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

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

The pipe coatings market is expected to grow at a CAGR of over 5% during the forecast period. The major factors driving the growth of the market studied are the upsurge in shale oil and gas production in North America, growing infrastructure and industrialization in Asia-Pacific, rise in irrigation and agricultural activities in Southeast Asia, and rising demand for energy in Europe. On the flipside, plunging oil prices due to oversupply, operational challenges in newly discovered energy reserves, and competition from renewable energy substitutes are the restraints hampering the growth of the studied market.

Key Highlights

• The oil and gas segment dominated the market and is likely to grow during the forecast period, with increasing pipeline infrastructure along with growing oil and gas exploration and production activities.
• The growth in deep-water exploration and production activities and industrial growth in the Middle East & Africa are likely to provide opportunities for the market studied during the forecast period.
• Asia-Pacific dominated the market across the world, where the demand is driven by the growing demand for application in the irrigation sector, construction, oil and gas, and other industries.

Pipe Coatings Market TrendsOil & Gas Segment to Dominate the Market Demand

• In the oil and gas industry, pipes are required in petroleum offshore and onshore production and refineries.
• In the petroleum industry, pipes are required in upstream, midstream, and downstream. Hence, it generates a higher demand for pipe coatings.
• In the oil and gas industry, epoxy pipe coating is used extensively, as it is resistant to high temperatures, chemicals, and corrosion.
• Without pipeline corrosion protection, damages occur, which lead to equipment failure and lost production time. Tubing, pipes, fasteners, and equipment are subjected to the punishing effects of chemicals, water, and sea salt spray.
• Industry-standard hot-dip galvanized, cadmium and zinc-plated coatings lack durability and deteriorate in tough offshore environments. However, metal coatings proprietary gas pipe coating products minimize the effects of corrosion and abrasion and improve the longevity of costly equipment.
• With recovery prices in the oil and gas industry, exploration and production has started increasing across the globe. The major increase in oil & gas offshore exploration and production activities is noticed in the North Sea, North America, and Middle Eastern regions.
• According to BP, Globally, oil production in 2018 increased by about 2.3% from the previous year and expected to increase over the forecast period.
• With this, the pipeline projects are also increasing to supply oil and gas output from fields to the refineries.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region dominated the global market share. The demand for market studied is driven by the increasing demand for pipeline infrastructure from oil and gas, chemical, mining, water and wastewater, agriculture, and construction industries.
• In Asia-Pacific, the construction sector has been witnessing strong growth in countries, such as India, Indonesia, China, Vietnam, and Singapore, owing to which the demand for construction pipes have been increasing in the region.
• The oil and gas exploration and production activities rebounded since 2018. About 50 oil and gas fields with collective resources of 4 billion barrel of oil equivalent are expected to be approved for development during 2018-2020.
• Besides, gas projects are likely to be developed in Indonesia and Malaysia, which is expected to increase pipeline projects in these countries. Malaysia accounted for the largest percentage of overall gas resources to be developed.
• In addition to this, water treatment facilities have also been increasing in the region due to several factors, such as the growing environment regulations, increasing shortage of fresh water supply, and rising water demand for industrial use.
• With all such trends in the market, the demand for pipes has been increasing from these industries, which is further expected to drive the demand for pipe coatings market in the region.

Pipe Coatings Market Competitive Analysis

The pipe coatings market is a consolidated market, where few players account for significant share of the market demand. Some of the noticeable players in the market include PPG Industries, 3M, BASF SE, The Sherwin Williams Company (Valspar), and AkzoNobel NV, among others.

Additional Benefits:

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

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