NEWARK, Del, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The acid proof lining market is forecast to experience a growth of 6.2% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 6,747.17 million in 2023.
The acid proof lining industry is burgeoning owing to surging demand from multiple end-use industries, wherein walls, floors, and equipment are repeatedly exposed to harsh chemicals and acids. End users can cut costs and preserve the equipment for longer periods by deploying acid proof lining.
Acid proof lining is primarily used to protect the products from humiliation caused by oxidation, salt spray, moisture, and many chemical-based instances that can be harmful to metals and alloys.
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Acid proof linings find application in food industries, thermal power stations, and pharmaceuticals. Apart from this, chemical reactors above 125° C also require this lining. Growth in the aforementioned end-user industries is expected to fuel the adoption of acid proof linings.
Coating technology advancements are adding to the booming popularity of acid proof linings. Mounting investments in the oil and gas sector, including upstream and downstream petrochemical enterprises and refineries, is also expected to impact this industry positively.
The market expansion can also be credited to the quickly magnifying demand and low competitive pressure. Besides, end users of acid proof lining are showing an increased inclination toward waterborne technology, thus inciting manufacturers to boost their investments in popular and advanced technologies.
As per FMI’s study, Asian countries are expected to present tempting opportunities for manufacturers to expand their horizons. With construction activities already in full bloom and automotive observing speedy production, the market is anticipated to grow momentously.
Top Highlights from the FMI’s Analysis of the Acid Proof Lining Market:
- North America is one of the noteworthy markets for acid proof lining. The surge in construction activities and increasing oil and gas exploration activities are bolstering market growth.
- Australia has a relatively low market share in relation to other competitive markets. However, FMI has assessed that the market is forecast to present significant opportunities for manufacturers to broaden their market size.
- Asia Pacific countries are projected to be noteworthy revenue generators for acid proof lining industry.
- FMI anticipates that the Mexico market has been an underexploited market for acid proof lining. Manufacturers can dig into the reserves of the Mexican market to extract profit.
- South Korea is also spotted as a potential market for acid proof lining. Manufacturers are expected to expand their geographical reach by extending their manufacturing facilities in different parts of the world.
“The Acid-Proof Lining Market is witnessing steady growth driven by the need for corrosion-resistant solutions across diverse industries. These linings are crucial in maintaining the integrity and longevity of equipment, ensuring operational efficiency, and preventing chemical damage. The market is expected to continue expanding as industries prioritize durability and safety.” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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How are Manufacturers Gaining Larger Share in the Market?
Manufacturers in the acid proof lining industry are strengthening their market position by acquisitions, launching new technologies, and research and development activities. Some of the latest information from the market report is as follows:
- In May 2023, Avient established the first line of long-fiber-reinforced thermoplastics in Asia. The new portfolio was installed at the Asia regional headquarters of Avient in Shanghai.
- In January 2019, Cromology, a leading player in the decorative paint sector, inked an exclusive distribution contract with Al Gurg Paints for their Viero brand to boost its presence in the United Arab Emirates market. Viero is a lime-based paint that offers designer texture finishes for exteriors and interiors.
Key Players in the Global Market
- Sherwin-Williams Company
- PPG Industries
- BASF SE
- Ashland Inc.
- Axalta Coating Systems Ltd,
- Hempel A/S
- Jotun Group
- Steuler-KCH GmbH
- Polycorp Ltd
- Koch Knight LLC
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Key Segmentation
By Product Type:
- Ceramic & Carbon Brick Lining
- Tile Lining
- Thermoplastic Lining
By Form Type:
- Solvent-Borne
- Water-Borne
- Powder-Based
By End Use:
- Marine
- Oil & Gas
- Power Generation
- Construction
- Automotive
- Transportation
- Chemicals
- Mining & Metallurgy
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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