South Africa Corrosion Protective Coatings & Acid Proof Lining market is estimated to account for around US$ 52,833.9 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 4.2% during the forecast period (2020-2027).
Expanding automotive industry in the South Africa region is expected to propel the market growth of the corrosion protective coatings & acid proof lining. The automotive sector has potential demand for corrosion protective coatings which is used in the production of automobile. Moreover, it is a hub for the production of vehicle and exports and also considers as a home to several international automotive producers. Thus, growth in the automotive industry is expected to augment the market growth of corrosion protective coatings & acid proof lining market.
Growth in the paints &coatings industry in the country is expected to open up new avenues to the market of corrosion protective coatings & acid proof lining. Rising demand for decorative paints from the architectural industry is also contributing to the market of corrosion protective coatings & acid proof lining. Growth in the hospitality and tourism industry in the country is another major factor expected to augment the market growth of the South Africa corrosion protective coatings & acid proof lining.
The country’s economic growth has experienced a slowdown in the past few years and this situation is expected to remain unchanged during the foreseeable period. According to Statistics South Africa, GDP in the first quarter of 2016 fell by 1.2%. This decline is majorly due to the underperformance of mining and quarrying industries. Thus, the slowdown of the economy of South Africa country is expected to hinder the market growth.
On the basis of product type, polymer coatings segment dominated the South Africa corrosion protective coatings & acid proof lining market in 2019 with a 65.7% of market share in terms of value, followed by rubber lining system segment.
On the basis of end-use, the mining & metallurgy segment dominated the South Africa corrosion protective coatings & acid proof lining market in 2019 with 37.2 % of market share in terms of value, followed by others and power generation segment respectively.
The growing trend of eco-friendly is encouraging producers to go for bio-based paints and coatings solutions. For these various manufacturers are launching and also promoting the user to use eco-friendly paints in order to maintain environmental sustainability. Rising such efforts from governments and manufacturers are projected to foster the market growth of the South Africa corrosion protective coatings & acid proof lining during the foreseeable timeframe.
South Africa Corrosion Protective Coatings & Acid Proof Lining Market - Impact of Coronavirus (Covid-19) Pandemic
African mining companies producing cobalt, copper, lithium, and iron have noticed decreasing demand from China due to production shutdowns and global supply chain disruptions. , according to International Monetary Fund, in South Africa GDP growth is expected to fall from 0.2% in 2019 to -5.8% in 2020. However, according to the same source, South Africa’s GDP growth is expected to be 4.0% in 2021, which is expected to drive the mining sector in the country.
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