Offshore Oil & Gas Paints And Coatings Market Overview:
The Global Offshore Oil & Gas Paints And Coatings Market was valued at $378 million in 2016, and is expected to reach $620 million by 2023, registering a CAGR of 7.3% from 2017 to 2023. Oil and gas are extracted by the process of well drilling and transported through ships and pipelines to refineries. Paints coatings are effectively deployed among oil and gas equipment to effectively provide corrosion prevention, providing a nonslip-surface, and bright paint colors improve visibility. Moreover, painting and coating serve to be extremely beneficial in drilling equipment where it improves heat resistance, in offshore or subsea operations where coatings are deployed to withstand extreme pressures and salt water.. Oil exploration is an expensive and high-risk operation. Offshore and remote area exploration is generally only undertaken by very large corporations or national governments.
The offshore oil & gas paints and coatings market is segmented based on resin, installation, and geography. Based on resin, it is classified into epoxy, polyurethane, alkyd, acrylic, inorganic zinc, and others (silicone, vinyl, and others) based on installation, it is divided into jackups, floaters, drillships, and semisubmersibles and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global offshore oil & gas paints and coatings market provide various opportunities to the market players, as the process of drilling involves the trend of shifting towards ultra-deepwater which enhances the equipment capability to perform in the corrosive and harsh environment. Therefore, the aforementioned reasons have effectively driven the market growth. In addition, ongoing advances in drilling techniques, the development and higher rate of extraction from reserves and development of well stimulation models are expected to further surge the market growth.
Technologically advanced techniques to enhance the reservoir recovery has helped to cope up with the demand for oil & gas by increasing the production from browning oil fields and unconventional oil & gas recovery. Moreover, the use of epoxy coatings in pipelines is enhancing the internal and external durability which helps in providing resistance against high temperatures, chemicals and corrosion. In addition, coatings are designed to cope up the high impact created by oil fluids containing solid particulates such as sodium chloride, potassium chloride, partially polymerized oils, as well as silicas, dirt and greases and other salts moving through pipelines. This factor is expected to surge the market growth.
Top Investment Pockets
Polyurethane is used at all stages of extraction of oil & gas as it provides complete resistance against various hazards, such as corrosiveness, pressure, abrasion, and heat resistance. In addition, polyurethane offers the maximum market potential in the global offshore oil & gas paints and coatings market, owing to rapid industrialization and expansion of oil & gas industries. Moreover, polyurethane coatings and elastomers are effective against refurbishment and wear & tear issues in pipes, and thus effectively increase the durability leading to the market growth.
The drillship segment under installation is estimated to grow at a significant CAGR of 9.3%. Owing to the increase in applications of epoxy resin-based coats, offshore oil & gas paints and coatings have gained popularity in the recent years, which possess more abrasion and chemical-resistant properties, that topcoat the marine vessels, providing anticorrosive protection against atmospheric exposure.
LAMEA accounted for a considerable share of the total revenue in 2016, followed by Asia-Pacific and Europe. Moreover, the growing production of non-conventional shale gas in North America and consistent crude oil demand is expected to further augment the demand for paints and coatings in these regions.
Key players, which include 3M Co., AkzoNobel N.V., BASF SE, Hempel A/S, Kansai Paints Co., Ltd, Nippon Paints Co. Ltd., PPG Industries, Inc., The Sherwin-Williams Company, The Dow Chemical Company, and Wacker Chemie AG.have invested in R&D activities to develop advanced products to cater to the requirements of the market.
The other players in the value chain (profiles not included in the report) include Alpha Industries Limited, Ameron Protective Coatings, Barrier Coating Services, Inc., A&A Coatings, Advanced Industrial Coatings, Inc., Chase Corporation, Ashland Inc., and Alliant Metals.
- The report provides an extensive analysis of offshore oil & gas paints and coatings industry with current market trends and future estimations from 2015 to 2023 to determine the prevailing opportunities.
- It offers comprehensive analysis of North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
- Comprehensive analysis of factors that drive & restrict the market growth is provided.
- Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the global market.
- The report provides key insights on strategic offshore oil & gas industry analysis of various companies and the value chain analysis of offshore oil & gas.
Offshore Oil & Gas Paints And Coatings Market Key Segments:
- Inorganic Zinc
- Others (Silicone, Vinyl, and Others)
- Semisubmersibles and Others
- North America