Portland, OR -- (SBWIRE) -- 11/09/2017 -- A new report published by Allied Market Research, titled, Offshore Oil & Gas Paint and Coatings Market by Resin and Installation- Global Opportunity Analysis and Industry Forecast, 2017-2023, stats that 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.

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At present, the global offshore oil & gas paints and coatings market is witnessing numerous opportunities, owing to rapid increase in the development of offshore oil & gas industry in Asia-Pacific and LAMEA. Organic zinc paints are heavily applied under a specific range of environmental conditions as they are less costly than zinc silicates coatings. Moreover, epoxy intermediate coats possess a number of environmental benefits, such as lowering of volatile organic compounds (VOC), propelling the market growth.

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The epoxy resin segment accounted for two-fifths of the total share, in terms of volume, in 2016. Moreover, in accordance with rules framed by International Maritime Organization (IMO), epoxy resin-based coatings are used for vessel flooring applications, which improves the adhesion properties of marine paints, increasing the market demand. However, rise in prices of raw material is expected to hamper the market growth.

Offshore Oil & Gas Paints And Coatings Market Key Segments:

By Resin

-Epoxy
-Polyurethane
-Alkyd
-Acrylic
-Inorganic Zinc
-Others (Silicone, Vinyl, and Others)

By Installation

-Jackups
-Floaters
-Drillships
-Semisubmersibles and Others