Australia Corrosion Protective Coatings And Acid Proof Lining Market Size and Trends

Australia Corrosion Protective Coatings And Acid Proof Lining MarketSize and Trends

Australia Corrosion Protective Coatings and Acid Proof Lining market was valued at US$ 970.3 Mn in 2022 and is expected to exhibit a CAGR of 5.01%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 1,434.7 Mn by 2030. Corrosion protective coatings (CPC) is used to prevent the corrosion of metal caused by various environmental factors. This coating avoids exposure to moisture or other foreign particles present in the atmosphere. The acid-proof layer is used to offer robustness and mechanical integrity to the instrument and metal components that are used across various manufacturing industries. It protects the walls, process vessels, and equipment used in numerous industrial operations.

Australia Corrosion Protective Coatings and Acid Proof Lining Market Report Coverage

Australia Corrosion Protective Coatings and Acid Proof Lining Market: Growth Drivers

Demand for protective coatings industrial sector

The booming metal and mining industry in Australia is a prime factor propelling the market growth of corrosion protective coatings (CPC) & acid proof lining (APL). The government is investing heavily in order to promote research and development activity in the mining industry is another major factor fueling the market growth. Growth of the economy in Australia has raised the demand for protective coatings which has broad usage in industrial sectors. The gross domestic product (GDP) of Australia is projected to exhibit a growing trend over the forecast period expected to show promising growth in the market. In 2020, Australia was the world’s largest coal exporter based on energy content and the second-largest exporter based on weight, behind Indonesia. It was also the largest exporter of LNG in the world that year. Moreover, a growing number of industries such as manufacturing, mining, construction, utilities, etc. in the region as these industries are major consumers of protective coating & acid proof lining is further projected to propel the market growth over the forecast period.

Australia Corrosion Protective Coatings and Acid Proof Lining Market: Market Segmentation

On the basis of end use, Australia corrosion protective coatings and acid proof lining market is segmented into marine, oil & gas, power generation, transportation, chemicals, mining & metallurgy, water treatment, and others. Increasing demand for industrial coatings in the oil and gas segment is likely to dominate the market within the country. Due to their anti-corrosion, heat-resistant, abrasion-resistant, and fire-resistant qualities, protective coatings are used in oil and gas industry pipelines and equipment for both the downstream and midstream segments to transfer oil and gas. Protective coatings offer a practical answer to a variety of corrosion problems in the oil and gas sector, including those affecting drilling, wellhead, and subsea equipment. To protect these assets, millions of pounds of paint are used. Equipment for the production of oil and gas downstream must perform well in conditions of high pressure, agitation, and temperature. Additionally, they must have improved resistance to chemical and corrosion attacks. Industrial coatings offer defense against pressure and temperature extremes and corrosion.

Figure 1. Australia Corrosion Protective Coatings And Acid Proof Lining Market, By End Use, 2022