Increasing development of water-repellent materials has recently attracted a lot of attention due to wide range of applications that these surfaces offer hence, expecting favorable hydrophobic coatings market growth.
Sellbyville, DE -- (SBWIRE) -- 06/05/2019 -- Global demand for water repellant surfaces has increased exponentially over the last few years, propelling the hydrophobic coatings market owing to the varied applications of such surfaces in different industrial segments. The availability of a reliable and durable water repellant coating is of high importance as is ensures protection of the substrate material from moisture, proving to offer an efficient corrosion-resistant solution.
Boasting earnings of more than USD 1.5 billion in 2017, the global hydrophobic coatings market has been showing immense growth potential in sectors like construction, automobile, oil & gas, healthcare as well as aerospace manufacturing. Rising investments in oil & gas exploration and oil refineries due to the increased energy demand worldwide will create a lucrative environment for the hydrophobic coatings industry.
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Hydrophobic coatings help to make a surface not only resistant to corrosion but also render them non-reactive and free of contaminants, providing better performance features as compared to conventional water proofing options. According to predictions made by industry analysts, over 2018-2025, up to USD 3.3 trillion in capital expenditure is expected to be spent on oil and gas projects globally, presenting an incredible target market for the hydrophobic coatings industry.
Notable projects in the work include the Southern Gas Corridor project near the Caspian Sea in Europe, which is a USD 41 billion venture to supply natural gas to Europe. It reportedly involves the construction of many large pipelines to support the peak annual production of 325 thousand barrels of oil equivalent per day, promising an expanding customer base for the hydrophobic coatings market.
In 2017, around 92.6 million barrels of crude oil were produced on a daily basis world over, indicating the huge requirement for offshore platforms and oil refineries. Mostly made of steel and other metals, these structures are exposed to water for prolonged durations and get corroded over time. The increase in damage caused by corrosion of metals in offshore platforms had made companies realize the necessity of hydrophobic coatings.
The higher consumption of natural gas for generating electricity and providing heating services will also elevate the need for water repellant surfaces at offshore rigs. Worldwide, the production of natural gas had reached a staggering 3.68 trillion cubic meters by 2017, demonstrating the existing opportunities for the hydrophobic coatings market from oil and gas operations.
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Several other undertakings are under development throughout the world, such as the Johan Catsberg Project in Norway which is expected to be completed by 2024. It will be costing close to USD 5.92 billion and oil production should commence by 2022, with the lifespan of the field said to be of at least 30 years. As similar ventures in the oil and gas industry would be gradually cropping up leading to the construction of oil refineries and pipelines, the hydrophobic coatings industry is slated to witness accelerated gains over the coming years with growing need for water repelling surfaces. These surfaces also have a significant application scope for oil and gas transport via massive shipping vessels that are coated with hydrophobic layers to prevent corrosion and vegetation growth on a vessel's exterior.
As the production and export of oil, gas and petrochemicals speeds up, countries and multinational corporations would line up plans to build new refineries or upgrade existing ones. A hydrophobic surface is vital in refining operations, since moisture can affect the processes by inducing chemical activity and retention of compounds like sulphur. The hydrophobic coatings market has proliferated from the need to chemically and physically match the demands of refinery applications to achieve continuous accurate and reliable results.
Recently, ExxonMobil had disclosed that it would be spending about £500 million to upgrade U.K.'s largest oil refinery where new processing units would be added, as the company plans to double its global revenues by 2025. Further, Chinese company Sinopec has also signed an agreement with indigenous groups in Canada to for building a bitumen refinery and petrochemical complex in Alberta.
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The Alberta refinery, set to produce up to 167,000 barrels per day, represents the ongoing efforts by global energy companies to build new infrastructure, boosting the oil & gas industry and invariably propagating the significance of water repellant coatings. Anticipated to exceed USD 2 billion in remunerations by 2024, the hydrophobic coatings market comprises of key players like BASF, Nippon Paint, Prelco, SilcoTek, Abrisa Technologies, 3M, Drywired and Advanced Industrial Coatings.