Global Anti Corrosion Coatings Market

Global Anti Corrosion Coatings Market Size, Share, Growth Analysis, By Product(Epoxy, Polyurethane), By Method(Solvent-based, Water-based), By End-User(Oil & Gas, Shipbuilding) - Industry Forecast 2023-2030


Report ID: SQMIG15A2266 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 98 | Figures: 79

Global Anti Corrosion Coatings Market Insights

Anti Corrosion Coatings Market size was valued at USD 30.91 billion in 2021 and is poised to grow from USD 32.56 billion in 2022 to USD 49.69 billion by 2030, growing at a CAGR of 5.21% in the forecast period (2023-2030).

Anti-corrosion coating slows or prevents electrochemical processes that degrade the structural integrity of metals and alter their corrosion-induced appearance. Because of their anti-corrosion coating properties, they are relevant to a wide range of end-user sectors, including marine, oil and gas, industrial, construction, energy (power plants, solar, wind turbines), automotive, and others. Furthermore, the study contains a full overview of the various anti-corrosion coating technologies. Technologies such as solvent-borne, water-borne, powder anti-corrosion coating, and high-energy cure coating are frequently employed.

The global anti-corrosion coating market is predicted to develop profitably over the forecast period, owing to factors such as increased steel demand in the construction and automotive industries. Furthermore, increased offshore expansion, a developing maritime sector in Asia-Pacific and North America, and infrastructure upgrades in various areas drive worldwide demand for anti-corrosion coating throughout the anticipated period. However, the hazards have also resulted in a rise in government restrictions, which has stifled the spread of anti-corrosion coatings. Furthermore, research and development to generate bio-based anti-corrosion coatings are likely to present the market with attractive potential prospects.

US Anti Corrosion Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 30.91 billion

Largest Segment

Solvent-based

Fastest Growth

Solvent-based

Growth Rate

5.21% CAGR

Global Anti Corrosion Coatings Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Anti Corrosion Coatings Market Size by Method, 2022-2028 ($ Bn)
Global Anti Corrosion Coatings Market Size by Method, 2022-2028 (%)

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Global Anti Corrosion Coatings Market Segmental Analysis

The Global Anti Corrosion Coatings Market is segmented based on Product, Method, End-User, and Region. Based on Product, the Global Anti Corrosion Coatings Market is segmented as Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated rubber, and Others. Based on Method, the Global Anti Corrosion Coatings Market is segmented as Solvent-based, Water-based, and Powder. Based on the End-User, the Global Anti Corrosion Coatings Market is segmented as Oil & Gas, Shipbuilding, Infrastructure, Industrial markets, Energy, Transport, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Anti Corrosion Coatings Market Analysis by Product

Due to increased demand for epoxy coatings from the oil and gas, marine, and infrastructure industries, epoxy accounted for the largest anti-corrosion coatings market share in 2019. The mechanical qualities of an epoxy-based anti-corrosion coating are robust, with high abrasion, high water resistance, and high temperature and chemical resistance. Because of these qualities, it is useful for chemical industries such as fertilizers, paper and pulp, textiles, and food. The ecologically friendly reformulation of epoxy using water as a solvent is predicted to provide significant opportunities for competitors in the anti-corrosion coating business. These reasons are projected to fuel the forecast demand for epoxy anti-corrosion coating.

Anti Corrosion Coatings Market Analysis by Technology

During the projected period, the solvent-borne sector is likely to lead the worldwide market for anti-corrosion coating. Solvent-borne formulations are increasingly being employed in automobile coatings, industrial coatings, and ink printing. As a result, the increasing usage of solvent-borne technology for the manufacturing of anti-corrosion coatings is likely to fuel the solvent-borne technology segment's growth. Solvent decreases viscosity, allowing the coating to be applied. These solvents contain significant levels of volatile organic compounds (VOC), which are a major source of concern for the environment. To minimize VOC emissions, waterborne, powder coating, high energy cure, and nano-coating technologies are being offered.

 

Global Anti Corrosion Coatings Market Share By Method, 2021 (%), 2021 (%)

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Global Anti Corrosion Coatings Market Regional Insights

In 2019, Asia Pacific led the market, accounting for more than 36% of worldwide sales. This large percentage might be attributed to increased demand for Electric Vehicles (EVs) in nations like China, India, and Japan. Over the projected period, the expansion of the construction sector in emerging nations such as Brazil, China, India, and Mexico is likely to increase product demand for components such as insulation, fixtures, structural lumber, windows, fences, and others. Demand for anti-corrosion coatings in the building & construction market may be ascribed to growing foreign investment in these nations' construction industries as a consequence of an increase in the number of redevelopment projects of public and industrial infrastructure. In terms of revenue, Europe comes next. The rise of the primary application areas, such as oil and gas and marine applications, is driving the regional market.

 

Global Anti Corrosion Coatings Market By Geography, 2022 - 2028, 2023-2030
  • Largest
  • Fastest

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Global Anti Corrosion Coatings Market Dynamics

Anti Corrosion Coatings Market Driver

High demand for marine coating

  • These coatings shield the surface against corrosion, impact, and abrasion. The Asia-Pacific marine coatings market is driven by high demand for marine coatings, particularly as China emerges as a significant participant in the shipbuilding sector. Energy will see maximum earnings in the next years. Furthermore, as the population has grown, so has the need for power.

Anti Corrosion Coatings Market Restraint

Fluctuating raw material costs

  • One of the primary issues limiting the growth of the worldwide anti-corrosion coating market is changing raw material costs. The bulk of raw ingredients used to make anti-corrosion coatings is obtained from petroleum. Crude oil price fluctuations affect the cost of raw ingredients used in the creation of anti-corrosion coatings, such as acrylic, epoxies, polyurethanes, and alkyds.

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Global Anti Corrosion Coatings Market Competitive Landscape

The Global Anti Corrosion Coatings market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.

Anti Corrosion Coatings Market Top Player's Company Profiles

  • AkzoNobel N.V.
  • PPG Industries, Inc.
  • The Sherwin-Williams Company
  • Jotun A/S
  • Hempel A/S
  • Kansai Paint Co., Ltd.
  • BASF SE
  • RPM International Inc.
  • Axalta Coating Systems LLC
  • Nippon Paint Holdings Co., Ltd.
  • Chugoku Marine Paints, Ltd.
  • 3M Company
  • Carboline Company
  • AICA Kogyo Co., Ltd.
  • Wacker Chemie AG
  • KCC Corporation
  • Teknos Group Oy
  • Valspar Corporation
  • Tnemec Company, Inc.
  • Arkema S.A.

Anti Corrosion Coatings Market Recent Developments

  • PPG stated in April 2022 that it would mark 300 years of business in the Netherlands, as well as the anniversary of the SIGMA COATINGS trademark, one of Europe's most well-known architectural coatings brands.
  • In April 2022, PPG announced the completion of its acquisition of Arsonsisi, a powder coatings manufacturing subsidiary based in Milan, Italy.
  • Ashland will launch a new water-based pressure-sensitive adhesive (PSA) technology in February 2022 that is fully compatible with ISO 10993 direct skin contact applications.

Global Anti Corrosion Coatings Key Market Trends

  • The infrastructure category has the biggest market share and is expected to be the fastest-growing segment.
  • Rails, bridges, and roadways are essential components of infrastructure. Infrastructure developments have become an unavoidable aspect of socio-economic progress as the population has grown.
  • Small-scale projects may be found throughout Asia-Pacific and North America. Furthermore, road developments in Asia-Pacific are expected to boost the use of anti-corrosion coatings. The Bharathmala project in India and the current Belt and Road initiative in China are two examples of market expansions.

Global Anti Corrosion Coatings Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Anti Corrosion Coatings Market Analysis, anti-corrosion coatings are heavily reliant on industrial output and building investment. The need for anti-corrosion coatings is increasing quickly in growing regions such as the Asia Pacific and Africa. Asia Pacific industries are quickly expanding as a result of vast domestic markets and strong regional economic growth.

 

Report Metric Details
Market size value in 2021 USD 30.91 billion
Market size value in 2030 USD 49.69 billion
Growth Rate 5.21%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated rubber, Others
  • Method
    • Solvent-based, Water-based, Powder
  • End-User
    • Oil & Gas, Shipbuilding, Infrastructure, Industrial markets, Energy, Transport, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • AkzoNobel N.V.
  • PPG Industries, Inc.
  • The Sherwin-Williams Company
  • Jotun A/S
  • Hempel A/S
  • Kansai Paint Co., Ltd.
  • BASF SE
  • RPM International Inc.
  • Axalta Coating Systems LLC
  • Nippon Paint Holdings Co., Ltd.
  • Chugoku Marine Paints, Ltd.
  • 3M Company
  • Carboline Company
  • AICA Kogyo Co., Ltd.
  • Wacker Chemie AG
  • KCC Corporation
  • Teknos Group Oy
  • Valspar Corporation
  • Tnemec Company, Inc.
  • Arkema S.A.

Anti Corrosion Coatings Market Recent Developments

  • PPG stated in April 2022 that it would mark 300 years of business in the Netherlands, as well as the anniversary of the SIGMA COATINGS trademark, one of Europe's most well-known architectural coatings brands.
  • In April 2022, PPG announced the completion of its acquisition of Arsonsisi, a powder coatings manufacturing subsidiary based in Milan, Italy.
  • Ashland will launch a new water-based pressure-sensitive adhesive (PSA) technology in February 2022 that is fully compatible with ISO 10993 direct skin contact applications.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Anti Corrosion Coatings Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Anti Corrosion Coatings Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Anti Corrosion Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Anti Corrosion Coatings Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Anti Corrosion Coatings Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Anti Corrosion Coatings Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Anti Corrosion Coatings Market size was valued at USD 30.91 billion in 2021 and is poised to grow from USD 32.56 billion in 2022 to USD 49.69 billion by 2030, growing at a CAGR of 5.21% in the forecast period (2023-2030).

The Global Anti Corrosion Coatings market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'AkzoNobel N.V.', 'PPG Industries, Inc.', 'The Sherwin-Williams Company', 'Jotun A/S', 'Hempel A/S', 'Kansai Paint Co., Ltd.', 'BASF SE', 'RPM International Inc.', 'Axalta Coating Systems LLC', 'Nippon Paint Holdings Co., Ltd.', 'Chugoku Marine Paints, Ltd.', '3M Company', 'Carboline Company', 'AICA Kogyo Co., Ltd.', 'Wacker Chemie AG', 'KCC Corporation', 'Teknos Group Oy', 'Valspar Corporation', 'Tnemec Company, Inc.', 'Arkema S.A.'

These coatings shield the surface against corrosion, impact, and abrasion. The Asia-Pacific marine coatings market is driven by high demand for marine coatings, particularly as China emerges as a significant participant in the shipbuilding sector. Energy will see maximum earnings in the next years. Furthermore, as the population has grown, so has the need for power.

The infrastructure category has the biggest market share and is expected to be the fastest-growing segment.

In 2019, Asia Pacific led the market, accounting for more than 36% of worldwide sales. This large percentage might be attributed to increased demand for Electric Vehicles (EVs) in nations like China, India, and Japan. Over the projected period, the expansion of the construction sector in emerging nations such as Brazil, China, India, and Mexico is likely to increase product demand for components such as insulation, fixtures, structural lumber, windows, fences, and others. Demand for anti-corrosion coatings in the building & construction market may be ascribed to growing foreign investment in these nations' construction industries as a consequence of an increase in the number of redevelopment projects of public and industrial infrastructure. In terms of revenue, Europe comes next. The rise of the primary application areas, such as oil and gas and marine applications, is driving the regional market.

Anti Corrosion Coatings Market size was valued at USD 30.91 billion in 2021 and is poised to grow from USD 32.56 billion in 2022 to USD 49.69 billion by 2030, growing at a CAGR of 5.21% in the forecast period (2023-2030).

The Global Anti Corrosion Coatings market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'AkzoNobel N.V.', 'PPG Industries, Inc.', 'The Sherwin-Williams Company', 'Jotun A/S', 'Hempel A/S', 'Kansai Paint Co., Ltd.', 'BASF SE', 'RPM International Inc.', 'Axalta Coating Systems LLC', 'Nippon Paint Holdings Co., Ltd.', 'Chugoku Marine Paints, Ltd.', '3M Company', 'Carboline Company', 'AICA Kogyo Co., Ltd.', 'Wacker Chemie AG', 'KCC Corporation', 'Teknos Group Oy', 'Valspar Corporation', 'Tnemec Company, Inc.', 'Arkema S.A.', 'PPG stated in April 2022 that it would mark 300 years of business in the Netherlands, as well as the anniversary of the SIGMA COATINGS trademark, one of Europe's most well-known architectural coatings brands.', 'In April 2022, PPG announced the completion of its acquisition of Arsonsisi, a powder coatings manufacturing subsidiary based in Milan, Italy.', 'Ashland will launch a new water-based pressure-sensitive adhesive (PSA) technology in February 2022 that is fully compatible with ISO 10993 direct skin contact applications.'

These coatings shield the surface against corrosion, impact, and abrasion. The Asia-Pacific marine coatings market is driven by high demand for marine coatings, particularly as China emerges as a significant participant in the shipbuilding sector. Energy will see maximum earnings in the next years. Furthermore, as the population has grown, so has the need for power.

The infrastructure category has the biggest market share and is expected to be the fastest-growing segment.

In 2019, Asia Pacific led the market, accounting for more than 36% of worldwide sales. This large percentage might be attributed to increased demand for Electric Vehicles (EVs) in nations like China, India, and Japan. Over the projected period, the expansion of the construction sector in emerging nations such as Brazil, China, India, and Mexico is likely to increase product demand for components such as insulation, fixtures, structural lumber, windows, fences, and others. Demand for anti-corrosion coatings in the building & construction market may be ascribed to growing foreign investment in these nations' construction industries as a consequence of an increase in the number of redevelopment projects of public and industrial infrastructure. In terms of revenue, Europe comes next. The rise of the primary application areas, such as oil and gas and marine applications, is driving the regional market.

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