Shift towards market consolidation, emphasis on product portfolio diversification, and customized product developments for target applications are driving sales of oil & gas pipeline coatings.
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.
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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.
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.
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:
Oil & Gas Pipeline Coatings Markey By Category
By Coating Type:
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By Region:
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.
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Aug 04, 2022