In a recent market study published by Transparency Market Research, the global high performance anti-corrosion coatings market is said to be expected to expand at a CAGR of 4.8% from 2015 to 2023. If the figure holds true, the market will reach a valuation of US$18.2 bn by 2023, increasing from US$11.9 bn in 2014. The title of this report is “High Performance Anti-corrosion Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” and it is available for purchase on the company’s website.
Anti-corrosion coatings are used to provide added protection to metal surfaces by inhibiting the contact between the surfaces and corrosive materials. Coatings with anti-corrosive properties ensure the longest possible lifespan for metal components. This is because these coatings provide a barrier against corrosion for substrates that are subject to temperature fluctuations and harsh corrosive conditions.
The report states the several reasons that will positively impact the high performance anti-corrosion coatings market until the end of 2023. Oil and gas, power generation, marine, construction, and other industries will display the highest demand for high performance anti-corrosion coatings in the coming years, adds the report. The oil and gas industry will exhibit the highest demand for high performance anti-corrosion coatings until the end of the forecast period. This is because these coatings are extensively used for oil rig components, offshore vessels, drilling equipment and machinery, and transmission pipelines. Tanks and pipes and power generation are other major application segments of the high performance anti-coatings market that will exhibit expeditious growth during the forecast period.
In the developing countries of the ASEAN and GCC (Gulf Cooperation Council) regions, the increasing population and surging disposable incomes have bolstered the growth the of oil and gas, power generation, and marine industries. This, in turn, has benefitted the high performance anti-coatings market due to the rising need to provide protection to equipment and physical infrastructure. In Asia Pacific, the high downstream demand for high performance anti-corrosion coatings, especially in steel and metal construction undertakings, is significantly aiding the growth of this market. However, price volatility of crude oil and the difficulty in the procurement of petrochemical-based raw materials are challenging growth of this market. Moreover, the utilization of high performance anti-corrosion coatings is subject to strict governmental regulations due to their VOC content. This is resulting in limited utilization of these materials in developed countries.
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In terms of a geographical analysis of this market, Asia Pacific dominated the global market in 2014 and the region is expected to retain its lead position until the end of the forecast period. In Europe and North America, high performance anti-corrosion coatings will display a moderate demand due to strict regulations in place to minimize VOC emissions, combined with the presence of mature end-use industries in these regions. Nevertheless, the power generation industry will aid the stable growth of the high performance anti-corrosion coatings market in these regions. Other than these regions, whilst Latin America will display a moderate growth, the Middle East and Africa region will be the fastest-growing regional market for these materials until the end of the forecast period.
The high performance anti-corrosion coatings market is segmented as follows:
High Performance Anti-Corrosion Coatings Market - Product Analysis
- Epoxy Coatings
- Urethane Coatings
- Acrylic Coatings
- Others (Alkyd Coatings, etc.)
High Performance Anti-Corrosion Coatings Market - End-User Analysis
- Oil & Gas
- Marine
- Construction
- Tanks & Pipes
- Power Generation
- Others (Paper & Pulp, etc.)
High Performance Anti-Corrosion Coatings Market - Regional Analysis
North America
- U.S.
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- ASEAN
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- South Africa
- Rest of Middle East & Africa
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