Oil & Gas Pipeline Coatings Market Size, Share, Demand & Growth By 2029
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 Million in 2022.
Witnessing robust expansion over 2022 to 2029, the
global market for oil & gas pipeline coatings will reach revenues worth US$
7 Billion 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 the 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, attributed 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 the onshore sector constitutes most of the
market share, the 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 the Future Hold?
Crude oil prices are extremely volatile in nature,
affected by growing US 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.
About the Chemicals and Materials Division
at Future Market Insights (FMI)
The chemicals and materials division of Future Market
Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and
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specialty, and petrochemicals to advanced materials, composites, and
nanotechnology in particular, with special emphasis on ‘green alternatives,
recycling and renewable technology developments, and supply-demand-trade
assessment. Our research studies serve as referencing market guidelines for
chemical manufacturers, research institutions, channel partners, and government
bodies for developing — ‘The Way Forward’.
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recipient of the Stevie Award, and a member of the Greater New York Chamber of
Commerce) offers profound insights into the driving factors that are boosting
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