The global offshore oil & gas paints and coatings market provide various opportunities to the market players, as the process of drilling involves the trend of shifting towards ultra-deepwater which enhances the equipment capability to perform in the corrosive and harsh environment. Therefore, the aforementioned reasons have effectively driven the market growth.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- The Offshore Oil & Gas Paints and Coatings Market was valued at $378 million in 2016, and is projected to reach $620 million by 2023, growing at a CAGR of 7.3% from 2017 to 2023. The epoxy resin segment accounted for nearly two-fifths of the total market share in 2016.
Offshore Oil & Gas installations require coatings to withstand extreme weather conditions, saltwater abrasion, dissolved oxygen, ultraviolet exposure, mechanical impact from debris, and damage by marine life. Therefore, offshore paints and coatings possess characteristics to withstand the rigors of underwater cleaning. Moreover, stationary vessels accumulate heavy fouling very quickly; therefore, thicker systems consisting of 12-20 mils of coal tar epoxy coatings are employed to protect the vessels. Moreover, organic, zinc-rich primers, higher build epoxies, coatings are applied on a base composed of either vinyl ester or polyester.
The offshore oil & gas paints and coatings market is segmented based on resin, installation, and geography. Based on resin, it is classified into epoxy, polyurethane, alkyd, acrylic, inorganic zinc, and others (silicone, vinyl, and others) based on installation, it is divided into jackups, floaters, drillships, and semisubmersibles and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Technologically advanced techniques to enhance the reservoir recovery has helped to cope up with the demand for oil & gas by increasing the production from browning oil fields and unconventional oil & gas recovery. Moreover, the use of epoxy coatings in pipelines is enhancing the internal and external durability which helps in providing resistance against high temperatures, chemicals and corrosion. In addition, coatings are designed to cope up the high impact created by oil fluids containing solid particulates such as sodium chloride, potassium chloride, partially polymerized oils, as well as silicas, dirt and greases and other salts moving through pipelines. This factor is expected to surge the market growth.
Key Findings of the Offshore Oil & Gas Paint And Coatings Market:
- In terms of value, the epoxy resin is anticipated to show the highest growth rate of 6.6% during the analysis period.
- LAMEA is anticipated to maintain its lead throughout 2023, and is projected to grow at a CAGR of 6.3%, in terms of value.
- The jackups installation segment occupied nearly half of the total market in 2016.
- Asia-Pacific occupied nearly one-third of the total offshore oil & gas paints and coatings market in 2016.
- In terms of value, polyurethane resin segment is expected to grow at a CAGR of 8.2% from 2017 to 2023.
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