High-performance Anti-corrosion Coatings Market to Record Sturdy Growth | 2024
The
global high-performance anti-corrosion coatings market was valued at
US$ 12.60 Bn in 2017 and is anticipated to expand at a CAGR of 5.9%
from 2018 to 2026, according to a new report titled ‘High-performance
Anti-corrosion Coatings Market: Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast, 2018–2026,’ published by
Transparency Market Research (TMR). The global high-performance
anti-corrosion coatings market is driven by growth of the global oil
& gas industry. Asia Pacific accounts for a major share of the
global market, due to growth of construction, marine, and oil &
gas industries in the region.
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Report Overview @
The
number of oil & gas drilling and exploration activities has
increased in the last few years. The Gulf of Mexico, Southeast Asia,
and North Sea are currently rich in oil & gas resources and they
have a large number of oil rigs. These activities are expected to
increase expenditure on maintenance and repair in the near future.
Thus, currently, there exists a requirement for protective coatings
that are capable of increasing the shelf life and durability of
equipment under varying temperatures and climatic conditions.
High-performance anti-corrosion coatings protect metal surfaces of
various components used in the oil & gas industry. These coatings
offer an influential barrier against corrosion, especially when
components or parts such as storage vessels, offshore drilling
equipment, and other machinery come in contact with chemicals and
moisture. Stages such as manufacture, extraction, storage, and
distribution of oil & gas are key sources of corrosion. Storage
tanks, transmission pipelines, oil rigs, steel structures, and other
oil vessels are subjected to moisture, salt, fog, and corrosive
environment. Repair and maintenance costs in the oil & gas sector
have reached an all-time high in the last few years, due to the high
level of corrosion. Growth of the oil & gas industry is
anticipated to drive the demand for high-performance anti-corrosion
coatings in the next few years. Rapid growth of the oil & gas
industry in Asia Pacific, Middle East & Africa, Latin America,
and eastern parts of Europe is anticipated to increase the usage of
drilling equipment in the near future. This trend is likely to boost
the global oil & gas drilling equipment sector during the
forecast period. Corrosion causes significant damage to operational
structures used in the oil & gas industry. Increase in use of oil
& gas drilling equipment calls for protective coating systems and
technologies that would help in maintaining the longevity and
reliability of drilling equipment. This, in turn, is expected to
boost the consumption of high-performance anti-corrosion coatings
during the forecast period.
Price
volatility of petrochemical feedstock
Coating
resins, solvents, fillers, pigments, rheological modifiers, and other
functional additives are key raw materials used in the manufacture of
high-performance anti-corrosion coatings. However, most raw materials
such as solvents, coating resins, and pigments are petrochemical
derivatives. Primary petrochemicals such as ethylene and propylene
are major raw materials used in the manufacture of epoxy and urethane
coating resins. Furthermore, aromatic compounds such as benzene and
toluene are key industrial solvents used in a wide range of
industries. High usage of petrochemicals in the production of
coatings as well as other specialty chemicals affects their price.
Furthermore, depletion of crude oil sources is another factor leading
to price volatility at the global level. These factors have caused
substantial fluctuations in prices of primary petrochemical
derivatives over the last few years. This scenario is projected to
affect supply of and demand for raw materials required for the
manufacture of protective coatings. Hence, dependence on the
availability of petrochemicals and fluctuations in their prices are
likely to hamper the high-performance anti-corrosion coatings market
during the forecast period.
Epoxy
segment to dominate the global market
Based
on product, the global high-performance anti-corrosion coatings
market has been segmented into epoxy, urethane, acrylic, and others.
Epoxy coatings protect substrates from the deterioration caused by
corrosive surroundings. These coatings have excellent adhesion and
flexibility. Therefore, these are highly preferred in various
end-user industries. Presently, epoxy coatings are widely used
high-performance anti-corrosion coatings across the globe. Rising
demand for acrylic coatings is expected to fuel the high-performance
anti-corrosion coatings market between 2018 and 2026. These coatings
offer superior structural and mechanical characteristics than other
anti-corrosion coatings such as alkyd and vinyl coatings. Acrylic
coatings have high color retention rate and they are chemically
inert. Additionally, they are eco-friendly.
Oil
& gas segment dominates the global market
In
terms of application, the global high-performance anti-corrosion
coatings market can be segmented into oil & gas, marine,
construction, tanks & pipes, power generation, and others.
High-performance anti-corrosion coatings are widely used in the oil &
gas industry. In terms of demand, the oil & gas segment is
expected to present growth opportunities to the high-performance
anti-corrosion coatings market from 2018 to 2026. Rise in maintenance
and repair activities in the global oil & gas industry,
especially for oil drilling equipment, offshore installation
machinery, process vessels, and transmission pipelines, is likely to
be a major driver of the market in the near future. The power
generation segment is estimated to present lucrative opportunities to
the high-performance anti-corrosion coatings market between 2018 and
2026. High-performance anti-corrosion coatings are required for
coating applications in insulated wires, electricity-generating
components, turbine blades, and hydraulic systems used in nuclear,
geothermal, and solar power sectors.
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Asia
Pacific dominates the global market
Based
on region, the global high-performance anti-corrosion coatings market
can be classified into North America, Europe, Asia Pacific, Middle
East & Africa, and Latin America. Asia Pacific dominates the
global market, due to growth of pharmaceutical and health care
industries in the region. Rapid infrastructure development in major
countries of Asia Pacific such as China, India, Indonesia, Vietnam,
Singapore, and Malaysia is expected to boost the consumption of
high-performance anti-corrosion coatings in the region between 2018
and 2026. High-performance anti-corrosion coatings are extensively
consumed in the construction industry. These coatings have a wide
range of applications in infrastructure development in this industry.
Some of the key uses of high-performance anti-corrosion coatings
include their application on steel, metal, and concrete substrates
used in extraction, utilities, manufacturing, and transport
infrastructure. Development of the transport infrastructure in Asia
Pacific is anticipated to be the key driving factor for the market
during forecast period. Rising usage of metal and steel in the
construction of bridges, roadways, highways, waterways, airports, and
railways is likely to offer immense growth opportunities to the
high-performance anti-corrosion coatings market in the next few
years. Growth of the marine industry in Asia Pacific is also
projected to boost the market in the region during the forecast
period. Container ships, cargos, offshore and onshore vessels,
surface warships, and submarines are a few of the marine industry
components that require protective coatings for their durability.
Constantly improving trade ties between Asia Pacific and other
regions, primarily Europe and North America, is expected to boost
bulk transport of commodities in the next few years. This rising
trend of seaway transport in Asia Pacific is projected to increase
shipbuilding and repair activities, primarily in China, Japan, and
South Korea, in the near future. Growth of the shipbuilding sector
would require incorporation of enhanced performance coatings,
especially in container ships and onshore vessels. Thus, demand for
high-performance anti-corrosion coatings for use in the marine
industry in Asia Pacific is likely to increase in the next few years.
High
degree of competition among market players
The
global high-performance anti-corrosion coatings market witnesses high
degree of competition among market players. The market is highly
concentrated, as well-established players constitute a significant
market share. High level of competition is expected among established
players during the forecast period, due to their integrated value
chains. Some of the key players operating in the global
high-performance anti-corrosion coatings market include Akzo Nobel
N.V., PPG Industries Inc., Jotun A/S, Hempel A/S, Nippon Paint
Holdings Co., Ltd., and 3M.
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