The market size for pipe coatings is projected to reach from USD 6.9 billion in 2020 to USD 8.5 billion by 2025, at a CAGR of 4.5% from 2020 to 2025
NEW YORK, March 24, 2020 /PRNewswire/ -- High demand from the oil & gas industry is driving the pipe coatings market.
The market size for pipe coatings is projected to reach from USD 6.9 billion in 2020 to USD 8.5 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Growing demand from the oil & gas industry is one of the major drivers for the pipe coatings market, globally. The growth of this industry is expected to drive the demand for pipelines in the future due to increasing upstream, midstream, and downstream activities. Furthermore, the global pipe coatings industry is expected to grow with the increasing demand in economies such as China, India, South Korea, Africa, Mexico, the U.S., Germany, Brazil, and Argentina, among others.
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Fusion bonded epoxy, the fastest-growing pipe coatings type.
Fusion Bonded Epoxy (FBE) coating is the fastest-growing type of pipe coating.This is due to its high adherence to steel pipes and the fact these are resistant to chemical and physical stress.
These coatings are widely used in various industries as they also help to improve the flow efficiency of the contents in the pipes.
The powder coatings segment is estimated to drive the market during the forecast period.
Based on form, the pipe coatings market has been segmented into two types –powder coatings and liquid coatings.The powder coatings form is projected to be the largest and the fastest-growing form in the pipe coatings market during the forecast period.
These are used more commonly as they are environment-friendly. Furthermore, the use of powder coatings is more cost-effective compared to liquid coating and guarantees less wastage of the coating during application on the pipelines.
The external surface coatings is projected to register the highest CAGR during the forecast period.
Based on the surface, the pipe coatings market can be divided into two major types – external surface and an internal surface.The external surface is projected to be the fastest-growing surface for the pipe coatings market during the forecast period.
This is because external coating protects the pipelines from corrosion caused by soil and other materials contained in the backfill.The external corrosion protection is a must for the lifetime and reduced operation cost of a pipeline.
Therefore, external surface is the largest as well as the fastest-growing surface for the pipe coatings market.
North America, the largest market, and APAC, the fastest growing market for pipe coatings.
North America is the largest market for pipe coatings globally, with the U.S. being the leading market in this region, which is attributed to the large oil & gas industry. The increasing demand for shale gas is driving the market in this region. Further, transportation, distribution and exploration & production (E&P) activities in the oil & gas industry are expected to drive the market. APAC is estimated to be the fastest-growing market for pipe coatings during the forecast period, 2020-2025. This is majorly due to the increasing demand for oil & gas in the region. The demand has promoted E&P activities for onshore and offshore reserves, which is facilitating the demand for pipelines and hence driving the pipe coatings market.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the pipe coatings market.
• By Company Type - Tier 1: 55%, Tier 2: 30%, and Tier 3: 15%
• By Designation - C Level: 21%, Director level: 23%, Others: 56%
• By Designation - North America: 45%, Europe: 27%, APAC: 15%, South America: 7%, Middle East & Africa: 6%
The pipe coatings market comprises major solution providers, such as PPG Industries Inc. (US), Akzo Nobel N.V. (Netherlands), Shawcor Ltd. (Canada), Sherwin-Williams Company (US), and Axalta Coating Systems Ltd. (US), Arkema (France), Wasco Energy Group of Companies (Malaysia), 3M Company (US), Specialty Polymer Coatings Inc (Canada) and Seal For Life (Netherlands). The study includes an in-depth competitive analysis of these key players in the pipe coatings market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report covers the global pipe coatings market based on type, form, surface, end-use industry, and region.This study aims at estimating the size and future growth potential of the market across various segmentation types.
It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the global pipe coatings market and its sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses in a better way and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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