High-performance anticorrosion coatings find applications across chemical plants, paper and pulp mills, oil refineries, the marine industry, and many other industries for protection or industrial maintenance of structures such as pipes, tanks, and processing equipment. A recent market research report published by Transparency Market Research examines the global high-performance anticorrosion coatings market and analyzes the factors that are influencing the development of the market. The report states that the market will exhibit a moderate 4.8% CAGR from 2015 through 2023.
Despite the high applicability of these coatings, the key factors holding back the market and how they are changing the market’s growth dynamics are addressed by TMR analysts in this blog post.
Q. What are the major restraints to the market’s growth?
Strict government regulations pertaining to volatile organic compound (VOC) emissions is one of the chief factors restraining the expansion of the global high performance anti-corrosion coatings market. A majority of the conventional high performance anti-corrosion coatings are made from petrochemical-derived raw materials. Historically, all resin types used in high performance anti-corrosion coatings used petroleum solvents. These solvent-borne coatings have high VOC content and are being scrutinized for the harm they cause to human and environmental health. To comply with the strict emission control guidelines, high performance anti-corrosion coatings manufacturers are focusing on the development of bio-based raw materials and waterborne coatings.
Q. What are the other major trends in the global high performance anti-corrosion coatings market?
The high performance anti-corrosion coatings market is also becoming more resistant to the use of heavy metal-based corrosion inhibitors in their products. Until a few years back, heavy metal-based corrosion inhibitors were widely accepted owing to the excellent corrosion protection capability granted by a variety of heavy metal pigments to high performance anti-corrosion coatings. Regulations pertaining to occupational safety of employees are increasingly putting pressure on companies to replace barium, chromium, zinc, and many other heavy metals with eco-friendly alternatives. This has led to a significant rise in research aimed at the development of effective anti-corrosion elements in the high performance anti-corrosion coatings market.
Q. What developments have been observed on the front of bio-based coatings?
The segment of epoxy resins-based coatings, which currently have a share of nearly 55% of the global high performance anti-corrosion coatings market, is expected to drive shift of the market to bio-based products. Researchers have formulated efficient ways of manufacturing epoxy resins with the help of bio-based raw materials such as natural oils, natural phenol compounds such as lignin and tannin, and carbohydrates. Though most commercially available bio-based resins have only up to a maximum of 50% biodegradable substances, further research will lead to a significant rise in this percentage in the coming years.