Albany, NY -- (SBWIRE) -- 08/03/2016 -- High performance anti-corrosion coatings are enhanced protective coatings that are used to prevent corrosion of metal and concrete substrates. These coatings are sometimes referred to as heavy-duty coatings as they are specifically used in protecting metal and concrete structures that are continuously exposed to extreme corrosive surroundings. Excellent adhesion on substrates, durability, better resistance to heat and moisture, and good gloss retention are key attributes of high performance anti-corrosion coatings. High performance anti-corrosion coatings are primarily used in core industries such as oil & gas, marine, paper & pulp, power generation, piping, storage tanks, electrical, chemical processing, and construction. High performance anti-corrosion coatings are classified based on the coating resin that is incorporated during their processing. Epoxy, urethane, acrylic, alkyd, ethyl silicate, vinyl, and polyester are key coating products that are currently used in high performance industrial applications. Furthermore, these coatings are also available in various formulation systems such as solvent borne, water borne, radiation cured, and powder.

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High performance anti-corrosion coatings are primarily manufactured by using raw materials derived from petrochemicals. Epoxy coatings, urethane coatings, and acrylic coatings are major product segments of the global high performance coatings market. Epoxy coatings was the largest product segment of the global high performance anti-corrosion coatings market in 2014. In terms of volume, epoxy coatings accounted for over 55% of the global demand for high performance anti-corrosion coatings in 2014. Epoxy coatings provide excellent abrasion and corrosion resistance as well as high mechanical strength when applied to substrates. This product segment is anticipated to maintain its leading position during the forecast period as it can also be manufactured via bio-based raw material sources, thus reducing dependency on petrochemicals.

However, acrylic coatings is projected to be the fastest-growing product segment of the high performance anti-corrosion coatings market by 2023. These coatings have high compatibility with metal substrates, better color retention rates when exposed to harsh climatic conditions, and are chemically inert. Hence, they are expected to replace other high performance anti-corrosion coatings, especially alkyd coatings, in the near future.

The global high performance anti-corrosion market is also segmented on the basis of demand from various end-user industries. Oil & gas, power generation, marine, construction, and tanks & pipes are key end-user segments of the high performance anti-corrosion coatings market. Oil & gas was the largest end-user of the high performance anti-corrosion coatings market in 2014, followed by construction and tanks & pipes industries. This end-user segment held a market share of around 30% in 2014. High performance anti-corrosion coatings have exclusive applications in transmission pipelines, oil storage tanks, drilling equipment, and other oil rig parts in this end-user industry. However, power generation is projected to provide significant growth opportunities for high performance anti-corrosion coatings as it is likely to be the fastest-growing segment among other end-users during the forecast period.

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In terms of demand, Asia Pacific is likely to hold the largest share of the high performance anti-corrosion coatings market followed by Europe by the end of 2023. Robust growth in the global high performance anti-corrosion coatings market is expected in Asia Pacific due to rise in consumption in the region's oil & gas, construction, and marine end-user industries. However, Middle East & Africa is expected to witness the fastest growth due to increasing industrial activities in the oil & gas sector. Latin America is projected to be an emerging market for high performance anti-corrosion coatings, especially in Brazil by the end of 2023. Other global regions, especially Europe and North America, are estimated to witness steady market growth by 2023. Steady growth in these regions is anticipated to be supported by power generation and tanks & pipes industries.

Key global manufacturers of high performance anti-corrosion coatings include Akzo Nobel N.V., The 3M Company, The Sherwin-Williams Company, Nippon Paint Co., Ltd., PPG Industries Inc., Jotun A/S, Chugoku Marine Paints, Ltd., and Hempel A/S.

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