High Performance Anti-corrosion Coatings - Global Industry Analysis, Size, Share, Trends and Forecast : 2023
The
thriving infrastructural development in developed and developing
regions of the world has triggered a demand for protective high
performance anti-corrosive coatings, reports Transparency Market
Research. To keep up with the demand, players in this market are
expanding their production facilities and making strategic
collaborations with regional players to enter new markets. For instance,
3M Company joined hands with Russell NDE/PICA Corporation that will
give the former player a chance to strengthen its position in the U.K.,
Canada, and the U.S.
Browse Market Research Report @
“The
top three leading players, Akzo Nobel N.V., Nippon Paint Co., Ltd., PPG
Industries Inc., and The Sherwin-Williams Company, collectively held a
share of 59.7% in the global high performance anti-corrosion coatings
market in 2014,” says the lead author of this research report. To
maintain a competitive edge in the overall market competitors are
investing in result-oriented research and development activities and
focusing on launching sustainable coating products.
Future of High Performance Anti-Corrosion Coatings Depends on Oil and Gas Drilling and Exploration Activities
The
increasing oil and gas drilling and exploration activities in the
recent past have been the indirect cause of the growing consumption of
high performance anti-corrosion coatings. The rise of these activities
have led to an urgent need for maintenance of the industry equipment,
which has spurred the demand for protective coatings that improve the
lifespan of metal surfaces and prevent it from corroding or getting
damaged due to weathering and harsh climatic conditions. These coatings
are increasingly being used on storage tanks, oil rigs, transmission
pipelines, steel structures, and other oil vessels.
Infrastructural
development such as the flourishing construction, transportation, and
manufacturing industries and across the Asia Pacific region are
propelling the usage of high performance anti-corrosion coatings market.
This trend is predominantly seen in emerging economies of India, China,
Vietnam, China, and Singapore.
Dependence of Crude Oil Hampers Performance of Anti-Corrosion Coatings Market
Volatile
nature of petrochemical feedstock used for manufacturing high
performance anti-corrosion coatings is acting as a spoiler, preventing
the growth of this market. An inevitable usage of petrochemicals as
aromatic compounds, solvents, fillers, and modifiers is expected to
increase the dependency of vendors in this market on crude oil prices,
thus hampering the market of exploiting the existing potential for
growth in the near future.
However, the booming power
generation and utilities sector is anticipated to boost the demand for
high performance anti-corrosion coatings in the forecast period. These
coatings will be primarily used for preventing the machinery and
maintaining energy-efficiency in operations. As several countries across
the globe develop energy-efficient smart grids and transmission systems
they will create ample of growth opportunities for the high performance
anti-corrosion coatings market in the foreseeable future.
According
to the research report, the opportunities in the global high
performance anti-corrosion coatings market will be worth US$18.22 bn in
2023 as compared to US$11.94 bn in 2014. This translates to a CAGR of
4.8% between 2015 and 2023. The oil and gas industry will be the leading
end user of high performance anti-corrosion coatings, accounting for
32.1% of the total share in the market in 2014. This end user segment
will capture a share of 32.3% by the end of 2023. In terms of geography,
Asia Pacific will dominate the global market at a positive CAGR of 5.0%
during the forecast period.
The evaluation of the
market is done on the basis of a research report titled, “High
Performance Anti-corrosion Coatings Market - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2015 – 2023.”
Fill the form for an exclusive sample of this report @
Key Takeaways:
Volatile nature of crude prices restrain the high performance anti-corrosion coatings market
Oil and gas industry will be key end user segment, accounting for nearly 32.3% in the overall market by 2023
Infrastructural development in developing regions will be the primary growth driver for the global market
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
Comments
Post a Comment