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.
Witnessing robust expansion over 2022 – 2029, the global market for oil & gas pipeline coatings will reach the revenues worth US$ 6,958.0 Mn 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
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.
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 2014–2021 and opportunity assessment for 2022–2029. 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.
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.
Jan 31, 2023