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 more than half of the shares in the global high performance anti-corrosion coatings market in 2017,” 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.
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$13.64 bn in 2017. This translates to a CAGR of 5.0% between 2017 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 2017. 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.
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.
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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.