Global High-performance Anti-corrosion Coatings Market- Industry Trends and Forecast Analysis to 2027
Global High-performance anti-corrosion coatings
Market: Highlights
·
The
global high-performance anti-corrosion coatings market is
projected to grow at a CAGR of more than 5.0% between 2019 and 2027. The
market is driven by growth of the global oil & gas industry. Asia Pacific
accounts for a major share of the global market, due to growth of construction,
marine, and oil & gas industries in the region.
·
The
number of oil & gas drilling and exploration activities has increased in
the last few years. The Gulf of Mexico, Southeast Asia, and North Sea are
currently rich in oil & gas resources and they have a large number of oil
rigs. These activities are expected to increase expenditure on maintenance and
repair in the near future. Thus, currently, there exists a requirement for
protective coatings that are capable of increasing the shelf life and
durability of equipment under varying temperatures and climatic conditions.
·
High-performance
anti-corrosion coatings protect metal surfaces of various components used in
the oil & gas industry. These coatings offer an influential barrier against
corrosion, especially when components or parts such as storage vessels,
offshore drilling equipment, and other machinery come in contact with chemicals
and moisture.
·
Stages
such as manufacture, extraction, storage, and distribution of oil & gas are
key sources of corrosion. Storage tanks, transmission pipelines, oil rigs,
steel structures, and other oil vessels are subjected to moisture, salt, fog,
and corrosive environment.
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Global High-performance anti-corrosion coatings
Market: Segmental Trends
·
Based on
product, the global high-performance anti-corrosion coatings market has been
segmented into epoxy, urethane, acrylic, and others. Epoxy coatings protect
substrates from the deterioration caused by corrosive surroundings. These
coatings have excellent adhesion and flexibility. Therefore, these are highly
preferred in various end-user industries.
·
Rising
demand for acrylic coatings is expected to fuel the high-performance
anti-corrosion coatings market between 2019 and 2027.
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.
Additionally, they are eco-friendly.
·
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 growth
opportunities to the high-performance anti-corrosion coatings market from 2019 to 2027.
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 near future.
·
The power
generation segment is estimated to present lucrative opportunities to the
high-performance anti-corrosion coatings market between 2019 and 2027.
High-performance anti-corrosion coatings are required for coating applications
in insulated wires, electricity-generating components, turbine blades, and
hydraulic systems used in nuclear, geothermal, and solar power sectors.
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Global High-performance anti-corrosion coatings
Market: Regional Highlights
·
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 2018 and 2026. High-performance
anti-corrosion coatings are extensively consumed in the construction industry.
·
Some of
the key uses of high-performance anti-corrosion coatings include their
application on steel, metal, and concrete substrates used in extraction,
utilities, manufacturing, and transport infrastructure. Development of the
transport infrastructure in Asia Pacific is anticipated to be the key driving
factor for the market during forecast period.
·
Rising
usage of metal and steel in the construction of bridges, roadways, highways,
waterways, airports, and railways is likely to offer immense growth
opportunities to the high-performance anti-corrosion coatings market in the
next few years.
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Key Developments in Global High-performance anti-corrosion
coatings Market
·
In December
2019, RPM International Inc. announced that its Mantrose-Haeuser
Co., Inc. business has acquired Profile Food Ingredients, LLC, a
manufacturer of dry stabilizer and emulsifier blends for the food industry.
·
In October
2019, AkzoNobel launched range of high performance primers for corrosion
protection. It covers a full array of substrates, surfaces and environments –
from cable cars and chemical plants to window frames and wind turbines.
·
In August
2018, RPM International Inc. announced that its Rust-Oleum Group would
be acquiring the Mean Green branded line of specialty cleaning products
·
In March
2018, RPM International Inc. announced that its Rust-Oleum Group had
acquired Miracle Sealants Company
·
In November
2017, Nippon Paint Co., Ltd. engaged in a discussion with Axalta regarding
a potential acquisition of Axalta
·
In October
2017, 3M announced that it has completed the acquisition of Scott Safety, a
premier manufacturer of innovative products, such as self-contained breathing
apparatus (SCBA) systems, gas and flame detection instruments, and other safety
devices, that complement the former’s personal safety portfolio
·
In May
2017, AkzoNobel opened new performance coatings facility in Chonburi,
Thailand.
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Global High-performance anti-corrosion coatings
Market: Competition Landscape
·
The
global high-performance anti-corrosion coatings market witnesses high degree of
competition among market players. The market is highly concentrated, as
well-established players constitute a significant market share. High level of
competition among established players is expected during the forecast period,
due to their integrated value chains.
·
Some of
the key players operating in the global high-performance anti-corrosion
coatings market include Akzo Nobel N.V., PPG Industries Inc., Jotun
A/S, Hempel A/S, Nippon Paint Holdings Co., Ltd., and 3M.
The sustainability aspects have dramatically
changes the raw material sourcing strategies for many businesses in the High-performance Anti-corrosion Coatings Market. Players have
become more responsible toward reducing or managing the waste, are adopting
material informatics equipped with artificial intelligence (AI), and adopting energy-efficient
production processes in order to maximize returns on invested capital.
Regulations, both region-specific and
global, have made massive influence on the microeconomics of the materials and
chemicals sector. Governments are intent on promoting the reduce the carbon
footprint of the entire chemical and materials manufacturing. As a result,
forward-looking organizations in the High-performance
Anti-corrosion Coatings Market are fervently looking for ‘green’ or low-carbon
footprint processes across the entire the value chain. The trend has gained
huge momentum from the growing awareness among customers of the affects that
chemicals have on the ecology and environment.
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