Global High Performance Anti-corrosion Coatings Investigation and Growth Forecasted Until the End of 2023
The thriving infrastructural development in
developed and developing regions of the world has triggered a demand for
protective high performance anti-corrosive coatings, reports MRRSE. To keep up
with the demand, players in this market are expanding their production
facilities and making strategic collaborations with regional players to enter
new markets. For instance, 3M Company joined hands with Russell NDE/PICA
Corporation that will give the former player a chance to strengthen its
position in the U.K., Canada, and the U.S.
According to the research report,
the opportunities in the global high performance anti-corrosion coatings market
will be worth US$18.22 bn in 2023 as compared to US$13.64 bn in 2017. This
translates to a CAGR of 5.0% between 2017 and 2023. The oil and gas industry
will be the leading end user of high performance anti-corrosion coatings,
accounting for 32.1% of the total share in the market in 2017. This end user
segment will capture a share of 32.3% by the end of 2023. In terms of
geography, Asia Pacific will dominate the global market at a positive CAGR of
5.0% during the forecast period.
The increasing oil and gas drilling
and exploration activities in the recent past have been the indirect cause of
the growing consumption of high performance anti-corrosion coatings. The rise
of these activities have led to an urgent need for maintenance of the industry
equipment, which has spurred the demand for protective coatings that improve
the lifespan of metal surfaces and prevent it from corroding or getting damaged
due to weathering and harsh climatic conditions. These coatings are increasingly
being used on storage tanks, oil rigs, transmission pipelines, steel
structures, and other oil vessels.
Infrastructural development such as
the flourishing construction, transportation, and manufacturing industries and
across the Asia Pacific region are propelling the usage of high performance
anti-corrosion coatings market. This trend is predominantly seen in emerging
economies of India, China, Vietnam, China, and Singapore.
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 2014 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.
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