Nigeria Protective Coatings Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Nigeria Protective Coatings Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Nigeria Protective Coatings Market is anticipated to register a CAGR of 4.5% during the forecast period (2022-2027).

The COVID-19 pandemic negatively impacted the market in 2021. However, as the lockdowns were lifted, these end-user sectors started to snowball to reach the pre-COVID level, which is expected to enhance demand for the market studied through the years to come.

Key Highlights

• Over the short term, increasing residential construction activities with government support will likely drive the market's growth.
• Conversely, regulations related to VOC emissions are expected to restrain the growth of the protective coatings market during the forecast period.
• Potential replacement by powder coatings is likely to act as an opportunity for the market beyond the forecast period.

Key Market TrendsEpoxy resin based Protective Coatings To Dominate The Market

• The epoxy resins are reinforced polymer composites derived from petroleum sources after a reaction process involving epoxide units. These resins help in the development of several properties in coatings, which include strength, durability, and chemical resistance.
• The fast drying, toughness, outstanding adhesion, resistance to water, and good curing make these resins suitable to protect metals and other surfaces. Conversely, the coatings derived from epoxy-based resins have limited gloss retention. They can also be used as binders for coating applications to enhance the durability of coating for floor and metal applications.
• Epoxy-based protective coatings offer protection against acids, alkalis, solvents, fuels, fatty acids, salt or sugar solutions, chemical cleaning agents, and much more. It is suitable for heavily loaded industrial floors.
• Epoxy-resin-based coatings find numerous industrial applications, such as in steel pipes and tanks in the oil and gas industry and water treatment plants for flooring.
• Therefore, owing to the aforementioned factors, the demand for epoxy-based Protective coatings is expected to increase during the forecast period.

Oil and Gas End-user Industry to dominate the market

• The oil and gas (including the chemical industry) sector is one of the major end-users of protective coatings. The sector requires chemical resistance due to a high-temperature environment in its business operations.
• In addition, apart from high-temperature, the coating is used to prevent metal and steel structures from corrosion and chemicals, as they are exposed to moist and damp climatic conditions. It is used for tanks, pipes, valves, and pumps in the oil and gas industry.
• Nigeria is one of the largest and oldest oil producers in Africa. The oil and gas sector is one of the most important sectors in the country’s economy, accounting for more than 90% of the country’s exports and 80% of the federal government’s revenue.
• Moreover, the country is investing heavily in LNG facilities, gas processing facilities, and gas pipeline projects. The expansion at the Bonny LNG plant by introducing train 7 alone is expected to add 35% more LNG capacity to the country. With this, the Nigeria Liquefied Natural Gas (NLNG) Limited plans to invest USD 7 billion in the Train-7 project, which would expand its production capacity to 30 mtpa making Nigeria the 3rd largest gas exporter in the world after Qatar and Australia.
• Therefore, the growing investments in the oil and gas sector are expected to drive the country’s protective coatings market during the forecast period.

Competitive Landscape

The Nigerian protective coatings market is fragmented in nature. Some of the major market players (in no particular order) include Akzo Nobel NV, PCMN PLC, PPG Industries Inc., Meyer PLC, and CAP Plc. among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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