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Oil and Gas Industry Drive the Anti-corrosion Coatings Market: TMR

Published on 2017-01-26. Author : SpecialChem

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.

Asia Pacific - The Leading Regional Market

Oil and Gas Industry
Oil and Gas Industry to Drive the Market

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.

Oil and Gas Industry to Drive the Market

  • 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
  • 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

Strict VOC Regulations 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.

About Transparency Market Research

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Its exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Its business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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Source: Transparency Market Research
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