Rising demand for high performance anti-corrosion coatings in oil & gas, marine, power generation, construction, and other industries is estimated to positively impact the market growth by 2023. High performance anti-corrosion coatings provide a barrier against corrosion for substrates that are frequently subjected to high temperature and harsh corrosive conditions. The oil & gas industry is anticipated to be the major growth driver of the high performance anti-corrosion coatings market by the end of 2023. These coatings are widely employed in the oil & gas industry, especially in coating applications for oil rig components, drilling equipment and machinery, offshore vessels, and transmission pipelines. Tanks & pipes and power generation are alternative growing end-user segments of the high performance anti-corrosion coatings market.
Increase in population and disposable income of consumers in developing countries such as China, India, and countries in ASEAN and GCC are likely to boost the development of oil & gas, marine, and power generation sectors. This, in turn, is expected to fuel demand for high performance anti-corrosion coatings owing to their wide functionality in these industrial sectors by 2023. Consumption of high performance anti-corrosion coatings in key downstream markets in Asia Pacific, especially in the construction of steel and metal infrastructure for transport, is another major factor driving demand for high performance anti-corrosion coatings. However, volatility in prices of crude oil and raw materials derived from primary petrochemicals coupled with strict governmental regulations on VOC emissions in developed regions is estimated to restrain the market growth during the forecast period.
In terms of demand, epoxy coatings was the largest product segment, accounting for over 55% share of the global high performance anti-corrosion coatings market in 2014. However, acrylic coatings are projected to boost the market growth during the forecast period as it is the fastest-growing product segment.
In terms of demand, Asia Pacific dominated the global high performance anti-corrosion coatings market in 2014. This trend is expected to continue in the region in the near future. Growth of key end-users such as oil & gas, construction, marine, and power generation is expected to boost demand for high performance anti-corrosion coatings in the next few years. Demand for high performance anti-corrosion coatings is estimated to be stabilized in Europe and North America due to heavy governmental regulations coupled with saturated end-user markets in these regions. However, stable growth of high performance anti-corrosion coatings in these regions is likely to be supported by the power generation industry by 2023. Latin America is likely to witness moderate growth, while Middle East & Africa is projected to be the fastest-growing market for high performance anti-corrosion coatings during the forecast period.
According to the research report, the global high performance anti-corrosion coatings market was valued at US$11.95 billion in 2014 and is anticipated to reach US$18.22 billion by 2023, expanding at a CAGR of 4.8% between 2015 and 2023.
The report provides a comprehensive view of the high performance anti-corrosion coatings market in terms of volume and revenue. It includes current demand analysis and forecast for product and application segments in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Furthermore, the report provides detailed country-wise analysis of the high performance anti-corrosion coatings market in the regions mentioned above. The report segments the global high performance anti-corrosion coatings market 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
- Tanks & Pipes
- Power Generation
- Others (Paper & Pulp, etc.)
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