High Performance Anti-corrosion Coatings Market Likely to Touch the Value of US$ 18.22bn by 2023

The burgeoning oil and gas drilling and exploration activities are leading the global high performance anti-corrosion coatings market. This trend is especially pronounced in regions that are rich in oil such as Southeast Asia, Mexico, and the North Sea. As these activities remain on the rise, they are expected to boost the demand for repair and maintenance of oil vessels. High Performance Anti-Corrosion Coatings are used for making a protective coating on metal surfaces to prevent them from harsh climatic conditions and weathering. These coatings also protect the vessels, components, and the equipment from corroding over time, thus increasing their lifespan and durability.

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The incredible usefulness of high performance anti-corrosion coatings market is expected to reach US$18.22 bn by 2023 from US$13.64 bn in 2017, as the market exhibits a steady growth rate of 5.0% between 2017 and 2023. The infrastructural development in emerging economies of China, India, Japan, and Singapore are also expected to increase the usage of high performance anti-corrosion coatings in the near future. The construction and transportation industries in these countries will be the primary driver for this market in the Asia Pacific region.

The oil and gas segment was the leading end-user segment of the high performance anti-corrosion coatings market in 2017, accounting for nearly 32.2% in terms of volume. By the end of 2023, this volume share is expected to reach to 32.3%. This end-use segment is expected to create several growth opportunities for this market in the coming forecast period. The growing need for repair and maintenance in the oil and gas industry for oil drilling equipment, process vessels, transmission pipelines, and offshore installation machinery application is expected to boost the demand for high performance anti-corrosion coatings. The growing oil and gas market in the Middle East and Africa and Asia pacific are also likely to provide an impetus to this market.

The report comprises a comprehensive value chain analysis that provides a broad view of the market. Value chain analysis also provides detailed information about value addition at each stage of the value chain. The report covers drivers and restraints for the high performance anti-corrosion coatings market along with their impact on demand during the forecast period. Additionally, it includes the study of opportunities in the high performance anti-corrosion coatings market at the global level.

The report includes Porter’s Five Forces Model to gauge the degree of competition in the high performance anti-corrosion coatings market. The report encompasses a qualitative write-up on market attractiveness analysis, wherein end-users have been analyzed based on their attractiveness, growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated to derive general attractiveness of the market. The report also includes price trend analysis of raw materials derived from petrochemicals such as propylene, ethylene, and aromatics as well as high performance anti-corrosion coatings from 2017 to 2023.

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Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.

In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of the research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and reinforcing our secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.

The report covers a detailed competitive outlook that includes market share and profiles of key players operating in the global market. Akzo Nobel N.V., The 3M Company, Chugoku Marine Paints, Ltd., Nippon Paint Co., Ltd., Hempel A/S, Jotun A/S, PPG Industries Inc., and The Sherwin-Williams Company are key players profiled in the report. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview.

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