Corosion protection products market growth forecast at 28.02 billion $ by 2024

According to data published in Grand View Research report, demand for anticorrosive products reached 5821.3 kilotons in 2015 and is expected to increase at 10196.6 kilotonnes by the year 2024. This development is favored by the increasing number of industrial projects in order to reduce maintenance costs by preventing corrosion.

Anticorrosive products for the marine industry and paper industry

China will record an increased in usage of corrosion protection products to prevent corrosion in naval applications and for repairing actions for different segments. Also, India expects significant growth the same industrial sector.

Another factor that favors corrosion products market growth is the need to increase the durability for paper industry equipment, surfaces are exposed to acidic environments.

Increasing demands in emerging economies

In this area, the automotive industry will determine the highest increase. The changes will be seen particularly in Asia Pacific and Latin America, where corrosion protection products are used for different metal applications. It will also increase the number of projects that are based on water-resistant products.

Other topics presented in the report

·         Applications corrosive products in the industrial sector will record an annual growth rate of 6.8% in the period 2016-2024.

·         Epoxies held the largest market share, being used in several industrial sectors: construction, automotive, oil and gas etc.

·         Asia Pacific has covered 40% of the total market in 2015 anticorrosion products.

If you are doing a research in corrosion protection methods, you can see is a complete version of the report by clicking here.

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