Repair and Maintenance of Oil Vessels Generate Demand for High Performance Anti-corrosion Coatings
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.
This 190 page report gives readers a comprehensive overview of the High Performance Anti-corrosion Coatings Market. Browse through to unlock the hidden opportunities in this market.
The incredible usefulness of high performance anti-corrosion coatings market is expected to reach US$18.22 bn by 2023 from US$11.95 bn in 2014, as the market exhibits a steady growth rate of 4.8% between 2015 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.
Oil and Gas End-Use Segment to Offer Lucrative Growth Opportunities to Overall Market
The oil and gas segment was the leading end-user segment of the high performance anti-corrosion coatings market in 2014, accounting for nearly 32.1% 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.
Asia Pacific to Lead Demand for High Performance Anti-corrosion Coatings
Geographically, Asia Pacific is the leading regional segment of the high performance anti-corrosion coatings market. The increasing foreign investments along with flourishing end-user markets such as power generations, tanks and pipes, construction, marine, and oil and gas are expected to drive this market to achieve unprecedented growth in the forecast period. Epoxy coatings product was the leading product segment in the Asia Pacific high performance anti-corrosion coatings market.
However, the acrylic coatings product segment is showing clear signs of surpassing the share of epoxy coatings product segment as it will be popularly used by the marine, construction, oil and gas, and power generation industries. Between 2015 and 2023 the Asia Pacific high performance anti-corrosion coatings market will surge at a CAGR of 5.0%.
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The players deciding the trajectory of the global high performance anti-corrosion coatings market are The 3M Company, Akzo Nobel N.V., Nippon Paint Co., Ltd., The Sherwin-Williams Company, PPG Industries Inc., Chugoku Marine Paints, Ltd., Jotun A/S, and Hempel A/S. The majority of these players are entering strategic partnerships with regional companies to increase their geographical reach and build their distribution networks. Furthermore, to maintain a competitive edge, companies are also trying to launch sustainable coating products that are in line with the environmental protocols as well.