DUBAI, United Arab Emirates, Jan. 20, 2022 (GLOBE NEWSWIRE) -- 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.
| Oil & Gas Pipeline Coatings Value (2021) | US$ 4,479.3 Mn | |
| Oil & Gas Pipeline Coatings Value (2022) | US$ 4,733.4 Mn | |
| Oil & Gas Pipeline Coatings Value (2029) | US$ 6,958.0 Mn | |
| Value CAGR (2022-2029) | 5.6 | % |
| Collective Value Share: Top 3 Countries (2021) | 46.4 | % |
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.
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.
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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.
Scope Of Report
| Attribute | Details |
| Forecast Period | 2022-2029 |
| Historical Data Available for | 2014-2021 |
| Market Analysis | USD Million for Value and Kilo Tons for Volume |
| Key Regions Covered | North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa |
| Key Countries Covered | US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Coating Type, Formulation Base, Application, and Region |
| Key Companies Profiled | • BASF SE • LyondellBasell Industries N.V. • 3M • Sherwin-Williams Company • PPG Industries, Inc. • Koninklijke DSM N.V. • Akzo Nobel N.V. • Arkema S.A. • RPM International Inc. • Axalta Coating Systems • Shawcor • Wah Seong Corporation Berhad • Chase Corporation • The Jotun Group • Teknos Group • Borouge • Seal for Life Industries, LLC • Jining Xunda Pipe Coating Material Co., LTD |
| Report Coverage | Market Forecast, Brand Share Analysis, Competition 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 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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