Offshore Oil and Gas Paints and Coating Market Size
[ 170 + Pages Research Report ] to surpass USD 811 million by 2031 from USD 469.9 million in 2021 at a CAGR of 5.6% in the coming years, i.e., 2021-2031.
Owing to increasing environmental restrictions and the concurrent demand for long-term, cost-effective corrosion protection of assets, manufacturers are under constant pressure to develop innovative anti-corrosion coatings for marine and offshore applications. In the long run, these newly created coatings that fulfill high regulatory standards could prove to be successful and cost-efficient for marine and offshore platform applications. After the requisite surface preparation, these coatings should be applied under the specified conditions and monitored for continuous effectiveness. These measures are required to safeguard the value of numerous vital national assets.
Market Highlights
Global Offshore Oil & Gas Paints and Coating Market is anticipated to register a notable CAGR of 5.6% by 2031
Increased urbanization and economic development result in increased worldwide energy demand, which is expected to stimulate demand for onshore oil and gas resources. Furthermore, as onshore oil and gas resources are limited, demand for offshore oil and gas Paints and Coatings is expected to rise in tandem with the increased use of onshore oil and gas resources. Offshore oil and gas are also good cost-effective options.
Global Offshore Oil & Gas Paints and Coating Market: Segments
The epoxy segment is projected to lead with the highest CAGR during the forecast period 2021-31
On the basis of Resin, the global Offshore Oil & Gas Paints and Coating Market is divided into Epoxy, Polyurethane, Alkyd, Acrylic, Inorganic Zinc, and Others. In previous years, the epoxy segment dominated the offshore oil and gas Paints and Coatings industry. Coatings for offshore oil and gas installations must survive harsh weather, saltwater abrasion, dissolved oxygen, mechanical impact from debris, marine life damage, and ultraviolet radiation. As a result, offshore Paints and Coatings have properties that allow them to endure underwater cleaning.
The drillships segment is expected to grow with the maximum CAGR during 2021-31
Based on Installation, the global Offshore Oil & Gas Paints and Coating Market is segmented into Jackups, Floaters, Drillships, Semisubmersibles, and Others. In past years, the drillships segment dominated the offshore oil and gas Paints and Coatings industry. A drillship is a commercial vessel built for offshore exploratory drilling
Market Dynamics
Drivers
Advantages of Paints and Coatings the Offshore equipment
Painting and coatings are beneficial in drilling equipment as they boost heat resistance in offshore or subsea operations by using coatings to withstand extreme pressures and saltwater, which fuels the offshore oil and gas Paints and Coatings business. Furthermore, repeated applications of these coatings under the specified circumstances and following the required surface preparation successfully prevent algae formation on the surface, promoting market growth.
Multiple Environmental Benefits of Epoxy Intermediate Coats
Organic zinc paints are widely used in a variety of environments as they are less expensive than zinc silicate coatings. Epoxy intermediate coats also have a lot of environmental advantages, such as reduced volatile organic compounds (VOC), which are driving market expansion. Epoxy coatings also reach the needed thickness while maintaining film built around sharp edges, boosting the market growth.
Restraint
High cost associated with the Offshore Oil & Gas Paints and Coating
The cost of raw materials, along with environmental issues regarding the release of volatile organic compounds by chemical organic coatings, are constraining the growth of the Offshore Oil & Gas Paints and Coating Market.
Global Offshore Oil & Gas Paints and Coating Market: Key Players
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3M CO.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- AKZONOBEL N.V.
- HEMPLEL A/S
- KANSAI PAINTS CO., LTD.
- NIPPON PAINTS CO. LTD.
- PPG INDUSTRIES, INC.
- THE SHERWIN-WILLIAMS COMPANY
- WACKER CHEMIE AG
- Jotun
- A&A Coatings
- Other Prominent Players
Global Offshore Oil & Gas Paints and Coating Market: Regions
Global Offshore Oil & Gas Paints and Coating Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Geographically, Asia-Pacific led the offshore oil and gas Paints and Coatings market with a significant share, followed by North America and Europe. Increased urbanization and economic development have resulted in a significant rise in global energy demand, which is likely to fuel demand for onshore oil and gas resources. As of the large offshore petroleum resources, this tendency is projected to continue.
Impact of COVID-19 on Offshore Oil & Gas Paints and Coating Market
For oil, gas, and chemical firms, the impact of COVID-19 and the oil price war is proving to be a two-pronged problem. The Organization of Petroleum Exporting Countries (OPEC) decided to reduce production by 1.5 million barrels per day. The COVID-19 pandemic has destroyed oil demand, driven down prices, and put people involved in oil production and processing in danger.
Global Offshore Oil & Gas Paints and Coating Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States, Mexico, and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Australia, and Rest of Asia Pacific
- the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Saudi Arabia, South Africa, and Rest of the Middle East and Africa.
Global Offshore Oil & Gas Paints and Coating Market report also contains an analysis on:
Offshore Oil & Gas Paints and Coating Market Segments:
- By Resin
- Epoxy
- Polyurethane
- Alkyd
- Acrylic
- Inorganic Zinc
- Others
- By Installation
- Jackups
- Floaters
- Drillships
- Semisubmersibles
- Others
- Offshore Oil & Gas Paints and Coating Market Dynamics
- Offshore Oil & Gas Paints and Coating Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Frequently Asked Questions (FAQ):
Offshore Oil & Gas Paints and Coating Market size was estimated at USD 469.9 million in 2021 and is expected to reach USD 811 million in 2031.
Well drilling is used to produce oil and gas, which is then transferred to refineries via ships and pipelines. Paints and Coatings are often used on oil and gas equipment to prevent corrosion, offer a nonslip surface, and improve visibility.
The Epoxy segment accounted for the largest Offshore Oil & Gas Paints and Coating Market share.
Key players in the Offshore Oil & Gas Paints and Coating Market Include 3m Co., Akzonobel N.V., Hemplel A/S, Kansai Paints Co., Ltd., Nippon Paints Co. Ltd., Ppg Industries, Inc., The Sherwin-Williams Company, Wacker Chemie Ag, Jotun, A&A Coatings, and other prominent players.
Increasing demand due to an increase in offshore oil and gas activities-newer paint technology that can be used in tough environments-growing marine coatings market due to an increase in the shipbuilding sector.
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