Witnessing robust expansion over 2022 – 2029, the global market for oil & gas pipeline coatings will reach the revenues worth US$ 7 Bn towards 2029 end. Growing offshore exploration and production activities, stabilizing crude oil prices, rise in cross-country pipeline projects and rehabilitation of existing pipelines are some of the key factors that would majorly account for increasing demand for oil & gas pipeline coatings in the market.
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Oil & gas Pipeline Coatings Market Key Takeaways
- Fusion bonded epoxy (FBE) coatings, attributing to their low coefficient of friction and low permeability, create a tight barrier that prevents permeation of cold and hot liquids. This property would continue to position them as a preferred choice for oil & gas pipeline coatings.
- The Asia Pacific region, which has more than 10,000 miles of pipeline under construction and further over 9,750 miles of planned pipeline projects, is likely to reflect robust growth opportunities facing players operating in the oil & gas pipeline coatings market.
- With crude oil prices recovering, investments in the oil & gas industry are projected to rise by 6% between 2017 and 2025. These will fuel exploration & production activities around the world, propelling oil & gas pipeline coatings demand.
- In the upstream segment, although onshore sector constitutes most of the market share, offshore sector, driven by increasing investments, is estimated to witness robust growth in the oil & gas pipeline coatings market.
- Stringent regulations pertaining to volatile organic compound (VOC) emissions are anticipated to impede the growth of solvent-based oil & gas pipeline coatings, which are prone to VOC emissions during the drying process.
Market Landscape Moving towards Consolidation
The oil & gas pipeline coatings market is technology driven and remains dominated by a handful of players that possess extensive R&D capabilities. Leading players operating in the global oil & gas pipeline coatings market, Akzo Nobel N.V., PPG INDUSTRIES, Sherwin-Williams Company, Axalta Coating Systems, RPM International Inc., and BASF SE, are focusing on acquisitions of smaller and technology-driven paint & coating manufacturers to build on their product expertise and enhance market positioning.
Crude oil prices are extremely volatile in nature, affected by growing U.S. oil & gas production, OPEC production cuts, and oversupply of crude oil. Considering the number of pipeline projects in the construction phase and older, existing pipelines in need of reconditioning, the oil & gas pipeline coatings market is projected to witness robust growth during the forecast period.
Interested in Detailed Actionable Insights?
Future Market Insights has published a market research report on the oil & gas pipeline coatings market that contains global industry analysis for 2014–2018 and opportunity assessment for 2019–2029. The report provides insightful analysis of the oil & gas pipeline coatings market through four different segments, namely coating type, formulation base, application, and region. The oil & gas pipeline coatings market report also provides demand trends of different coating types across three industry verticals, a comprehensive list of service providers in the market, various pipeline coating projects around the world along with a detailed overview of the parent market.
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Oil & Gas Pipeline Coatings Market Outlook 2022-2029 Forecast
Sales of oil & gas pipeline coatings increased at a CAGR of 4.7%, between 2014 and 2021, with countries such as the U.S., China, Russia, Canada and India accounting for a substantial portion of the global market demand. Sales prospects in 2020 and 2021 were dampened due to the outbreak of COVID-19 pandemic, which reduced the demand for oil & gas pipeline coatings from several application areas such as onshore and offshore.
Increasing offshore exploration and production activities as well as expanding energy infrastructure are likely to enhance the consumption of these coatings across its various application areas.
The oil and gas industry is recovering, which is also expected to bode well for the global oil & gas pipeline coatings market in the forthcoming years. As a result, the oil & gas pipeline coatings market is projected to grow by value, at a 5.6% CAGR during the forecast period of 2022 to 2029.
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