Asia Pacific Excluding Japan to remain top regional market for rust removers in the coming decade
Asia Pacific Excluding Japan is projected to account for a large share of the global rust remover market during the forecast period and is expected to witness a relatively higher growth rate in terms of market value. This growth can be attributed to the rapid development of major end use sectors such as automotive, aerospace, and construction across the region.
Our forecasts indicate that the Asia Pacific Excluding Japan rust remover market is estimated to hold about 32% value share of the global rust remover market in 2017 and this is expected to increase to about 37% by the end of the forecast period in 2027.
The APEJ market is projected to witness a high CAGR of 6.0% in terms of value during the forecast period. The North America rust remover market is estimated to reach a market valuation of US$ 177.1 Mn by the end of 2027, up from US$ 124.7 Mn by 2017 end.
The growth in the oil and gas sector in North America is anticipated to create significant opportunities in the regional market. MEA is expected to grow significantly over the forecast period and is likely to remain a lucrative region in the global rust remover market owing to increasing investments in the automotive and oil and gas sectors in the region.
Factors impacting revenue growth of the key regional markets
North America: An increasing number of renovation and restructuring activities across North America is expected to bolster revenue growth of the rust remover market across the region. Also, increasing costs associated with corrosion and increasing government initiatives are anticipated to drive the demand for rust removers in North America. Significant growth in the region’s oil and gas sector is also fuelling demand for rust removers in the continent.
Latin America: A growing number of local and foreign direct investments in the region owing to continuous industrial expansion and improvement in regional infrastructure is expected to boost the demand for rust removers. A significant growth in end use industries such as construction and automotive across Latin America is another key growth driver for the rust remover market.
Western Europe: Use of effective alternatives such as rust removing chemicals over conventional rust removing methods such as abrasives, blasting and others is anticipated to augment revenue growth of the regional rust remover market. An increasing use of bio based offerings is trending the Western Europe rust remover market.
Eastern Europe: An increase in investments in the oil and gas sector in Russia and rapidly growing construction activity across the Eastern Europe region is expected to lead to a growth in demand for rust removers.
Asia Pacific Excluding Japan: A steady growth in sectors such as automotive, aerospace, construction, and infrastructure across the APEJ region is expected to significantly impact revenue growth of the rust remover market owing to a substantial increase in demand from end use industries. A growing popularity of mild and safe aqueous / water based rust removers can be witnessed across the region.
Japan: Rapid growth of the automotive and construction industries in Japan is expected to positively impact revenue growth of the rust remover market. A key trend observed in the Japan rust remover market is a sustained focus on the development of bio based and environmentally friendly rust removers.
Middle East & Africa: Increasing construction activity especially in Sub-Sahara Africa and an expansion in oil and gas exploration activities across the MEA region is expected to favour the rust remover market. Acid rust removers are likely to remain the most widely used rust removers in the region.
Market Segmentation
By Product Type
- Acid Rust Removers
- Neutral Rust Removers
- Alkaline Rust Removers
By End Use Industry
- Automotive
- Aviation and Aerospace
- Oil and Gas/Petrochemical
- Marine
- Construction & Infrastructure
- Metal Machining
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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