The thriving infrastructural development in developed and developing
regions of the world has triggered a demand for protective high
performance anti-corrosive coatings, reports Transparency Market
Research. To keep up with the demand, players in this market are
expanding their production facilities and making strategic
collaborations with regional players to enter new markets. For
instance, 3M Company joined hands with Russell NDE/PICA Corporation
that will give the former player a chance to strengthen its position
in the U.K., Canada, and the U.S.
“The top three leading players, Akzo Nobel N.V., Nippon Paint Co.,
Ltd., PPG Industries Inc., and The Sherwin-Williams Company,
collectively held a share of 59.7% in the global high performance
anti-corrosion coatings market in 2014,” says the lead author of
this research report. To maintain a competitive edge in the overall
market competitors are investing in result-oriented research and
development activities and focusing on launching sustainable coating
products.
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Future
of High Performance Anti-Corrosion Coatings Depends on Oil and Gas
Drilling and Exploration Activities
The increasing oil and gas drilling and exploration activities in the
recent past have been the indirect cause of the growing consumption
of high performance anti-corrosion coatings. The rise of these
activities have led to an urgent need for maintenance of the industry
equipment, which has spurred the demand for protective coatings that
improve the lifespan of metal surfaces and prevent it from corroding
or getting damaged due to weathering and harsh climatic conditions.
These coatings are increasingly being used on storage tanks, oil
rigs, transmission pipelines, steel structures, and other oil
vessels.
Infrastructural development such as the flourishing construction,
transportation, and manufacturing industries and across the Asia
Pacific region are propelling the usage of high performance
anti-corrosion coatings market. This trend is predominantly seen in
emerging economies of India, China, Vietnam, China, and Singapore.
Dependence
of Crude Oil Hampers Performance of Anti-Corrosion Coatings Market
Volatile nature of petrochemical feedstock used for manufacturing
high performance anti-corrosion coatings is acting as a spoiler,
preventing the growth of this market. An inevitable usage of
petrochemicals as aromatic compounds, solvents, fillers, and
modifiers is expected to increase the dependency of vendors in this
market on crude oil prices, thus hampering the market of exploiting
the existing potential for growth in the near future.
However, the booming power generation and utilities sector is
anticipated to boost the demand for high performance anti-corrosion
coatings in the forecast period. These coatings will be primarily
used for preventing the machinery and maintaining energy-efficiency
in operations. As several countries across the globe develop
energy-efficient smart grids and transmission systems they will
create ample of growth opportunities for the high performance
anti-corrosion coatings market in the foreseeable future.
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Market Research Report with ToC & Analysis :
According to the research report, the opportunities in the global
high performance anti-corrosion coatings market will be worth
US$18.22 bn in 2023 as compared to US$11.94 bn in 2014. This
translates to a CAGR of 4.8% between 2015 and 2023. The oil and gas
industry will be the leading end user of high performance
anti-corrosion coatings, accounting for 32.1% of the total share in
the market in 2014. This end user segment will capture a share of
32.3% by the end of 2023. In terms of geography, Asia Pacific will
dominate the global market at a positive CAGR of 5.0% during the
forecast period.
The evaluation of the market is done on the basis of a research
report titled, “High Performance Anti-corrosion Coatings Market
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015 - 2023.”
Key
Takeaways:
- Volatile nature of crude prices restrain the high performance anti-corrosion coatings market
- Oil and gas industry will be key end user segment, accounting for nearly 32.3% in the overall market by 2023
- Infrastructural development in developing regions will be the primary growth driver for the global market
The
high performance anti-corrosion coatings market is segmented as
follows:
High
Performance Anti-Corrosion Coatings Market - Product Analysis
- Epoxy Coatings
- Urethane Coatings
- Acrylic Coatings
- Others (Alkyd Coatings, etc.)
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