High Performance Anti-corrosion Coatings Market to reach US$18.22 bn by 2023 | TMR

According to the research report, the global market for high-performance anti-corrosion coatings was valued at US$11.95 bn in 2014 and is anticipated to reach US$18.22 bn by 2023, expanding at a CAGR of 4.8% between 2015 and 2023.

Asia-Pacific accounted for the largest share of over 50% of the global high performance anti-corrosion coatings market in 2014. The high-performance anti-corrosion coatings market in this region is primarily driven by high consumption of these coatings in oil & gas, marine, and construction industries. China, India, and countries in ASEAN are expected to drive growth of the high-performance anti-corrosion coatings market by 2023. In terms of demand, Europe accounted for the second-largest share of the high-performance anti-corrosion coatings market in 2014. However, volatile prices of crude oil and raw materials derived from petrochemicals and rising governmental regulations regarding VOC emissions are expected to hamper demand for high-performance anti-corrosion coatings in the region. The market in North America and Europe is projected to exhibit stabilized growth during the forecast period, while the market in Latin America is likely to witness steadfast growth rate. Middle East & Africa is expected to be the fastest-growing region by 2023 due to presence of a broad oil & gas industrial base as well as a flourished economy, especially in GCC.

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China, India, Vietnam, Singapore, Malaysia, and Australia are some of the key countries in Asia Pacific that are expected to be major consumers of the high-performance anti-corrosion coatings market by 2023. China constituted the largest share of the high performance anti-corrosion coatings market in Asia Pacific in 2014. Rising foreign investments, broad production base, and growing population are few of the key growth factors that are projected to drive demand in this country between 2015 and 2023. However, ASEAN is estimated to provide lucrative market opportunities for high-performance anti-corrosion coatings by 2023, as it is the fastest-growing regional segment in Asia Pacific.

Germany, Italy, and the U.K. dominated demand for high-performance anti-corrosion coatings in Europe in 2014. Oil & gas, tanks & pipes, and construction are major end-users of high-performance anti-corrosion coatings in this region. The market share of Europe is expected to decline in the next few years due to heavy regulations laid down regarding control of VOC emissions from protective coatings in the past few years. However, countries in Eastern Europe, especially Russia, are likely to support stable growth in the region due to high demand from oil & gas end-user, currently improving economy, and rising trade relations with other countries.

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The U.S. dominated the market for high-performance anti-corrosion coatings in North America in 2014. However, the high-performance anti-corrosion coatings market in the U.S. is expected to exhibit sluggish growth in the near future as end-user industries are well-established in this country. Brazil constituted the largest share of the high-performance anti-corrosion coatings market in Latin America in 2014. Increasing industrial activities in oil & gas and marine segments, especially for subsea drilling machinery, as well as presence of a large number of oil reserves is expected to fuel demand for high-performance anti-corrosion coatings, especially in Brazil and Venezuela. Middle East & Africa is projected to be the fastest-growing region for high performance anti-corrosion coatings in the near future. Abundant oil & gas reserves and petrochemical resources are expected to boost demand for high-performance anti-corrosion coatings by the end of 2023.

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