Research Nester released a report titled “Coatings Market in Energy and Petroleum Industry: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global coatings market in petrochemical and energy industry in terms of market segmentation by coating, by coating layer, by technology, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
A coating is a type of covering which is applied on the surface of a material to protect it from various external factors such as corrosion, fouling, and icing. Oil and gas industry frequently faces challenges during the offshore installations as the pipelines which are used to transport oil and gas and refinery equipment face the problem of corrosion. The global coatings market in petrochemical and energy industry attained a market value of USD 12,351.1 million in 2019 and is anticipated to grow at a CAGR of about 5% over the forecast period, i.e., 2021-2028. The requirement increases with the growing plant maintenance & performance and escalating demand for energy & petrochemical products in the market, which is estimated to increase the market growth of coatings in petrochemical and energy industries over the forecast period. The market is segmented by coating, by coating layer, by technology, by application and by region. On the basis of coating, the market is segmented into polyurethane coating, epoxy coating, acrylic coating, alkyd coating, smart coating and others. Among these segments, the epoxy coating type occupies the largest market share of the coatings market across the globe. Further, this segment is anticipated to witness the highest growth at a CAGR of 4.8% over the forecast period on the back of its environment-friendly characteristics.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The coatings market in petrochemical and energy industry in Asia Pacific is growing significantly on account of increasing developments pertaining to the exploration of unconventional oil resources across the region.
Increasing R&D to Boost the Market Growth
The growing number of technological advancements as a result of development of advanced coating materials which are used for energy infrastructure along with increasing adoption of innovative surfacing technologies for the application of such coatings are anticipated to greatly impact the market growth. Increasing investments on research and development by various prominent market players for the advancement of such protective corrosion-resistant coatings are also anticipated to propel the market growth. However, stringent regulations pertaining to the content of volatile organic compound (VOC) in the coatings is a major limiting factor anticipated to impact the market growth over the upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global coatings market in petrochemical and energy industry which includes company profiling of Dupont, PPG Industries, Inc., Ancatt, Axalta Coatings Systems, RPM International Systems, BASF SE, Wacker Chemie AG, Hempela A/S and 3M. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global coatings market in petrochemical and energy industry that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.