acid proof lining protects floors, walls, industrial equipment, and process vessels from the corrosive action of strong acids, alkalis, and water vapour. In addition to several corroding chemicals, acid proof lining helps impart resistance against thermal shock, abrasion, high impact, and mechanical stress.
Enforcement of stringent environmental regulations set by the Australian Paints Approval Scheme (APAS) and other organisations has reduced the usage of anti-corrosion coatings formulated using solvent based technology. This is likely to reduce the demand for solvent based corrosion protective coatings in Australia significantly. Also, fluctuations in raw material prices owing to a volatile oil and gas market is anticipated to adversely impact the growth of the corrosion protective coatings and acid proof lining market in Australia over the forecast period.
The market for corrosion protective coatings and acid proof lining in Australia is likely to witness several key trends in the coming years. Leading market players are focusing on providing sustainable solutions to reduce environmental footprint. This has led to an increasing use of waterborne corrosion protective coatings and thermoplastic linings. There is also a continuous market consolidation – top global companies are engaging in strategic acquisitions and collaborating with domestic players to strengthen their market position.
By end-use industry (Marine Industry, Oil & Gas Industry, Power Generation Industry, Transportation Industry, Chemicals Industry, Mining & Metallurgy Industry, Water Treatment Industry, Others (Automotive, Construction)): The marine industry segment is expected to exhibit a steady growth rate during the forecast period while the chemicals industry segment is expected to witness a moderate growth rate over the forecast period. The marine industry segment is anticipated to expand at a CAGR of 4.3% in terms of value over the forecast period, to account for a market share of 9.1% by 2026. In terms of value, the mining and metallurgy segment is estimated to account for 30.5% share by the end of 2016 while in terms of value, the oil and gas industry segment is expected to account for 13.5% share by 2026. The commencement of several LNG projects is projected to fuel market growth of the oil and gas industry in Australia over the next few years. This in turn, is likely to propel significant demand for corrosion protective coatings and acid proof lining in the oil and gas industry in Australia. The transportation industry segment is estimated to expand at a CAGR of 4.8% over the forecast period to account for 14.9% value share by 2026.
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By product type (Polymer Coatings, Rubber Lining Systems, Acid Proof Lining): In terms of volume, the polymer coatings segment is projected to dominate the corrosion protective coatings and acid proof lining market in Australia throughout the forecast period; while in terms of value, the polymer coating segment is projected to register the fastest growth rate over the forecast period and is estimated to account for the largest share of 70.0% by the end of 2016, which is estimated to increase to 70.5% by the end of 2026. Polymer coatings find extensive adoptability across industries owing to their excellent barrier protection and anti-corrosion properties. This segment is also projected to grow at the highest Y-o-Y rate in the Australia corrosion protective coatings and acid proof lining market over the forecast period. Within the polymer coatings segment, the polyurethane and acrylic sub-segments are projected to drive growth of the overall polymer coatings segment, owing to factors such as environmental sustainability and compatibility with waterborne coatings. The soft rubber lining system also finds industry wide adoption owing to its excellent resistance to corrosive materials and abrasion. In terms of volume, the rubber lining segment was pegged at 44.3‘000 tonne in 2015 and is anticipated to expand at a CAGR of 3.5% over the forecast period to reach 63.8‘000 tonne by the end of 2026.
Key manufacturers operating in the Australia market include Jotun Australia Pty Ltd, Akzo Nobel Australia Pty Ltd, Corrocoat Engineering Pty Ltd, REMA TIP TOP Industrial Australia PTY Ltd, Steuler KCH Australia Pvt Ltd, Covestro Pty Ltd, Townsend Chemicals, Era Polymers Pty Ltd, Metz Specialty Materials Pty Ltd, Kaefer Novacoat Pty Ltd, Weir Minerals Australia Ltd, Denso (Australia) Pty Ltd, Flight Extruded Plastics, Stebbins Australia Pty Ltd, and Rubbertec Australia Pvt Ltd.
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