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.
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- 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.
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.
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