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Corrosion resistance coatings to lead the MRO Protective Coatings Market.
The corrosion resistance coatings is estimated to be the dominant segment in the MRO protective coatings market. In many sectors, corrosion is viewed as one of the major issues. The underlying piping or equipment, insulation devices, or jacketing may all be targets of corrosion. Corrosion can result in significant financial losses and directly jeopardize both the safety of public property and human life. The World Corrosion Organization estimates that corrosion costs the world economy USD 2.2 trillion annually and that corrosion under insulation accounts for around 50% of pipe maintenance expenses.
Governments across the world have recently enacted strict restrictions regarding the operation and safety of plants. Many industries, including oil & gas, petrochemicals, chemicals, and energy, among others, focused their efforts on minimizing corrosion-related losses in order to maintain maximum plant and labor safety. As a result, corrosion protection coatings are frequently used in a variety of industries to ensure the highest level of corrosion protection, which will support the market’s expansion.
Marine segment accounts for the largest market share in the global MRO protective coatings market during the forecasted period in terms of value
The marine & shipping industry has widely accepted this protection practice with the cost included in the process. The IMO (International Maritime Organization) set out the coating standards (IMO Resolution MSC. 215(82); IMO Resolution MSC. 288(87)) and are mandatory, known as the IMO’s Performance Standards for Protective Coatings (IMO PSPC), for all ships’ ballast tanks and crude-oil tanks. The IMO PSPC is expected to achieve a 15-year target coating life over which the coating system is intended to remain in “good” condition. The IMO PSPC practice has influenced the wider adoption of better coating systems with reduced maintenance and promoted better coating practices and technologies in shipyards.
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APAC is expected to account for the largest market share in the MRO protective coatings market during the forecast period.
Asia Pacific is the fastest-growing MRO protective coatings market globally. This is mainly attributed to the presence of raw material suppliers in the MRO protective coatings market, economic development, followed by heavy investment across industries such as petrochemical, oil & gas, infrastructure, power generation, and industrial. Asia Pacific is the most promising market and is expected to be the same in the future. Additionally, global manufacturers are shifting their production facilities to Asia Pacific to take advantage of the low labor cost and cater to the demand in the local market.
The major players active in the market are The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Henkel (Netherlands), BASF SE (Germany), H.B. Fuller (US), PPG Industries US), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (UK), Axalta Coatings Systems (US), and Hempel A/S (Denmark). These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the MRO protective coatings market.
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