According to a new report published by Transparency Market Research, "High Performance Anti-corrosion Coatings Market--Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023," the global high-performance anticorrosion 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 compound annual growth rate (CAGR) of 4.8% between 2015 and 2023.
Rising demand for high performance anti-corrosion coatings in oil and gas, marine, power generation, construction, and other industries is estimated to positively impact the market growth by 2023. High performance anticorrosion coatings provide a barrier against corrosion for substrates that are frequently subjected to high temperature and harsh corrosive conditions. The oil and gas industry is anticipated to be the major growth driver of the high performance anticorrosion coatings market by the end of 2023. These coatings are widely employed in the oil and 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 and gas, marine, and power generation sectors. This, in turn, is expected to fuel demand for high performance anticorrosion coatings owing to their wide functionality in these industrial sectors by 2023. Consumption of high performance anticorrosion 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 anticorrosion 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 anticorrosion 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 anticorrosion coatings in the next few years.
Demand for high performance anticorrosion 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 anticorrosion 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 and Africa is projected to be the fastest-growing market for high performance anti-corrosion coatings during the forecast period.
The report provides a comprehensive view of the high performance anticorrosion 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 anticorrosion coatings market in the regions mentioned above.
The report segments the global high performance anti-corrosion coatings market as follows:
High Performance Anticorrosion Coatings Market - Product Analysis
- Epoxy Coatings
- Urethane Coatings
- Acrylic Coatings
- Others (Alkyd Coatings, etc.)
High Performance Anticorrosion Coatings Market - End-User Analysis
- Oil and Gas
- Marine
- Construction
- Tanks and Pipes
- Power Generation
- Others (Paper & Pulp, etc.)
High-Performance Anticorrosion 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
To read the research article, visit http://www.transparencymarketresearch.com/article/high-performance-anticorrosion-coatings-market.htm
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