Pune, India, Aug. 13, 2018 (GLOBE NEWSWIRE) --
Market Overview:
Market Research Future (MRFR) has determined that the Global Pipe Coatings Market is expected to experience a consistent CAGR of 5.18% during the forecast period of 2018 to 2023. MRFR has additionally found that the market, which valued USD 11.85 Bn in 2017 is anticipated to reach an approximate value of USD 15.96 Bn by the end of 2023. Pipes are used ubiquitously for transport of materials such as crude oil, natural gas, sewage, wastewater, and others. Pipe coatings are highly effective in preventing corrosion which can be caused by constant contact in these applications. Moreover, pipe coatings are crucial in keeping the quality of the transported material intact and maintaining pipe quality thereby resulting in longevity of pipe use.
Oil & gas is one of the key industries which extensively employ the use of pipes for material transport. Increasing global demand for energy has contributed significantly to the rapid growth of the oil & gas industry and increased the demand for pipes. These pipes are used for CO2 & water injections lines, product refining lines, and transportation of crude oil among others. The swift growth of the oil & gas industry, particularly in emerging markets, has generated a requirement for well-connected, long lasting pipes, thus driving the sales of pipe coatings. Additionally, heavy use of pipes in water treatment and sewage has led to an increased demand for pipe coatings in fast emerging markets where there is a requirement for robust sewage and water treatment processes.
However, due to volatility with regards to raw material prices for the manufacture of pipe coatings is expected to impede market growth. Despite this, trends in the market that have been observed include the high demand for pipe coatings with greatly reduced VOC emissions leading to increased R&D activities in the development of the same. The market also has a great scope in the foreseeable future due to the development of mobile coating technologies which reduce transport costs as pipes can be coated on-site before installation.
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Latest Industry News
- Shawcor, leading pipe coatings provider has just announced that it has received a contract of over USD 35 million from the EEW Group. The contract covers the provision of anti-corrosion and concrete weight coatings for the replacement and renovation of an offshore pipeline in Qatar.
- Southwest Research Institute materials scientists have developed a superhydrophobic pipe coating and an effective process for coating which prevents water and other hydrates from adhering to subsea pipelines. Dubbed as "Lotus" the technology has been licensed transferred in an exclusive agreement with an unnamed energy services company for wide-scale production for deep offshore well applications.
Key Players
MRFR's analysis of the competitive landscape of Pipe Coatings Market includes leading market players such as Arkema SA, AkzoNobel N.V., The Sherwin-Williams Company, Axalta Coating Systems Ltd., Speciality Polymer Coating Inc., 3M, BASF SE, Shawcor, DowDuPont Inc., PPG Industries Inc., The Bayou Companies LLC, Tenaris, Wasco Energy and LyondellBasell Industries Holdings B.V. These market players implement market strategies such as innovation in existing relevant technology, and investments toward the development of pipe coatings with advantageous traits to name a few.
Market Segmentation
MRFR's segmental analysis provides market insights on the basis of factors such as product type, surface type, form, end-use, and region. By product type, the market is segmented into thermoplastic polymer coatings, fusion bonded epoxy, metallic coatings, concrete coatings, and others. The thermoplastic polymer coatings segment is further segmented into polyethylene (PE), polypropylene (PP), polyurethane (PU), polytetrafluoroethylene (PTFE), and others. The thermoplastic polymer segment accounts for the largest share of the market. Thermoplastic polymers come in various varieties which make it ideal for use in the oil & gas industry, and they have abrasion resistance and corrosion resistance properties which make the material ideal for various other uses.
By surface type, the market is divided between internal and external. By form, the market is segmented into liquid and powder. Between these, the powder coatings segment accounts for a majority share due to the growing restrictions on the use of solvent-based coatings which have come about in response to global concern regarding the environment.
By end-use, the market is categorized by oil & gas, marine, chemical processing, water & wastewater treatment, and others. The oil & gas industry is the most significant consumer of pipe coatings due to its rapid growth in light of increasing energy demands. The oil & gas segment is anticipated to display a CAGR of 5.28% over the review period.
The global market is divided into regions which include North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
Browse the market data and information spread across 141 pages with 362 data tables and 24 figures of the report “Pipe Coatings Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/...arket-4981
Wide Scope of Opportunities Slingshot APAC into Leading Position
Asia-Pacific (APAC) leads the market with the most significant share and is expected to display the highest CAGR during the forecast period. The region includes several rapidly emerging markets where there are growing oil & gas and chemical processing industries. These industries use pipes extensively, and the presence of a large and consistently growing population with rising energy needs has increased oil & gas industry activities; this, combined with the robust demand for appropriate water treatment & sewage processes has resulted in considerable investments being made to support renovation and implementation of new pipelines. Moreover, the region has been established as an industrial hub due to the availability of comparatively cheap labor and reduced overall operating costs. The region represents a wide scope of opportunities as the demand for pipe coatings grows.
Meanwhile, Europe represents the second largest share of the market and is followed by North America which has the third largest share of the global market. The pipe coatings market in these regions have reached a certain degree of maturity and display similar growth patterns. These regions have ongoing maintenance activities and renovations of infrastructure which contribute to the demand for pipe coatings. Moreover, several leading players are present in these regions and are significant participants in the global pipe coatings market due to their R&D activities and the development of products which provide market expansion opportunities.
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