International.
The size of the global anticorrosives market is projected to reach US$30.04 billion by 2021, recording a CAGR of 5.1% between 2016 and 2021.
The growing marine industry is expected to drive the market during the forecast period. China, Korea, Japan and India are witnessing a high demand for new vessels for both military and commercial purposes. As a result, there are huge investments in the marine sector, especially for military purposes.
Epoxy is the most preferred type of anticorrosive coating due to its properties such as good corrosion protection, water resistance and steel adhesion. Therefore, it feeds the demand.
In 2015, solvent-based technology captured the top share of the total market and is expected to witness a moderate growth rate during the forecast period. The demand for solvent-based is increasing due to its properties, such as excellent locking resistance, shorter drying time and wide applications.
