Advertising Driven Press Release Distribution
Advertising Driven Press Release Distribution
The Lining Market size is forecast to reach US$5.6 billion by 2027, after growing at a CAGR of 3.9% during 2022-2027. The lining is specialized coating solutions for marine, automotive, rail, oil & gas, and others using various products like polymer lining, ceramic lining, and others. The lining is widely applied for process vessels, piping in upstream and midstream oil and gas, ground storage tanks, buried tanks, vessels, auto components, equipment, and others and helps to protect against flame, chemical, abrasion, and impact attacks. According to the International Energy Sustainable development scenario, the global energy demand met by the oil & gas sector will be around 46% by 2040. Therefore, the growing oil & gas sector will boost the Lining market during the forecast period.
The Covid-19 pandemic has been a major challenge for the Lining market owing to directly affecting the manufacturer’s supply chain across the globe and shutting down the production facilities to minimize the risk of virus spread. The major sectors such as automotive, building & construction, marine, chemicals, and others have been highly impacted. The coronavirus pandemic leads to low activity at key shipyards and financial stress on ship owners, resulting in declining sales of marine coatings. However, with steady growth in the sea stock market and increased activity in the maintenance of dry dock, the lining was able to regain momentum in the second half of 2020, supported by favorable raw material prices. According to National Marine Manufacturers Association, total retail unit sales of new powerboats decreased by 21% in February 2021 as compared to January 2021. However, sales remain elevated and are rising by 34% year on year as compared to February 2020. Thus, the lining market is also estimated to gradually increase during the forecast period.
Lining Market Segment Analysis – By Product Type
The polymer segment accounted for around 38% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Polymer offers a combination of excellent properties like water resistance, chemical resistance, and toughness, and is broadly used for wood and floor coatings, roofing, and sealant applications for various end-use industries like building & construction, consumer goods, energy, and others. According to Designing Construction UK, the volume of construction output is expected to increase by 2.3% a year globally by 2030 and the value of global construction output amounted from US$11.6 trillion in 2020 and is expected to reach US$14.8 trillion by 2030. Therefore, the use of polymer lining for construction activity will boost demand for lining during the forecast period.
Lining Market Segment Analysis – By Technology
The solvent-borne segment held the largest share in 2021 and is estimated to grow at a significant CAGR of 4.1% during the forecast period owing to the expanded capabilities of dual-cured adhesives. The solvent-borne lining is a highly specialized coating to fulfill the operational needs of cargo and storage industries. The solvent-borne lining is widely used in tanks storing oil, petrochemicals, biofuels, drinking water and raw sewage, turbine and others due to high resistance to ozone, sunlight, aging, chemical and permeation resistance across various end-use industries like marine, oil & gas, energy, chemical, and others. According to International Renewable Energy Agency, the global renewable energy capacity in 2019 was around 25,42,035 MW and 28,02,004 MW in 2020. Therefore, the growing renewable energy capacity will boost the demand for solvent-borne segments which in turn drive the lining market during the forecast period.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=508163
Report Price: $ 5900(Single User License)
Lining Market Segment Analysis – By Application
The industrial sector accounted for approximately 18% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The growing industrialization across the globe is driving the demand for the lining market. According to the world population review, the newly industrialized countries of 2021 are Brazil, China, India, Indonesia, Malaysia, Mexico, Philippines, South Africa, Thailand, and Turkey. This will eventually drive the need and demand for lining in the industrial sector as it is widely used for primary & secondary containment, oil & gas equipment, pipelines, heavy-duty machinery, and many more. Further, the chemical and marine industry is also driving the linings market owing to an increase in new production facilities and expansion of existing plants. Thus, increasing industrialization will help drive the linings market over the forecast period.
Lining Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the Lining market in 2021 up to 42%, owing to the growing large Infrastructure projects, marine, consumer goods, energy, oil & gas, industrial sector, in developing countries like China, India, Indonesia, and others will boost the demand for linings during the forecast period. According to Invest India, the global electronic components market is expected to reach US$191.8 billion by 2022 driven by the Asia Pacific region to capture a dominant share. According to the India Brand Equity Foundation, the export of the auto components industry of India has increased at a CAGR of 7.6% during 2016-2020 and the value increased from US$10.83 billion in 2016 to US$14.5 billion in 2020. The Auto Component sector is expected to reach US$200 billion by 2026. Therefore, the growing auto components and electronic sectors are boosting the demand for the lining market during the forecast period.
Lining Market Drivers
The growing demand for Lining in the Marine sector
The growing demand for lining from the marine sector owing to the increase of the new build ships, maintenance of dry dock, inland marine, cargo tank, water ballast tank, and others are driving the lining market. Also, the growing trade is driving the lining market owing to the increase of cargo tanks. According to the Marine Products Export Development Authority (MPEDA), India exported 11,49,341 MT seafood worth US$ 5.96 billion during the last financial year 2020-2021 and marine products export is targeted to reach 13 billion by 2025. According to OECD, G20 merchandise exports and imports increased by 4.1% and 6.4% in the second quarter of 2021. Therefore, the growing trade via sea and new built and dry dock will be driving the lining market during the forecast period.
Increasing application in the automotive and Transportation
The automotive and transportation sector is one of the major sectors driving the lining market during the forecast period owing to its usage of overstep rails, bumpers, rocker panels, fender flares, trailers, and others and giving resistance towards heat, fire, corrosion, and abrasion. According to International Energy Agency, around 3 million new electric cars were registered in 2020 globally and Europe led with 1.4 million new registrations for the first time followed by China with 1.2 million registrations and the United States registered 295,000 new electric cars. Therefore, the increase in the new vehicle will increase the demand for lining during the forecast period.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=508163
Lining Market Challenges
The Volatile Price of Raw Materials and Environment concerns
The production of lining involves the releasing of various VOC (Volatile Organic Compounds) into the surroundings which will cause pollution such as air pollution, water pollution, etc. This has attracted various regulations from Government bodies across the globe. For instance, according to the wastewater discharge standards set by the Government of India, factories cannot release wastewater into the common water bodies and they should adhere to policies, which lays rules about the limit of wastewater that can be released in the receiving water body. Therefore, the stringent regulations by the government can hamper the market. Also, the volatile price of raw materials like epoxy, polyurethane, and others is likely to impact the market and in turn, increase the prices of finished goods.
Lining Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Lining market. Major players in the lining market include:
In July 2020, Jotun Group, one of the global leaders in paints and coatings, has launched Tankguard CV PRO, the only light-colored conductive tank lining for flammable liquid storage, which can be applied and cured down to 0°C.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=508163
Relevant Report :
A. Acid Resistant Lining Materials Market
B. Acid Proof Lining Market
For more Chemicals and Materials Market reports, Please Click Here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Plastic Recycling Market Size Forecast to Reach $65.3 Billion by 2027
Hospital Asset Management Market Size Estimated to Reach $37,000 Million by 2026
Seamless Pipes Market Size Forecast to Reach $240.3 Billion by 2027
Pediatric Health Care Products and Services Market Size Forecast to Reach $56.78 Billion by 2025
Montan Wax Market Size Expected to Reach $158.3 Million by 2027