DUBAI, United Arab Emirates, Jan. 20, 2022 (GLOBE NEWSWIRE) — According to Future Market Insights (IMF), the oil and gas pipeline coatings market recorded an annual growth (YoY) of 5.5% in 2021. The demand in the Oil and Gas Pipeline Coatings Market is expected to grow at a CAGR of 5.6% between 2022 and 2029. Future Market Insights (IMF) forecasts the market value to reach US$4,733.4 million in 2022.
|Value of Oil and Gas Pipeline Coatings (2021)||US$4,479.3 million|
|Value of oil and gas pipeline coatings (2022)||US$4,733.4 million|
|Value of oil and gas pipeline coatings (2029)||US$6,958.0 million|
|CAGR Value (2022-2029)||5.6||%|
|Share of collective value: Top 3 countries (2021)||46.4||%|
Witnessing a robust expansion over the period 2022-2029, the global oil and gas pipeline coatings market will reach revenue worth US$7 billion by the end of 2029. Growth in exploration and Offshore production, stabilizing crude oil prices, increase in cross-border pipeline projects, and rehabilitation of existing pipelines are some of the key factors that would largely explain the growing demand for oil and gas pipeline coatings in the market.
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Key takeaways from the Oil and Gas Pipeline Coatings Market
- Fusion Bonded Epoxy (FBE) coatings, due to their low coefficient of friction and low permeability, create a tight barrier that prevents the permeation of cold and hot liquids. This property would continue to position them as a preferred choice for oil and gas pipeline coatings.
- The Asia-Pacific region, with over 10,000 miles of pipelines under construction and over 9,750 miles of planned pipeline projects, is expected to reflect strong growth opportunities faced by players operating in the oil and gas pipeline coatings market. gas pipelines.
- With the recovery in crude oil prices, investments in the oil and gas industry are expected to increase by 6% between 2017 and 2025. These will fuel exploration and production activities worldwide, propelling demand for coatings for oil and gas pipelines.
- In the upstream segment, although the onshore segment constitutes the major part of the market share, the offshore segment, driven by increasing investments, is expected to witness robust growth in the oil and gas pipeline coatings market.
- Strict regulations regarding volatile organic compound (VOC) emissions are expected to hinder the growth of solvent-based oil and gas pipeline coatings, which are prone to VOC emissions during the drying process.
The laying of pipes in deep waters or at high operating temperatures and the increasing corrosive properties of flow materials have driven advances in pipe coatings. These advancements such as thermal insulation will bring about a series of new technological frontiers in the field of pipeline coatings in the near future.
Market landscape towards consolidation
The oil and gas pipeline coatings market is technology-driven and remains dominated by a handful of players that possess extensive R&D capabilities. Major players operating in the global oil and gas pipeline coatings market Akzo Nobel NV, PPG INDUSTRIES, Sherwin-Williams Company, Axalta Coating Systems, RPM International Inc. and BASF SE are focusing on acquisitions of small paint companies and coating manufacturers to leverage their product expertise and improve their market positioning.
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What does the future hold?
Crude oil prices are extremely volatile in nature, affected by growing US oil and gas production, OPEC production cuts and oversupply of crude oil. Considering the number of pipeline projects in the construction phase and existing older pipelines in need of reconditioning, the oil and gas pipeline coatings market is expected to witness robust growth over the forecast period.
|Historical data available for||2014-2021|
|Market analysis||Million USD for value and kilotons for volume|
|Key regions covered||North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa|
|Main countries covered||United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, GCC countries, Turkey, South Africa North and South Africa|
|Key Segments Covered||Type of coating, formulation base, application and region|
|Profiled Key Companies||• BASF SE
• LyondellBasell Industries NV
• Sherwin-Williams Company
• PPG Industries, Inc.
• Koninklijke DSM AG
• Akzo Nobel SA
• Arkema SA
• RPM International Inc.
• Axalta coating systems
• Wah Seong Corporation Berhad
• Chase Corporation
• The Jotun Group
• Teknos Group
• Seal for Life Industries, LLC
• Jining Xunda Pipe Coating Material Co., LTD
|Report cover||Market forecasts, brand share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives|
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Interested in detailed actionable insights?
Future Market Insights has published a market research report on Oil and Gas Pipeline Coatings Market which contains global industry analysis for 2014-2018 and opportunity assessment for 2019-2029. The report provides an in-depth analysis of the oil and gas pipeline coatings market across four different segments, namely coating type, formulation base, application and region.
The Oil and Gas Pipeline Coatings Market report also provides demand trends for different types of coatings across three industry verticals, a comprehensive list of service providers in the market, various pipeline coating projects in the world as well as a detailed overview of the parent market.
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