High Build Rust Stabilizer with Reinforced Glass Flake Coating Market Projected to Gain Significant Value by 2030

 High Build Rust Stabilizer with Reinforced Glass Flake Coating Market: Introduction

Transparency Market Research delivers key insights on the global high build rust stabilizer with reinforced glass flake coating market. In terms of revenue, the global high build rust stabilizer with reinforced glass flake coating market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global high build rust stabilizer with reinforced glass flake coating market.

The global high build rust stabilizer with reinforced glass flake coating market is broadly affected by several factors, including rise in usage of high build rust stabilizer with reinforced glass flake coating in the marine & shipping sector. Thus, expanding applications of high build rust stabilizer with reinforced glass flake coating in different sectors are propelling the global high build rust stabilizer with reinforced glass flake coating market.

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High Build Rust Stabilizer with Reinforced Glass Flake Coating Market: Dynamics

High build rust stabilizer with reinforced glass flake coating is one of the specialized versions of anti-corrosion coatings. Multiple layers of glass flakes in the film give enhanced performance to the strong epoxy resin. Refineries make up the downstream segment of the petroleum industry, where corrosion resistance is necessary to prevent costly equipment damage and facility downtime. In this segment, we have included coatings used in pipelines and cracking units of a refinery.

China is the largest market for coatings in the world. It also leads in dry docks and dry docking activities. Thus, demand for high build rust stabilizer with reinforced glass flake coating is high in the country. Rise in awareness about the hull and propeller performance is boosting the high build rust stabilizer with reinforced glass flake coating market in China.

Repair and maintenance costs in the oil & gas sector have reached an all-time high over the last few years due to high amount of corrosion. Furthermore, natural gas production has also increased. Growth in the oil & gas industry is anticipated to drive the demand for high-performance anti-corrosion coatings in the next few years. Rapid growth in the oil & gas industry in key regions such as Asia Pacific, Middle East & Africa, Latin America, and eastern parts of Europe is anticipated to increase the usage of drilling equipment in the near future. This trend is likely to boost the global oil & gas drilling equipment market during the forecast period.

Oil & gas drilling equipment requires protective coating systems and technologies that help maintain the longevity and reliability of drilling equipment. This, in turn, is expected to boost the consumption of high build rust stabilizer with reinforced glass flake coating during the forecast period.

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High Build Rust Stabilizer with Reinforced Glass Flake Coating Market: Prominent Regions

Asia Pacific dominated the global high build rust stabilizer with reinforced glass flake coating market with 60.5% share in 2019. This trend is anticipated to continue during the forecast period. Increase in oil & gas exploration activities in Asia Pacific is boosting the demand for high build rust stabilizer with reinforced glass flake coating in the region. The high build rust stabilizer with reinforced glass flake coating market in Europe is estimated to expand at a healthy CAGR during the forecast period due to growth in the marine sector in the region.

High Build Rust Stabilizer with Reinforced Glass Flake Coating Market: Key Players

The global high build rust stabilizer with reinforced glass flake coating market is consolidated in nature. Currently, the market is expanding and key players are focusing on research and development activities. Companies operating in the high build rust stabilizer with reinforced glass flake coating market are investing to expand their product portfolios as well as distribution networks. They have adopted strategies such as mergers and acquisitions, development of new products, joint ventures, and expansions to meet the increasing demand for coatings from different countries across the world.

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Akzo Nobel N.V. accounted for 24.2% share of the market in 2019. Its major share is primarily attributable to its constant efforts toward technological innovations in order to attain low processing costs and high-quality products.

Other companies operating in this market are Jotun A/S, Hempel A/S, Nippon Paint Holdings Co., Ltd., and The Sherwin-Williams Company, which hold the combined market share of 75.8%. Majority of the market is covered by regional small-scale companies whose lower price impact the sales of multinational corporations.