- High-performance anti-corrosion coatings market is expected to be valued at US$ 22.78 Bn by 2027
- Asia Pacific is a dominant high-performance anti-corrosion coatings market, and expected to offer lucrative opportunities due to increased construction activities and expansion of oil & gas industry in the region
ALBANY, N.Y., Aug. 18, 2021 /PRNewswire/ -- High-performance anti-corrosion coatings are increasingly utilized by companies engaged in diverse sectors, including oil refineries, chemical plants, pulp & paper mills, public utility works, other facilities. The product is gaining traction, owing to its ability to protect tanks, concrete & metal structures, processing equipment, pipes from deterioration, which generally occur due to exposure to different corrosive environments.
Urethane, epoxy, and acrylic are some of the product types available in the high-performance anti-corrosion coatings market.
Transparency Market Research (TMR) has released a new study on the global high-performance anti-corrosion coatings market. This study states that the market will expand at a CAGR of over 5% during the forecast period of 2019–2027.
High-performance Anti-corrosion Coatings Market: Key Findings
- Superior Mechanical, Structural Characteristics of Acrylic Coatings Create Business Opportunities in Global Market
Acrylic coatings are one of the high-demand products in the market. One of the key factors for the increased product demand includes its ability to provide superior mechanical and structural characteristics in comparison with other anti-corrosion coatings, including vinyl and alkyd coatings. Moreover, acrylic coatings are gaining traction, owing to their chemically inert nature and high color retention rate.
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- High Demand for High-performance Anti-corrosion Coatings from Oil & Gas Industry
In the recent years, there has been a significant growth in the repair and maintenance activities across the oil & gas industry, particularly for offshore installation machinery, oil drilling equipment, transmission pipelines, and process vessels. This factor is projected to create high demand for high-performance anti-corrosion coatings in the oil & and gas industry in the upcoming years.
High-performance Anti-corrosion Coatings Market: Growth Boosters
- High-performance anti-corrosion coatings are used across marine, oil & gas, tanks & pipes, power generation, and construction industries. The expansion of these industries is expected to translate into sales opportunities for high-performance anti-corrosion coatings market players in the near future.
- High-performance anti-corrosion coatings are being increasingly utilized in various applications of the marine environment. These coatings protect offshore oil drilling rigs, production platforms, ships, and other structures from deterioration. In addition, high-performance anti-corrosion coatings are also employed in others applications including electricity-generating components, insulated wires, turbine blades, and hydraulic systems used in geothermal, nuclear, and solar power sectors. Thus, the high-performance anti-corrosion coatings market is estimated to grow during the forecast period.
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- Asia Pacific is anticipated to be a dominant high-performance anti-corrosion coatings market during the forecast period. This regional market growth can be attributed to several factors including presence of sturdy healthcare and pharmaceutical industries in the region. Furthermore, the market is likely to gain the advantage of rapid infrastructure development activities in many countries of the region, including India, China, Vietnam, Indonesia, Malaysia, and Singapore. The transport infrastructure development in the region is also expected to be a key driver of the Asia Pacific high-performance anti-corrosion coatings market.
- Companies engaged in the global high-performance anti-corrosion coatings market are growing focus on expansion of their businesses. As a result, many enterprises are seen adopting various strategies such as acquisitions and new product launch. Moreover, several companies in the market are concentrating on strengthening their production capabilities by opening new performance coatings facilities.
High-performance Anti-corrosion Coatings Market: Key Players
The report profiles key players operating in the high-performance anti-corrosion coatings market. Thus, the section includes complete data on several important facets such as recent developments, key product offerings, financials, and strategies of each player operating in the market.
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Some of the key players profiled in the report include:
- PPG Industries Inc.
- Akzo Nobel N.V.
- Hempel A/S
- Jotun A/S
- Nippon Paint Holdings Co., Ltd
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