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Demand from Oil & Gas Industries Drive the Anti-corrosion Coatings Market: TMR

Published on 2017-05-11. Author : SpecialChem

A recent study by Transparency Market Research (TMR) has detected that the global high-performance anti-corrosion market is moderately consolidated with four companies accounting for 59.7% shares in 2014.

Expanding Demand a Reflection of Infrastructural Development

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Demand from Oil & Gas Industries Drive the
Anti-corrosion Coatings Market: TMR

These four companies are Nippon Paint Co., Ltd., Akzo Nobel N.V., The Sherwin-Williams Company, and PPG Industries Inc. These leaders of the high performance anti-corrosion market, as well as other prominent players, actively indulge in strategic collaborations with domestic vendors and expand their production facilities in order to maintain their stronghold.

The TMR report evaluates that the global high performance anti-corrosion coatings market was worth US$11.94 bn in 2014, and estimates it to reach a valuation of US$18.22 bn by the end of 2023, incrementing at a CAGR of 4.8% during the forecast period of 2015 to 2023. This expanding demand is a reflection of thriving infrastructural development in several emerging economies, which has opened opportunities for the stakeholders of the market for high performance anti-corrosion coatings.

Asia Pacific Driving Epoxy Coatings Market

  • Product-wise, the global high performance anti-corrosion coatings market is segmented into epoxy coatings, acrylic coatings, urethane coatings, and others such as alkyd coatings
  • Among these, epoxy coatings currently serves the maximum demand, which is a reflection of rapid urbanization in several developing countries in Asia Pacific such as India and China, Latin America, and the Middle East and Africa
  • In the construction industry, epoxy coatings are used to preserve steel pipes and for flooring applications in building structures such as hospitals, showrooms, retail stores, and warehouses
  • Epoxy coatings are also gaining demand from the food and beverage industry, wherein it is used to increase the shelf life of packed products

Asia Pacific Region Accounts for Maximum Demand

Geographically, Asia Pacific region accounts for the maximum demand in the global high performance anti-corrosion coatings market, which can be attributed to increasing foreign investments as well as the prosperity of several end-user markets such as construction, power generation, oil and gas, and tanks and pipes. North America and Europe are fairly matured markets and exhibit a strongly contested competitive landscape owing to the presence of a number of prominent players.

Oil and Gas Sector Serves Maximum Demand

A significant chunk of the demand in the global high performance anti-corrosion coatings market is served by increasing oil and gas drilling and exploration activities across the world. High performance anti-corrosion coating helps in the maintenance of industry equipment, improves lifespan of metal surfaces, and helps in preventing damages.

These coatings are now also used for storage tanks, transmission pipelines, oil rigs, and steel structures. With flourishing construction, manufacturing, automotive, and transportation industries, the vendors in the global anti-corrosion coatings market are expected to gain demand throughout the forecast period. On the other hand, factors such as volatile nature of petrochemical feedstock are hindering the growth rate of the market to a certain extent.

About Transparency Market Research

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our 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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