According to Future Market Insights (FMI), the global oil & gas pipeline coatings market registered a year-on-year (YoY) growth of 5.5% in 2021. Demand in the oil & gas pipeline coatings market is projected to grow at a value of 5.6% CAGR between 2022 and 2029. Future Market Insights (FMI) forecasts the market value to top US$ 4,733.4 Mn in 2022.
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.
Paradigm shift in coating technologies, along with increase in global energy consumption and proliferating oil & gas pipeline projects will continue pushing sales in the oil & gas pipeline coatings market. Considering this, FMI has forecasted the global oil & gas pipeline coatings sales to reach a valuation of US$ 6,958.0 Mn in 2029.
What was the Impact of COVID-19 Crisis on Oil & Gas Pipeline Coatings Market?
Impact of the COVID-19 pandemic on the chemical and materials industry was moderate. Several production facilities in many countries were entirely shut down because of the lockdown, which had a direct impact on sales of oil & gas pipeline coatings. However, the falling demand had its own pros such as fewer gas flares and environmental benefits.
As numerous production facilities have reopened, the industry is progressively rebounding from losses, resulting in positive sales prospects in the oil & gas pipeline coatings market. Increasing prospects of fusion bonded epoxy oil & gas pipeline coatings due to their corrosion resistance properties are also expected to boost demand for the coatings in the forthcoming years.
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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.
Pipe laying in deep waters or high operating temperatures, and increasing corrosive properties of flow materials have been driving advancements in pipeline coatings. These advances such as thermal insulation will bring forth a range of new technological frontiers in the pipeline coatings space in the near future.
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.
What Does Future Hold?
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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Competitive Landscape
Leading players operating in the oil & gas pipeline coatings market are focusing on customized product development for target applications of oil & gas pipeline coatings. Apart from this, players are focusing on expanding their production capacities to serve more end users, in order to gain a competitive edge. For instance:
- In July 2019, Akzo Nobel N.V. announced plans to add three new production lines at its Changzhou powder coatings plant in China.
- In September 2017, Axalta Coating introduced its latest addition to corrosion resistant internal pipe coatings line from Nap-Gard® Functional Coatings collection.
Oil & Gas Pipeline Coatings Markey By Category
By Coating Type:
- Fusion Bonded Epoxy
- Polyurethane
- Coal Tar Enamel
- Concrete
- Polyolefin
- Others
By Formulation Base:
- Water Based
- Solvent Based
- Powder Based
By Application:
- Upstream
- Onshore
- Offshore
- Midstream
- Downstream
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Demand Trends
1.2. Supply Trends
1.3. FMI Analysis and Recommendations
1.4. CRM Strategy
1.5. Global Market Outlook
1.6. Technology Evolution
2. Market Overview
2.1. Market Definition
2.2. Market Coverage / Taxonomy
3. Key Market Trends
4. Global Oil and Gas Pipeline Coatings Market Demand Analysis 2014-2021 and Forecast, 2022-2029
5. Pricing Analysis
To be continued…!
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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