In 2021, the global oil & gas pipeline coatings market witnessed substantial growth, registering a notable 5.5% year-over-year increase. Projections from Future Market Insights (FMI) indicate a sustained upward trajectory with an anticipated compound annual growth rate (CAGR) of 5.6% from 2022 to 2029. FMI predicts that the sector is poised to surpass a substantial market value of US$ 4,733.4 Million in 2022, underscoring its robust potential for continued expansion and development in the foreseeable future.
Witnessing robust expansion over 2022 – 2029, the global market for oil & gas pipeline coatings will reach the revenues worth US$ 6,958.0 Million 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,
- 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
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Oil & Gas Pipeline Coatings Markey By Category
By Coating Type:
- Fusion Bonded Epoxy
- Polyurethane
- Coal Tar Enamel
- Concrete
- Polyolefin
- Others
By Formulation Base:
- Water Based
- Solvent Based
- Powder Based
By Application:
- Upstream
- Midstream
- Downstream
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, 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 demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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