Wilmington, Delaware , April 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Pipe Coating Materials Market by Coating Material (Polyethylene (PE) Coatings, Polypropylene (PP) Coatings, Fusion-Bonded Epoxy (FBE) Coatings, Polyurethane (PU) Coatings, and Others), and End-Use (Oil and Gas Pipelines, Water and Waste Water, Chemical Processing, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "pipe coating materials market" was valued at $10.1 billion in 2023, and is estimated to reach $15.3 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
Prime determinants of growth
The global pipe coating materials market is experiencing growth due to several factors such as rise in demand for corrosion protection in the oil and gas, and wastewater industries. However, surface preparation requirements are expected to hinder the market growth. Moreover, advancements in smart coating technologies including self-sensing coatings and coatings with embedded sensors are expected to offer remunerative opportunities for the expansion of the global pipe coating materials market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $10.1 billion |
| Market Size in 2032 | $15.3 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 300 |
| Segments Covered | Coating Material, End-Use, and Region |
| Drivers | Iincrease in demand for wastewater treatment Rise in demand for corrosion protection in industries |
| Opportunity | Expansion of water and wastewater infrastructure |
| Restraint | High content of volatile organic compounds (VOCs) in pipe coating |
The polyurethane (PU) coatings is expected to grow faster during the forecast period.
By coating material, the fusion-bonded epoxy (FBE) coatings segment held the highest market share in 2023, accounting for more than one-third of the pipe coating materials market revenue. This can be attributed to the fact that FBE coatings provide excellent resistance to corrosion caused by various factors such as moisture, chemicals, and abrasion. This makes them ideal for protecting pipelines in harsh environments, including underground and underwater installations. However, the polyurethane (PU) coatings segment is the fastest-growing segment in the pipe coating materials market growing with a CAGR of 5.2%. PU coatings offer resistance to abrasion, making them suitable for pipes that may come into contact with abrasive materials during transportation or handling. Polyurethane coatings are resistant to a wide range of chemicals, enhancing the durability and longevity of coated pipes in aggressive environments.
The oil and gas pipelines segment is expected to lead during the forecast period.
By end-use, the oil and gas pipelines segment held the highest market share in 2023, accounting for more than one-third of the market revenue and is likely to retain its dominance during the forecast period, whereas the chemical processing segment is the fastest-growing segment expected to grow with the CAGR of 4.9%. Chemical processing involves the transportation of corrosive substances through pipelines. Coating the pipes with materials such as epoxy, polyethylene, or fusion-bonded epoxy (FBE) helps protect them from corrosion, extending their lifespan and reducing maintenance costs.
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Asia-Pacific to maintain its dominance by 2032.
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global pipe coating materials market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe, whereas Asia-Pacific is also the fastest growing segment expected to grow with the CAGR of 4.7% during the forecast period. China has a massive demand for pipe coatings, driven by its extensive infrastructure projects, including oil and gas pipelines, water supply networks, and construction activities. The country is also a major manufacturer of pipe coating materials. With rapid industrialization and urbanization, India has a growing need for pipe coatings, especially for applications in the oil and gas sector, water distribution systems, and sewage management. The government's focus on initiatives such as "Make in India" also boosts the demand for coatings used in manufacturing pipes domestically. As per the data of the Institute For Energy Economics And Financial Analysis in June 2023, the Asia-Pacific (APAC) region supplied 10%-15% of global oil and gas (O&G) needs, and at the same time, it is the largest and second-largest consumer of oil and gas respectively, creating opportunities for alternative energy sources.
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Players: -
- 3M
- AkzoNobel
- BASF SE
- Arkema
- PPG Industries, Inc.
- Axalta Coating Systems, LLC
- Tenaris
- The Sherwin-Williams Company
- DENSO-Holding GmbH & Co. KG
- LyondellBasell Industries Holdings B.V.
The report provides a detailed analysis of these key players in the global pipe coating materials market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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