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High Performance Anti-corrosion Coatings Market: Construction and Oil & Gas Industries Driving Demand By 2023
High Performance Anti-corrosion Coatings Market
The TMR report evaluates that the global high performance anti-corrosion coatings market was worth US$11.94 bn in 2014, and estimates it to reach a valuation of US$18.22 bn by the end of 2023, incrementing at a CAGR of 4.8% during the forecast period of 2015 to 2023. This expanding demand is a reflection of thriving infrastructural development in several emerging economies, which has opened opportunities for the stakeholders of the market for high performance anti-corrosion coatings.
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Asia Pacific Driving Epoxy Coatings Market
Product-wise, the global high performance anti-corrosion coatings market is segmented into epoxy coatings, acrylic coatings, urethane coatings, and others such as alkyd coatings. Among these, epoxy coatings currently serves the maximum demand, which is a reflection of rapid urbanization in several developing countries in Asia Pacific such as India and China, Latin America, and the Middle East and Africa. In the construction industry, epoxy coatings are used to preserve steel pipes and for flooring applications in building structures such as hospitals, showrooms, retail stores, and warehouses. The automotive industry, wherein epoxy coating is used as protective measure against rusting of vehicle bodies and other metal components. Epoxy coatings is also gaining demand from the food and beverage industry, wherein it is used to increase the shelf life of packed products.
Geographically, Asia Pacific region accounts for the maximum demand in the global high performance anti-corrosion coatings market, which can be attributed to increasing foreign investments as well as the prosperity of several end-user markets such as construction, power generation, oil and gas, and tanks and pipes. North America and Europe are fairly matured markets and exhibit a strongly contested competitive landscape owing to the presence of a number of prominent players.
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Oil and Gas Sector Serves Maximum Demand
A significant chunk of the demand in the global high performance anti-corrosion coatings market is served by increasing oil and gas drilling and exploration activities across the world. High performance anti-corrosion coating helps in the maintenance of industry equipment, improves lifespan of metal surfaces, and helps in preventing damages. These coatings are now also used for storage tanks, transmission pipelines, oil rigs, and steel structures. With flourishing construction, manufacturing, automotive, and transportation industries, the vendors in the global anti-corrosion coatings market are expected to gain demand throughout the forecast period. On the other hand, factors such as volatile nature of petrochemical feedstock is hindering the growth rate of the market to a certain extent.
According to the author of the report, “The surge currently experienced by the power generation sector as well the utilities sector will open new opportunities for the players in the high performance anti-corrosion coatings market. A number of countries are developing energy-efficient smart grids in order to meeting the escalating energy demands owing to increasing population and rapid urbanization.”
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