International.
Transparency Market Research estimates that the global high-performance anti-corrosion coatings market will exhibit a Compound Annual Growth Rate (CAGR) of 4.8% from 2015 to 2023, going from a valuation of US$11.94 billion in 2014 to US$18.22 billion in 2023.
Of the major end-use industries that broadly contribute to the growth of the market through sustainable demand, the oil and gas industry is currently at the top when considering the revenue contribution to the global high-performance anticorrosive coatings market. The oil and gas industry is expected to maintain its dominance in the market during the forecast period of the report, which is expected to account for about 32.5% of the global market in 2023.
Geographically, Asia Pacific will be the main regional market for this market, due to the increasing growth of major end-use industries such as oil and gas, power generation, and construction.
The global growth prospects of the global high-performance anti-corrosion coatings market are significantly affected by the stringent government regulations regarding the use of products containing volatile organic compounds (VOCs). Government regulations across developed regions such as Europe and North America, especially, have led to an abrupt decline in the use of petrochemical-based high-performance anticorrosive coatings in recent years.
The trend is also gaining more and more traction at developing sites around the world and a growing demand for bio-based coatings is being seen. Because a huge variety of high-performance anti-corrosion coatings on the market are currently petrochemical-based, this trend is expected to have a noticeable negative impact on the growth prospects of the market in the coming years.
