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.
The incredible usefulness of high performance anti-corrosion coatings market is expected to reach US$18.22 bn by 2023 from US$13.64 bn in 2017, as the market exhibits a steady growth rate of 5.0% between 2017 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 2017, accounting for nearly 32.2% 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 2017 and 2023 the Asia Pacific high performance anti-corrosion coatings market will surge at a CAGR of 5.0%.
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.
Global High Performance Anti-corrosion Coatings Market: Overview
High performance anti-corrosion coatings are advanced materials that are applied on metal and concrete components in various manufacturing plants that are exposed to severe corrosive surroundings. Epoxy coatings, acrylic coatings, and urethane coatings are major product segments of the global high performance anti-corrosion coatings market. These coatings are broadly consumed in core industries. Oil & gas, tanks & pipes, construction, marine and power generation are major end-users of the high performance anti-corrosion coatings market. Oil & gas held the largest demand for high performance anti-corrosion coatings in 2017. However, the power generation segment is expected to create substantial growth opportunities for the high performance anti-corrosion coatings market during the forecast period. Use of waterborne process technology is likely to be one of the potential substitutes for solvent-borne coating systems in the high performance anti-corrosion coatings market by 2023.
The report estimates and forecasts the high performance anti-corrosion coatings market on the global, regional, and country level. The study provides forecast from 2017 to 2023 based on volume (kilo tons) and revenue (US$ Mn).
Global High Performance Anti-corrosion Coatings Market: Segmentations
The study offers a comprehensive view of the high performance anti-corrosion coatings market by dividing it into product segments such as epoxy coatings, acrylic coatings, urethane coatings, and others. In terms of end-user, the global high performance anti-corrosion coatings market has been segmented into oil & gas, marine, construction, tanks & pipes, power generation, and others. End-user segments have been analyzed based on historic, present, and future trends, and the market has been estimated from 2017 to 2023 in terms of volume (kilo tons) and revenue (US$ Mn).
Regional segmentation includes current and forecast demand for high performance anti-corrosion coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report includes country-level analysis in terms of volume and revenue for product and end-user segments. Key countries such as the U.S., the U.K., France, Germany, Italy, Russia, China, India, Brazil, South Africa, as well as ASEAN and GCC are incorporated in the study. Market segmentation includes demand for individual products and end-users in all regions and countries.
Global High Performance Anti-corrosion Coatings Market: Research Methodologies
The report comprises a comprehensive value chain analysis that provides a broad view of the market. Value chain analysis also provides detailed information about value addition at each stage of the value chain. The report covers drivers and restraints for the high performance anti-corrosion coatings market along with their impact on demand during the forecast period. Additionally, it includes the study of opportunities in the high performance anti-corrosion coatings market at the global level.
The report includes Porter’s Five Forces Model to gauge the degree of competition in the high performance anti-corrosion coatings market. The report encompasses a qualitative write-up on market attractiveness analysis, wherein end-users have been analyzed based on their attractiveness, growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated to derive general attractiveness of the market. The report also includes price trend analysis of raw materials derived from petrochemicals such as propylene, ethylene, and aromatics as well as high performance anti-corrosion coatings from 2017 to 2023.
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of the research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and reinforcing our secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Global High Performance Anti-corrosion Coatings Market: Competitive Landscape
The report covers a detailed competitive outlook that includes market share and profiles of key players operating in the global market. Akzo Nobel N.V., The 3M Company, Chugoku Marine Paints, Ltd., Nippon Paint Co., Ltd., Hempel A/S, Jotun A/S, PPG Industries Inc., and The Sherwin-Williams Company are key players profiled in the report. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview.