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A01931 | Pages: 300 | Charts: 66 | Tables: 126 |
The global offshore oil & gas paints and coatings market was valued at $537.6 million in 2020, and is projected to reach $764.9 million by 2030, growing at a CAGR of 3.7% from 2021 to 2030.
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Offshore oil & gas exploration activities frequently result in the buildup of corrosion and foul layers on vessel equipment, which is then coated to give further protection. Coatings for offshore oil & gas deployment must withstand high levels of dissolved oxygen, seawater abrasion, UV exposure, meteorological extremes, and marine life harm. As a result, offshore paints and coatings have properties that allow them to endure the rigors of underwater cleaning. Furthermore, stationary vessels collect significant fouling quickly, necessitating the use of thicker systems with 12–20 mils of coal tar epoxy coatings to safeguard the vessels. Furthermore, organic, zinc-rich primers, higher-build epoxies, and coatings are applied to a vinyl ester or polyester basis.
Increase in urbanization and economic development result in a significant rise in global energy demand, which is likely to drive demand for onshore oil & gas resources. Demand for offshore oil & gas paints and coatings is predicted to expand in tandem with rising consumption of onshore oil & gas resources because onshore oil & gas resources are limited and offshore oil & gas are suitable cost-effective alternatives. Painting and coatings are also advantageous in drilling equipment, where they increase heat resistance in offshore or subsea operations by utilizing coatings to withstand harsh pressures and salt water, which drives the offshore oil & gas paints and coatings industry. However, raw material costs and environmental concerns related with the release of volatile organic compounds by chemical organic coatings are limiting the market growth to some extent.
The offshore oil & gas paints & coatings market is segmented on the basis of type, installation, and region. By type, the market is segregated into epoxy, polyurethane alkyd, acrylic, inorganic zinc, and others. On the basis of installation, it is fragmented into jackups, floaters, drillships, semisubmersibles, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include, Hempel, 3M, Nippon Paints Co., AkzoNobel N.V., PPG Industries, Inc., Wacker Chemie AG, The Sherwin-Williams Company, Jotun, Kansai Paints Co., and A&A Coatings.
The global offshore oil & gas paints & coatings market report provides in-depth competitive analysis as well as profiles of these major players.
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By type, the epoxy segment held a significant share in the offshore oil & gas paints and coatings market in 2020, growing at a CAGR of 3.0% during the forecast period. Offshore oil & gas installations require coatings to withstand extreme weather conditions, dissolved oxygen, saltwater abrasion, and mechanical impact from debris, ultraviolet exposure, and damage by marine life. Therefore, offshore paints and coatings possess characteristics to withstand the rigors of underwater cleaning.
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On the basis of installation, the drillships segment held a significant share in offshore oil & gas paints and coatings market in 2020. A drillship is a commercial vessel designed for use in offshore exploration drilling, assisting in purposes such as scientific drilling and obtaining new oil & gas wells.
[REGIONGRAPH]
Region-wise, Asia-Pacific dominated the offshore oil & gas paints and coatings market with a share of more than 37.2%, followed by North America and Europe. Increase in urbanization and economic development have led to the rapid rise in energy demand across the globe, which in turn is expected to fuel the consumption of onshore oil & gas resources.
Impact of COVID-19 on Global Offshore Oil & Gas Paints and Coatings Market
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Key Market Segments
Key Market Players