Corrosion protective coatings increases the ability of the materials to withstand the harsh environmental conditions that can cause corrosion. These coatings restrict the corrosion processes by creating a barrier between the surface and the environmental factors. Acid proof lining enhances the mechanical and thermal resistance, and also offer resistance to mixtures, solvents, and acids. These are durable, and increases the service life of the product. Acid lining is used in power generation, chemicals, pharmaceuticals, water treatment & processing, and metallurgy.
MENA corrosion protective coatings & acid proof lining market is expected to surpass US$ 4,513.4 Mn by 2030.
MENA Corrosion Protective Coatings & Acid Proof Lining Market: Drivers
Growing marine industry in thia region is expected to drive the MENA corrosion protective coatings & acid proof lining market growth due to increasing maritime activities such as shipping and offshore repair. Marine industry growth is majorly experienced across countries Saudi Arabia, UAE, Oman, and Qatar. Moreover, growing public and private investments in the in the development of marine and port infrastructure is also anticipated to augment the market growth.
MENA Corrosion Protective Coatings & Acid Proof Lining Market: Opportunities
Growing oil & gas industry in the MENA region is expected to offer major growth opportunities to the market of corrosion protective coatings & acid proof lining due to risinginvestment in the oil & gas sector. According to the IMF, Saudi Arabia is likely to be one of the world’s fastest-growing economies this year as sweeping pro-business reforms and a sharp rise in oil prices and production power recovery from a pandemic-induced recession in 2020. Gross domestic product is expected to increase by 7.6%, fastest growth in almost a decade.
MENA Corrosion Protective Coatings & Acid Proof Lining Market: Restraints
Availability of the other corrosion coatings solution such as hard and soft rubber lining systems is expected to hamper the market growth. Hard and soft rubber lining systems are gaining traction in the MENA market, and are considered as an ideal substitute of the acid proof linings.
MENA Corrosion Protective Coatings & Acid Proof Lining Market- Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 outbreak had an adverse impact on various industries around the globe. Due to the strict rules and regulations by government to curb the spread of the infection, companies functioned remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Various companies had shutdowns their manufacturing units that had an adverse impact on MENA corrosion protective coatings & acid proof lining market.
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Key Takeaways:
- MENA corrosion protective coatings & acid proof lining market was valued at US$ 2,583.7 Mn in 2022, and is estimated to reach a value of US$ 4,513.4 Mn by 2030, exhibiting a CAGR of 7.2% between 2023 and 2030
- Growing oil & gas exploration activities in the gulf countries is expected to offer lucrative opportunities to the market of corrosion protective coatings & acid proof lining over the forecast period.
MENA Corrosion Protective Coatings & Acid Proof Lining Market: Trends
Growing demand for self-healing coatings based on Nano containers is expected to drive the market growth. These coatings offer effective maintenance of the metal surface especially in the crude oil extraction process. Therefore, growing demand for self-healing coatings based on nano containers is expected to drive the market growth over the forecast period.
Partnership and agreements by major players is a major trend in the market, and this trend is expected to accelerate the market growth. For instance, in March 2023, Eco-friendly rubber walkway in Dohat Arad, Muharraq park was inaugurated. The majority of the materials used in the 1500 meter long rubber walkway in dohat Arad are ecologically friendly materials that adhere to standards that are safe for environment and offer every safety measure.
MENA Corrosion Protective Coatings & Acid Proof Lining Market: Key Developments
- On September 08, 2021, Ashland Global Holdings, Inc. has established a renewable annual trust for ongoing and future environmental remediation and related litigation. The initiative follows Ashland’s announcement in February 2021 to align its operations with the aim of the Paris Climate Accord to limit global temperature rise to 1.5°C above preindustrial levels. Ashland also became a signatory to the United Nations Global Compact, and is making the UN principles part of the company’s business strategy, culture and day-to-day operations.
- On September 03, 2021, Ashland Global Holdings, Inc. announced that it had entered into an uncollared accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association, to repurchase an aggregate of US$ 450 million of Ashland common stock, with an initial delivery of approximately 3.9 million shares. The program is subject to the US$ 1 billion share repurchase program authorized by Ashland Board of Directors
- On August 31, 2021, Ashland announced that its wholly owned subsidiary named Ashland LLC had signed a definitive agreement to sell its performance adhesives business to Arkema in an all-cash transaction valued at approximately US$ 1.65 billion. The transaction is expected to close by the end of calendar year 2021.
MENA Corrosion Protective Coatings & Acid Proof Lining Market: Competitive Section
- Hajjan Trading & Industrial Services Company Ltd. (HATCON)
- KCC Corrosion Control Co. Ltd.
- Al-sabaiea National Gen. Cont. & Gen. Trad. Co.
- Rezayat Protective Coating Company Ltd.
- Bahrain Rubber Company W.L.L.
- Anticorrosion Protective Systems L.L.C.
- Al Gurg Paints LLC.
- DicoTech Limited
- REMA Tip Top AG (Tip Top Oberflächenschutz Elbe GmbH)
- General Industries Co. Ltd
- FABA Commercial Services W.L.L.
- Ashland
