Global Chemical Resistant Coatings Market to Grow at a CAGR of 5% During 2021-2026Comments Off on Global Chemical Resistant Coatings Market to Grow at a CAGR of 5% During 2021-2026
Global Chemical Resistant Coatings Market Overview
Global Chemical Resistant Coatings Market size is forecast to reach US$8.3 billion by 2026, after growing at a CAGR of 5% during 2021-2026. Chemical resistant coatings are designed to protect against the harshest of chemicals. Various types of chemical resistant coatings such as epoxy, fluoropolymer, ethylene tetrafluoroethylene, and fluorinated ethylene propylene are provided excellent corrosion protection, cost-effectiveness, friction protection, impact resistance, and corrosion-resistant. Due to such properties these coatings are widely used in food & beverages, oil & gas, construction, water treatment, and rubber manufacturing which is growing the chemical resistant coatings market. Chemical-resistant coatings are ideal in low pH levels that can withstand high temperatures and provide long life to the components. In addition, polyvinylidene fluoride is high quality based chemical resistant coatings used for chemical processing applications. Thus, the growing consumption of these coating types for weather protection is estimated to contribute to the chemical-resistant coatings industry growth.
Impact of COVID – 19
Due to COVID-19, the consumption of chemical resistant coatings has been decreased mainly from oil & gas sector. According to the US Energy Information Administration (EIA), Natural gas production from in the U.S. regions fallen by 316 MMcf/d from March to April 2021. Hence, the decreasing demand of coatings is creating a hindrance for the chemical-resistant coatings.
Global Chemical Resistant Coatings Market Segment Analysis – By Technology
Solvent-based held the largest share of the global chemical resistant coatings market in 2020. Solvent-based coatings technology can be applied directly sprayed or brushed for the floor coatings. Solvent-based technology has various properties such as the popularity of stains, sealers, and high-gloss paints, thus; it is widely used in the architectural industry for paints. Hence, owning to aforementioned factors solvent-based technology led the chemical resistant coatings market.
Global Chemical Resistant Coatings Market Segment Analysis – By Coatings Type
Epoxy coatings type dominated the global chemical resistant coatings market in 2020 followed by polyurethane coatings as they offer excellent impact resistance, corrosion resistance, and abrasion resistance. Epoxy coatings offer excellent barrier protection from alkali and caustic solutions, and other harsh chemicals. Additionally, polyurethane coatings are transparent and flexible at low temperature. Polyurethane is a great coating type which make material more durable. Polyurethane has a high load bearing capacity in both tension and compression which makes them ideal for automotive, construction, electronics, and other industries. Hence, due to such properties, these coatings are widely consumed as chemical-resistant coatings.
Read more: Global Chemical Resistant Coatings Market to Grow at a CAGR of 5% During 2021-2026