The global high performance anti-corrosion coatings market features a large number of international and domestic companies manufacturing a variety of products and operating amidst intense competition in terms of cost, innovation, and product features, observes TMR in a recent report. Despite the availability of a vast pool of product types and brands in the global market, the frequency of technical issues concerning slow drying, low mechanical strength, and low corrosion resistance is high, which means that market players have plenty of scope for improvement. Demand for high performance anti-corrosion coatings that can ensure a long service life, without needing premature or additional maintenance costs is also high in the market.
This scenario makes the market a promising ground for investment for new vendors as well. Although a massive chunk of the market is acquired by the four leading players: PPG Industries Inc., Nippon Paint Co., Ltd., The Sherwin-Williams Company, and Akzo Nobel N.V, which collectively held a nearly 60% of the market in 2014, the vast scope for innovation in the market could work well for new entrants.
TMR estimates that the global high performance anti-corrosion coatings market will exhibit a 4.8% CAGR from 2015 to 2023, rising from a valuation of US$11.94 bn in 2014 to US$18.22 bn in 2023.