A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global oil & gas pipeline coatings market. Presenting exclusive insights into the market from 2019 to 2029, the report projects that the market will witness notable growth during the forecast.
Oil & gas pipelines are coated with chemicals and materials to gain resistance against high temperatures, corrosion, and chemical effects. Protective coatings are essential for tubings, pipes, fasteners, and other related equipment to avoid damages, which may lead to bigger consequences. On this premise, oil & gas pipeline coatings are finding high adoption. The growth of the market is predominantly attributed to the increasing number of gas & oil pipeline ventures, huge progressions in pipeline coating advances, and a rise in the exploration activities. Moreover, the increasing offshore installations, coupled with increasing challenges due to corrosion of pipelines is also propelling the demand for oil & gas pipeline coatings, and will continue to substantiate the market growth.
Rising Concerns Regarding Harsh Physical Conditions Burgeons Adoption of Coatings
Players in the oil & gas sector are highly emphasizing the need for effective pipeline coating to prevent physical damages to the pipeline, which in severe cases results in the failure of equipment and wastage production time. On the back of the rising concerns, fusion bonded epoxy coatings and polyurethane coatings are gaining prominence owing to their durability and efficiency in minimizing corrosion. Furthermore, these coatings bolster in reducing the adverse effects of abrasion and improve the longevity of the pipes and the associated equipment. Besides, tubes and pipes are prone to damage due to consistent exposure to chemicals, high levels of temperature & pressure, and sea salt. Due to the inability of industry-standard hot-dip galvanized, cadmium, and zinc-plated coatings, end-users are gradually shifting towards epoxy and polyurethane coatings, with the former being the most sought coating type. Besides, the increasing exploration activities in the Asia Pacific and the subsequent demand for pipeline infrastructure from oil is also anticipated to create lucrative revenue opportunities during the forecast period.
Macro Social and Economic Factors Pose a Challenge
Owing to the depletion of energy reserves, players are gradually shifting towards renewable energy, and are exploring new and advanced technical possibilities. As the number of pipelines declines, the need for coatings is expected to witness a downfall in the forthcoming years. Furthermore, players are focusing on reducing operational and maintenance expenses, which is likely to impede market growth. However, stringent norms regarding the safety of pipelines will continue to drive the demand for coatings.