Emphasis to Reduce Losses Caused Due to Corrosion is All Set to Stimulate the Utilization of Anti-Corrosion Coatings in Various Industry Verticals
Anti-corrosion coatings act as a barrier to hamper the contact between the chemical compounds and the materials. These coatings assist in increasing the life span of metal components. Moreover, anti-corrosion coatings are widely used in oil & gas, automotive, manufacturing, marine and processing industries. Owing to the continuous rise in need for these type of coatings in numerous industry verticals, the market is anticipated to grow in the coming years. Corrosion also has an adverse effect on non-metals. Additionally, stringent government regulations concerning product lifespan also elevated the utilization & demand for these coatings in various industry verticals propelling its market growth.
As per the statistics by NACE International, the annual global cost of corrosion is $2.5 trillion, which approximately equals to 3.4% of world’s overall GDP. Moreover, the failure costs occurred due to corrosion amounts to about $375-$475 billion and by using anti-corrosion coatings, this cost can be reduced to 15-20%. The cost of corrosion annually is over $1.1 Trillion in 2016 in U.S. This has bolstered the growth of anti-corrosion coatings sales and intensified the market growth in that region. Emergence of high performance coatings like multi-functional coatings which provide high corrosion resistance, adhesiveness and more have been raising the demand for anticorrosion coating and is estimated to continue over the forecast period.
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