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Offshore Oil & Gas Paints and Coatings Market Trend and Scope of Underwater Corrosion Prevention Technology, Growth Forecast to 2030
Offshore Oil & Gas Paints and Coatings Market
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Offshore oil and gas coatings are used in various offshore oil and gas exploration, as well as in protecting against corrosion and environmental hazards. These coatings are highly resistant to drag, abrasion, extreme temperature fluctuations, and chemical reactions. Additionally, they offer excellent surface protection from harsh sea-water and salt, ensuring minimum wear and tear of the exterior surface of the vessel. As such, offshore oil and gas coating products are extremely important for the protection of vessels and other critical equipment in deep sea exploration.
Increase in urbanization & economic development, usage as cost-effective alternatives, and advantages of paints and coatings in drilling equipment drive the growth of the global offshore oil & gas paints and coatings market. However, raw material costs and environmental concerns restrain the market growth. On the other hand, effectiveness in marine & offshore platform applications and minimization of corrosion and fouling of vessels hull present opportunities in the coming years.
Leading players of the global offshore oil & gas paints and coatings market analyzed in the research include Hempel, Nippon Paints Co., 3M, PPG Industries, Inc., AkzoNobel N.V., The Sherwin-Williams Company, Wacker Chemie AG, Kansai Paints Co., Jotun, and A&A Coatings.
Covid-19 Scenario:
Production facilities of offshore oil & gas paints and coatings had been stopped due to lockdown measures and disrupted supply chain across the globe. This impacted the production volumes and the market growth considerably during the Covid-19 pandemic.
In addition, the ban on import and export activities of offshore oil & gas paints and coatings led to production disruptions.
Also, the demand from the oil & gas sector decreased considerably due to partial or complete stoppage of daily operations during the lockdown. However, the demand increased post-lockdown.
The report offers detailed segmentation of the global offshore oil & gas paints and coatings industry based on resin, installation, and region.
Based on resin, the epoxy segment accounted for the highest share in 2020, contributing to more than two-fifths of the total share, and is projected to continue its lead position during the forecast period. However, the polyurethane segment is expected to manifest the largest CAGR of 4.6% from 2021 to 2030.
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Based on installation, the jackups segment contributed to the highest share of the global offshore oil & gas paints and coatings market in 2020, and is expected to maintain its leadership status during the forecast period. However, the drillships segment is estimated to manifest the fastest CAGR of 4.7% from 2021 to 2030.
Based on region, Asia-Pacific held the highest share in 2020, accounting for nearly two-fifths of the total share, and is projected to continue its dominant share by 2030. Moreover, this region is projected to portray the largest CAGR of 4.9% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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