Global Pressure Vessel and Tank Coatings Market - Segmented by Type, Technology, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global pressure vessel and tank coatings market is expected to experience robust growth during the forecast period. Owing to the increasing number of chemical industries and expanding oil & gas sector, Asia-Pacific is expected to account for the largest share of the market studied. By technology, the water-borne segment is expected to record the fastest growth.
Expansion of Nuclear Plants to Propel the Protective Sector of Pressure Vessel and Tank Coatings
Pressure vessels and tanks find significant applications in the nuclear power sector. Reactor pressure vessels used in the sector have components that are incessantly in contact with radiation. For instance, the reactor vessel body is used to contain fuel and other highly corrosive liquid materials. The major economies across the globe are expected to invest in the expansion of nuclear activities. Most of the reactors currently planned are in Asia-Pacific, with fast-growing economies and rapidly-rising demand for electricity.
Chemical Sector to Account for the Largest Share by End User
By end user, the chemical industry is expected to account for the largest share of the market studied, accounting for a share of slightly more than 25%. The major reason is the increasing use of pressure vessels as a part of the reaction chamber, for an array of chemical reactions. Due to the rising number of prominent chemical manufacturing plants, especially in China and India, the chemical segment is expected to account for the largest share in Asia-Pacific.
Asia-Pacific Poised to Dominate the Global Market
Asia-Pacific was estimated to hold a share of approximately 40% in terms of revenue in 2017, with China dominating the market. China is expected to hold the largest share of the Asia-Pacific segment, accounting for around 35% of the total share, in terms of revenue. The revival of the oil & gas sector and the aforementioned factors help China to uphold its position. Moreover, the Chinese power sector is expected to witness significant growth during the forecast period. This growth in the power sector can be linked directly to the increase in the demand for coatings for pressure vessels, as these vessels play a significant role in the power generation process.
Notable Developments in the Market
May 2017: Jotun developed the world’s first NORSOK-approved offshore maintenance coating system for brush and roller application, on power tooled and water jetted surfaces.
Major Players: PPG Industries, AkzoNobel NV, Hempel A/S, and Jotun A/S, among others
Reasons to Purchase this Report
To understand the impact of stringent VOC regulations on the market.
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis.
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The countries that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
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