High Performance Anti-corrosion Coatings Market to Rise High With Growing Demand from Oil and Gas Sector

The high performance anti-corrosion coatings market has been growing at a healthy pace in the last few years. The rising number of applications and the rapid development of the oil and gas industry are projected to act as the key factors encouraging the growth of the market in the next few years. Developing economies, across the globe are expected to offer promising growth opportunities, thus attracting several new players to participate in the market in the coming few years.
According to the market study by Transparency Market Research, in 2017, the global market for high performance anti-corrosion coatings was worth US$13.64 bn and is projected to reach a value of US$18.22 bn by the end of 2023. The market is projected to register a healthy 5.0% CAGR between 2017 and 2023. 
Key Factors Encouraging Growth of High Performance Anti-corrosion Coatings Market 
The rising oil and gas exploration and drilling activities is considered as one of the key factors estimated to encourage the growth of the global high performance anti-corrosion coatings market in the coming few years.
The rapid development of the infrastructure and several other industries, especially in developing nations are estimated to enhance the growth of the market in the near future.
The rising contribution from Singapore, India, Vietnam, and China is projected to encourage the growth of the high performance anti-corrosion coatings market in the next few years.
On the flip side, the volatile nature of the petrochemical products that are used for the manufacturing the high performance anti-corrosion coatings is predicted to hamper the growth of the market in the next few years.
Nonetheless, the rising focus on technological advancements and research and development activities are projected to offer potential growth of the overall market in the coming few years.
Asia Pacific to Lead Global Market in Coming Few Years
Among the key segments, Asia Pacific is projected to account for a large share of the overall market and is likely to register a healthy growth rate in the next few years. The strong growth of this region can be attributed to the rising foreign investments and the rising number of applications. In addition to this, the presence of leading players and the rapid growth of the construction industry are predicted to generate potential growth opportunities for the market players in the next few years. As per the research study by Transparency Market Research, the Asia Pacific market is projected to register a healthy 5.0% CAGR between 2017 and 2023.
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The global market for high performance anti-corrosion coatings is competitive in nature with several number of players operating worldwide. The rising mergers and acquisitions and strategic collaborations is projected to generate potential growth opportunities for the market players in the coming few years. In addition to this, the enhancement of the distribution network and the rising focus on the expansion of the product portfolio are projected to support the growth of the overall market in the next few years. Some of the key players operating in the high performance anti-corrosion coatings across the globe are Akzo Nobel N.V., The 3M Company, Nippon Paint Co., Ltd., PPG Industries Inc., The Sherwin-Williams Company, Chugoku Marine Paints, Ltd., Jotun A/S, and Hempel A/S.
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Rohit Bhisey

Rohit Bhisey

An AVP at the Marketing department at Transparency Market Research, Rohit has his fingers firmly placed on the pulse of the business world. He has a keen eye for any new development that could rock our world. He is adept at strategizing to boost web traffic and generate new leads. He is also an expert in Google Analytics, something which he feels could go a long way in getting sites more traction by providing necessary insights. Rohit is a Bachelor in Computer Science from the Pandit Ravishankar Shukla University and takes keen interest in writing news articles on technology, business, and healthcare.

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