VALLEY COTTAGE, New York, November 27, 2017 /PRNewswire/ --
A new report by FMI titled 'Rust Remover Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027' studies the various factors impacting revenue growth of the global rust remover market over a period of 10 years from 2017 to 2027 and presents both historical market size and volume as well as the current market forecast. The historical trend suggests that the global rust remover market is projected to grow owing to the increasing demand for corrosion removal, metal cleaning, and surface pre-treatment chemicals. The period from 2012 to 2016 indicates actual market trends while forecast trends have been indicated for the years between 2017 and 2027. The global rust remover market is estimated to be worth US$ 411.6 Mn in 2017 and this is expected to increase to US$ 638.9 Mn by the end of 2027, registering a CAGR of 4.5% in terms of value during the forecast period (2017 - 2027). Globally, the consumption of rust removers was pegged at 180,598 tonnes in 2016 and this is expected to increase at a CAGR of 3.3% over the forecast period to reach 258,827 tonnes by the end of 2027.
Global Rust Remover Market: Dynamics
The use of efficient alternatives of rust removal over conventional methods is boosting revenue growth of the rust remover market. An increasing number of renovation and restructuring activities, significant growth in the number of oil rigs across the globe, and rapid growth of end use industries such as automotive and construction is anticipated to act in favour of the global rust remover market growth.
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However, use of materials such as composites and fibres in several end use industries to improve corrosion resistance and an increasing penetration of laser and ultrasonic technologies for rust removal are likely to restrain market revenue growth over the forecast period.
The global market for rust removers is witnessing a steadily growing demand for bio based product offerings and manufacturers of rust removal products are engaging in structured product innovation to cement their place in the global market.
Global Rust Remover Market: Forecast by Product Type
The global rust remover market is segmented by product type into Acid Rust Removers, Neutral Rust Removers, and Alkaline Rust Removers.
Acid Rust Removers is the largest segment with an estimated market share of more than 60% throughout the forecast period
Neutral Rust Removers segment is projected to become 1.7x of its current value by the end of the period of assessment
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Global Rust Remover Market: Forecast by End Use Industry
The global rust remover market is segmented on the basis of end use industry into Automotive, Aviation and Aerospace, Oil and Gas/Petrochemical, Marine, Construction & Infrastructure, Metal Machining, and Others.
Construction & Infrastructure is the largest segment in terms of value, expected to reach a market valuation of US$ 112.5 Mn by the end of 2027
Oil and Gas/Petrochemical is anticipated to remain a lucrative segment over the forecast period
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Global Rust Remover Market: Forecast by Region
The regions assessed in the global rust remover market include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and the Middle East & Africa.
APEJ is the dominant regional market with an estimated value share of about 37% by the end of 2027 - denoting a significant increase of 500 basis points in market share in 2027 over 2017
Growth in the oil and gas sector in North America is anticipated to create significant opportunities across the region
MEA is expected to remain a lucrative region over the forecast period owing to growing investments in the automotive and oil and gas sector in the region
Global Rust Remover Market: Key Players
Some of the key players profiled in the global rust remover market include Henkel AG & Co. KGaA, Quaker Chemical Corporation, PPG Industries, Inc., Fuchs Petrolub SE: FUCHS Group, Akzo Nobel N.V., The Sherwin-Williams Company, Harris International Laboratories, Inc., ZERUST EXCOR, Chempace Corporation, American Building Restoration Products, Inc., Jelmar LLC, and Corrosion Technologies, LLC.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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SOURCE Future Market Insights