High-performance Anti-corrosion Coatings Market
High-performance Anti-corrosion Coatings Market (Product - Epoxy, Urethane, Acrylic; Application - Oil and Gas, Marine, Construction, Tanks and Pipes, Power Generation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Global High-performance Anti-corrosion Coatings Market: Key Highlights
- The global demand for high-performance anti-corrosion coatings stood nearly US$ 14.61 Bn in 2018 and is projected to reach over US$ 22.78 Bn by 2027. Rising construction activities in Asia Pacific region coupled with oil & gas expansion is likely to expand global high-performance anti-corrosion market during the forecast period.
- High-performance anti-corrosion coatings are used to protect metal and concrete structures, tanks, pipes, and processing equipment from deterioration caused by exposure to corrosive environments including acid rain. These coatings are used primarily in chemical plants, oil refineries, public utility works, pulp and paper mills, and other facilities. High-performance anti-corrosion coatings are also used to protect ships, offshore oil drilling rigs and production platforms, and other structures used in marine environments.
- Price volatility of raw materials and stringent government regulations is likely to restraint growth of global high-performance anti-corrosion coatings market.
- Turbomachinery, transition pieces, and compressor blades are a few of the key coating applications in the power generation industry. Power generation components are subjected to various fabrication processes under various thermodynamic conditions. These conditions are responsible for causing corrosion over metal surfaces, which are employed in power generation machinery.
- Developed regions such as North America are expected to provide lucrative opportunities for the High-performance Anti-corrosion Coatings market. This is due to expansion in the power generation sub-sectors such as wind, solar, hydroelectric, nuclear power, thermal, and shale gas. Developments in energy-efficient smart grids and transmission systems in the region, especially in the U.S., are likely to provide potential growth opportunities for High-performance Anti-corrosion Coatings in the near future.
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Global High-performance Anti-corrosion Coatings Market: Segmental Insights
- Epoxy coatings protect substrates from the deterioration caused by corrosive surroundings. These coatings have excellent adhesion and flexibility. Therefore, they are highly preferred in various end-user industries. Presently, epoxy coatings are widely used high-performance anti-corrosion coatings across the globe.
- Rising demand for acrylic coatings is expected to fuel the market between 2018 and 2026. These coatings offer superior structural and mechanical characteristics than other anti-corrosion coatings such as alkyd and vinyl coatings. Acrylic coatings have high color retention rate and they are chemically inert.
- High-performance anti-corrosion coatings are widely used in the oil & gas industry. In terms of demand, the oil & gas segment is expected to present immense opportunities to the high-performance anti-corrosion coatings market between 2018 and 2026. Rise in maintenance and repair activities in the global oil & gas industry, especially for oil drilling equipment, offshore installation machinery, process vessels, and transmission pipelines, is likely to be a major driver of the market in the next few years.
- The power generation segment is estimated to present lucrative growth opportunities to the market from 2018 to 2026. High-performance anti-corrosion coatings are required for coating applications in insulated wires, electricity-generating components, turbine blades, and hydraulic systems used in nuclear, geothermal, and solar power sub-sectors.
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Global High-performance Anti-corrosion Coatings: Regional Insights
- Asia Pacific dominates the global market, due to growth of pharmaceutical and health care industries in the region. Rapid infrastructure development in major countries of Asia Pacific such as China, India, Indonesia, Vietnam, Singapore, and Malaysia is expected to boost the consumption of high-performance anti-corrosion coatings in the region between 2019 and 2027. High-performance anti-corrosion coatings are extensively consumed in the construction industry. These coatings have a wide range of usage in infrastructure development in this industry.
- Development of transport infrastructure in Asia Pacific is anticipated to be the key driving factor for the market during forecast period. Rising use of metal and steel in the construction of bridges, roadways, highways, waterways, airports, and railways is likely to provide immense growth opportunities to the high-performance anti-corrosion coatings market in the next few years.
- Growth of the marine industry in Asia Pacific is also projected to boost the market during the forecast period. Container ships, cargos, offshore and onshore vessels, surface warships, and submarines are a few of the marine industry components that require protective coatings for their overall durability.
- Constantly improving trade ties between Asia Pacific and other regions, especially Europe and North America, are expected to boost bulk transport of commodities in the next few years. This rising trend of seaway transport in Asia Pacific is projected to increase shipbuilding and repair activities, primarily in China, Japan, and South Korea in the near future. The shipbuilding sector would require incorporation of enhanced performance coatings, especially in container ships and onshore vessels. Thus, the demand for high-performance anti-corrosion coatings in the marine industry in Asia Pacific is likely to increase in the next few years.
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Global High-performance Anti-corrosion Coatings: Competition Landscape
- The global high-performance anti-corrosion coatings market witnesses high degree of competition among market players. The market is highly concentrated, as well-established players constitute a significant market share. High level of competition among established players is expected during the forecast period, due to their integrated value chains.
- Some of the key players operating in the global high-performance anti-corrosion coatings market include
- Akzo Nobel N.V.
- PPG Industries Inc.
- Jotun A/S
- Hempel A/S
- Nippon Paint Holdings Co., Ltd
- In December 2019, RPM International Inc. announced that its Mantrose-Haeuser Co., Inc. business has acquired Profile Food Ingredients, LLC, a manufacturer of dry stabilizer and emulsifier blends for the food industry.
- In October 2019, AkzoNobel launched range of high performance primers for corrosion protection. It covers a full array of substrates, surfaces and environments – from cable cars and chemical plants to window frames and wind turbines.
- In August 2018, RPM International Inc. announced that its Rust-Oleum Group would be acquiring the Mean Green branded line of specialty cleaning products
- In March 2018, RPM International Inc. announced that its Rust-Oleum Group had acquired Miracle Sealants Company
- In November 2017, Nippon Paint Co., Ltd. engaged in a discussion with Axalta regarding a potential acquisition of Axalta
- In October 2017, 3M announced that it has completed the acquisition of Scott Safety, a premier manufacturer of innovative products, such as self-contained breathing apparatus (SCBA) systems, gas and flame detection instruments, and other safety devices, that complement the former’s personal safety portfolio
- In May 2017, AkzoNobel opened new performance coatings facility in Chonburi, Thailand.
TMR’s recent publication on the global high-performance anti-corrosion coatings market provides audiences with an overall market outlook, with the help of comprehensive assessment of the global market scenario. TMR’s study on the global high-performance anti-corrosion coatings market analyzes the market with respect to the historical and current market scenario and offers forecast for the period from 2019 to 2027.
Report readers are able to make important decisions pertaining to their business with a wealth of information and exclusive insights on the global high-performance anti-corrosion coatings market enclosed in the study. The report on the global high-performance anti-corrosion coatings market also provides in-depth understanding of key market trends and advancement made by companies. This TMR report is divided into different sections to allow readers to gain individual understanding of the global high-performance anti-corrosion coatings market.
Key Queries Addressed in Report
- How much volume sales is expected to be generated in the global high-performance anti-corrosion coatings market by the products during the forecast period?
- What are key growth indicators and market dynamics that are expected to drive the global high-performance anti-corrosion coatings market in the next five years?
- Which regions are estimated to provide lucrative opportunities to the global high-performance anti-corrosion coatings market during the forecast period?
- What are the essential strategies adopted by key players operating in the global high-performance anti-corrosion coatings market in order to expand their geographical presence?
The first section of the TMR’s report on the global high-performance anti-corrosion coatings market begins with a premise that includes report scope, market segmentation, and research highlights. This is followed by the executive summary that highlights aspects of the global high-performance anti-corrosion coatings market covered in the study. This section provides brief understanding of market elements and enables readers to understand the aspects covered in the study. The report also includes market dynamics on high-performance anti-corrosion coatings that offer understanding of market drivers, restraints, and opportunities.
The next section includes segmentation analysis of the global high-performance anti-corrosion coatings market. This evaluation includes segmentation of the global high-performance anti-corrosion coatings market based on product, application and region. Furthermore, analysis of key segments, year-on-year growth projection, and basis point share analysis are included in the report. These help readers identify promising areas for growth of the market.
The TMR’s study on the global high-performance anti-corrosion coatings market offers assessment of the geographical landscape of the market. The regional study helps market competitors make important decisions pertaining to their business. Individualized, region-wise, and segment-wise analysis helps readers decipher the growth potential for the market across various geographies. Supported by year-on-year growth projection and global market value and volume share, this section is a vital part of the high-performance anti-corrosion coatings report.
The study on the global high-performance anti-corrosion coatings market offers a holistic competitive value judgment, with details of leading as well as emerging market players. The dashboard view of competitors operating in the global high-performance anti-corrosion coatings market allows readers to understand business strategies of these players along with their performance.
The TMR’s report on the global high-performance anti-corrosion coatings market is based on detailed estimation of the market, with the inclusion of comprehensive primary and secondary research inputs. Detailed investigation of the global high-performance anti-corrosion coatings market, in terms of competition scenario, is supported by individual-level examination of different avenues related to the market. Furthermore, for secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the required understanding of the global high-performance anti-corrosion coatings market. This helps TMR’s analysts derive crucial predictions and forecast of the global high-performance anti-corrosion coatings market. Readers can access the study of the global high-performance anti-corrosion coatings market to gain projected market analysis for the period from 2019 to 2027.
Global High-performance anti-corrosion coatings Market: Segmentation
Oil & gas
Tanks & pipes
Middle East & Africa