The global high performance anti-corrosion coatings market features a large number of international and domestic companies manufacturing a variety of products and operating amidst intense competition in terms of cost, innovation, and product features, observes Transparency Market Research in a recent report. Despite the availability of a vast pool of product types and brands in the global market, the frequency of technical issues concerning slow drying, low mechanical strength, and low corrosion resistance is high, which means that market players have plenty of scope for improvement. Demand for high performance anti-corrosion coatings that can ensure a long service life, without needing premature or additional maintenance costs is also high in the market.
This scenario makes the market a promising ground for investment for new vendors as well. Although a massive chunk of the market is acquired by the four leading players: PPG Industries Inc., Nippon Paint Co., Ltd., The Sherwin-Williams Company, and Akzo Nobel N.V, which collectively held a nearly 60% of the market in 2014, the vast scope for innovation in the market could work well for new entrants.
TMR estimates that the global high performance anti-corrosion coatings market will exhibit a 4.8% CAGR from 2015 to 2023, rising from a valuation of US$11.94 bn in 2014 to US$18.22 bn in 2023.
Burgeoning End-use Industries Sector in Asia Pacific to Help Market Gain Traction
Of the key end-use industries contributing extensively to market growth through sustainable demand, the oil and gas industry is presently at the top when revenue contribution to the global high performance anti-corrosion coatings market is considered. The oil and gas industry is expected to retain its dominance in the market over the report’s forecast period as well, expected to account for a nearly 32.5% of the overall market by 2023. Geographically, Asia Pacific is expected to be the leading regional market for high performance anti-corrosion coatings owing to the burgeoning growth of key end-use industries such as oil and gas, power generation, and construction.
Demand from Oil and Gas Industry to Remain Key for Future Growth
The vast rise in oil and gas drilling and exploration activities in key regional markets across the globe has led to a significant rise in demand for a vast variety of high performance anti-corrosion coatings in the past few years. The urgent need for maintenance of the complex machineries and equipment used across numerous operations in the industry is expected to spur the overall demand for high performance anti-corrosion coatings in the near future as well.
Moreover, the market is also significantly driven by the rising demand from the construction and mining industries, especially across Asia Pacific. Strengthening economic conditions of developing countries such as India and China are boosting infrastructural development activities in the respective countries and are, in turn, driving the increased demand for high performance anti-corrosion coatings.
Restrictions Regarding VOC Emission to Restrict Demand for Conventional Coatings
The overall growth prospects of the global market for high performance anti-corrosion coatings are significantly affected by strict government regulations regarding the usage of products containing volatile organic compounds (VOCs). Government regulations across developed regions such as Europe and North America, especially, have led to stark decline in the usage of petrochemicals-based high performance anti-corrosion coatings in the past few years.
The trend is also steadily gaining strength in developing parts of the globe and an increased demand for bio-based coatings is being seen. Because a vast variety of high performance anti-corrosion coatings in market presently are petrochemicals-based, this trend is expected to have a notable negative impact on the growth prospects of the market in the next few years.
This review of the market is based on a recent market research report by Transparency Market Research, titled “High Performance Anti-corrosion Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
For the study, the market has been segmented in the report into:
This report segments the global high performance anti-corrosion coatings market as follows:
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