The global offshore oil & gas paints and coatings market was valued at $537.6 million in 2020, and is projected to reach $764.9 million by 2030, growing at a CAGR of 3.7% from 2021 to 2030.
Offshore oil & gas exploration activities lead to formation of foul and corrosion layers on the vessel equipment, which are further coated system to provide protection. Moreover, continuous contact with rough seawater and prolonged exposure to penetrating UV rays adversely affect the life of coating systems.
Coatings systems for offshore structures are designed to protect the marine infrastructure from most corrosive environments. Moreover, huge investments in the exploration and production of offshore oil & gas fields in remote areas require long-term protection of these structures. This is efficiently managed by high cost of coating materials and require less maintenance. In addition, offshore oil & gas paints and coatings have gained popularity in recent years, owing to increase in application of epoxy resin-based coats, which possess more abrasion and chemical-resistant properties, that topcoat the marine vessels, providing anticorrosive protection against atmospheric exposure. In addition, the LAMEA offshore oil & gas paints and coatings market offers lucrative opportunities for industry players, owing to growth in exploration and drilling activities in this region. In addition, technological developments in the production of offshore oil & gas paints and coatings by manufacturers, are further expected to fuel the market growth during the forecast period.
The offshore oil & gas paints and coatings market is segmented on the basis of type, installation, and region. By type, the market is segregated into epoxy, polyurethane alkyd, acrylic, inorganic zinc, and others. On the basis of installation, it is fragmented into jackups, floaters, drillships, semisubmersibles, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include, Hempel, 3M, Nippon Paints Co., AkzoNobel N.V., PPG Industries, Inc., Wacker Chemie AG, The Sherwin-Williams Company, Jotun, Kansai Paints Co., and A&A Coatings.
The global offshore oil & gas paints and coatings market report provides in-depth competitive analysis as well as profiles of these major players. The global offshore oil & gas paints and coatings market report provides in-depth competitive analysis as well as profiles of these major players.
Offshore oil & gas exploration activities lead to formation of foul and corrosion layers on the vessel equipment, which are further coated system to provide protection. Moreover, continuous contact with rough seawater and prolonged exposure to penetrating UV rays adversely affect the life of coating systems.
Coatings systems for offshore structures are designed to protect the marine infrastructure from most corrosive environments. Moreover, huge investments in the exploration and production of offshore oil & gas fields in remote areas require long-term protection of these structures. This is efficiently managed by high cost of coating materials and require less maintenance. In addition, offshore oil & gas paints and coatings have gained popularity in recent years, owing to increase in application of epoxy resin-based coats, which possess more abrasion and chemical-resistant properties, that topcoat the marine vessels, providing anticorrosive protection against atmospheric exposure. In addition, the LAMEA offshore oil & gas paints and coatings market offers lucrative opportunities for industry players, owing to growth in exploration and drilling activities in this region. In addition, technological developments in the production of offshore oil & gas paints and coatings by manufacturers, are further expected to fuel the market growth during the forecast period.
The offshore oil & gas paints and coatings market is segmented on the basis of type, installation, and region. By type, the market is segregated into epoxy, polyurethane alkyd, acrylic, inorganic zinc, and others. On the basis of installation, it is fragmented into jackups, floaters, drillships, semisubmersibles, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include, Hempel, 3M, Nippon Paints Co., AkzoNobel N.V., PPG Industries, Inc., Wacker Chemie AG, The Sherwin-Williams Company, Jotun, Kansai Paints Co., and A&A Coatings.
The global offshore oil & gas paints and coatings market report provides in-depth competitive analysis as well as profiles of these major players. The global offshore oil & gas paints and coatings market report provides in-depth competitive analysis as well as profiles of these major players.
Impact of COVID-19 on Global Offshore Oil & Gas Paints and Coatings Market
- The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
- Sudden outbreak of the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several nations resulting in disruptions in import and export activities of offshore oil & gas paints and coatings.
- The impact of COVID-19 and fluctuations in oil prices are proving to be a two-pronged crisis for oil, gas, and chemicals companies. The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut 1.5 million barrels per day from production. The COVID-19 pandemic shattered oil demand, sunk prices, and is posing a significant risk for those involved in oil extraction and processing.
- Key Benifits For The Stakeholders- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the offshore oil & gas paints and coatings market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Key Market Segments
By Resin
- Epoxy
- Polyurethane
- Alkyd
- Acrylic
- Inorganic Zinc
- Others
By Installation
- Jackups
- Floaters
- Drillships
- Semisubmersibles
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- South Africa
- Saudi Arabia
- Rest of LAMEA
- Brazil
Key Market Players
- 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
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OFFSHORE OIL & GAS PAINTS AND COATINGS MARKET, BY RESIN
CHAPTER 5: OFFSHORE OIL & GAS PAINTS AND COATINGS MARKET, BY INSTALLATION
CHAPTER 6: OFFSHORE OIL & GAS PAINTS AND COATINGS MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Offshore Oil & Gas Paints and Coatings Market,' the offshore oil & gas paints and coatings market was valued at $537.6 million in 2020, and is estimated to reach $764.9 million by 2030, growing at a CAGR of 3.7% from 2021 to 2030.Offshore oil & gas exploration activities lead to formation of foul and corrosion layers on the vessel equipment, which are further coated system to provide protection. Moreover, continuous contact with rough seawater and prolonged exposure to penetrating UV rays adversely affect the life of coating systems. Therefore, in offshore environments, long resistant coatings are expected to provide a long service life. Moreover, these coatings require advanced personnel safety considerations under the specified working conditions. These may include, non-skid coatings on decks, high-visibility colors, and fire- & heat-resistant coating.
Offshore vessels paint & coatings comply with stringent regulatory norms and therefore, are effective for marine and offshore platform applications. These coatings are effective to minimize the corrosion and fouling of vessels hull to ensure the control damage of marine vessels. Moreover, further application of these coatings under prescribed conditions and after the necessary surface preparation, effectively prevents algae formation on the surface, boost the market growth. However, raw material costs and environmental concerns related with release of VOCs by the chemical organic coatings limit the market growth.
The offshore oil & gas paints and coatings market is segmented on the basis of type, installation, and region. By type, the market is segregated into epoxy, polyurethane alkyd, acrylic, inorganic zinc, and others. On the basis of installation, it is fragmented into jackups, floaters, drillships, semisubmersibles, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of application, the epoxy segment dominated the offshore oil & gas paints and coatings market in terms of revenue, in 2020. Epoxy coatings in pipelines enhance the internal and external durability, which helps provide resistance against high temperatures, corrosion, and chemicals.
On the basis of application, the drillships segment dominated the offshore oil & gas paints and coatings market in terms of revenue, in 2020. Offshore oil & gas paints and coatings are used in drillships to protect the surface of a vessel from corrosion. Region-wise, Asia-Pacific is projected to hold a significant share in the global offshore oil & gas paints and coatings market. The key players profiled in this report include, Hempel, 3M, Nippon Paints Co., AkzoNobel N.V., PPG Industries, Inc., Wacker Chemie AG, The Sherwin-Williams Company, Jotun, Kansai Paints Co., and A&A Coatings.
These players have adopted strategies, such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market.
Key Findings of Study
- Region-wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 4.9%, in terms of revenue, during the forecast period.
- By installation, the drillships segment accounted for the largest market share in 2020.
- By type, the epoxy segment garnered the highest share in 2020
IMPACT OF COVID-19 on Global Offshore Oil & Gas Paints and Coatings Market
- The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
- Sudden outbreak of the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several nations, resulting in disruptions in import and export activities of offshore oil & gas paints and coatings.
- The IMPACT OF COVID-19 and fluctuations in oil prices are proving to be a two-pronged crisis for oil, gas, and chemicals companies. The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut 1.5 million barrels per day from production. The COVID-19 pandemic has shattered oil demand, sunk prices, and poses a significant risk for those involved in oil extraction and processing.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | May 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 537.6 million |
| Forecasted Market Value ( USD | $ 764.9 million |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
