The global high-performance anti-corrosion coatings market was valued at US$ 12.60 Bn in 2017 and is anticipated to expand at a CAGR of 5.9% from 2018 to 2026, according to a new report titled ‘High-performance Anti-corrosion Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global high-performance anti-corrosion coatings 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.
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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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Repair and maintenance costs in the oil & gas sector have reached an all-time high in the last few years, due to the high level of corrosion. Growth of the oil & gas industry is anticipated to drive the demand for high-performance anti-corrosion coatings in the next few years. Rapid growth of the oil & gas industry in Asia Pacific, Middle East & Africa, Latin America, and eastern parts of Europe is anticipated to increase the usage of drilling equipment in the near future. This trend is likely to boost the global oil & gas drilling equipment sector during the forecast period. Corrosion causes significant damage to operational structures used in the oil & gas industry. Increase in use of oil & gas drilling equipment calls for protective coating systems and technologies that would help in maintaining the longevity and reliability of drilling equipment. This, in turn, is expected to boost the consumption of high-performance anti-corrosion coatings during the forecast period.
Coating resins, solvents, fillers, pigments, rheological modifiers, and other functional additives are key raw materials used in the manufacture of high-performance anti-corrosion coatings. However, most raw materials such as solvents, coating resins, and pigments are petrochemical derivatives. Primary petrochemicals such as ethylene and propylene are major raw materials used in the manufacture of epoxy and urethane coating resins. Furthermore, aromatic compounds such as benzene and toluene are key industrial solvents used in a wide range of industries. High usage of petrochemicals in the production of coatings as well as other specialty chemicals affects their price. Furthermore, depletion of crude oil sources is another factor leading to price volatility at the global level. These factors have caused substantial fluctuations in prices of primary petrochemical derivatives over the last few years. This scenario is projected to affect supply of and demand for raw materials required for the manufacture of protective coatings. Hence, dependence on the availability of petrochemicals and fluctuations in their prices are likely to hamper the high-performance anti-corrosion coatings market during the forecast period.
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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. Presently, epoxy coatings are widely used high-performance anti-corrosion coatings across the globe. Rising demand for acrylic coatings is expected to fuel the high-performance anti-corrosion coatings market between 2018 and 2026. 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.
In terms of application, the global high-performance anti-corrosion coatings market can be segmented into oil & gas, marine, construction, tanks & pipes, power generation, and others. 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 2018 to 2026. 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 2018 and 2026. 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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