Offshore Oil & Gas Paints and Coatings Market size is forecast to reach $712.67 million by 2025, after growing at a CAGR of 7.30% during 2020-2025. Oil and gas are extracted by the process of well drilling and transported through ships and pipelines to refineries. Paints coatings are effectively deployed among oil and gas equipment to effectively provide corrosion prevention, providing a nonslip-surface, and bright paint colors improve visibility.
The report: “Offshore Oil & Gas Paints and Coatings Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Offshore Oil & Gas Paints and Coatings Market Industry.
By Resin: Epoxy, Polyurethane, Alkyd, Acrylic, Inorganic Zinc and Others
By Installation: Jackups, Floaters, Drillships, Semisubmeribles and Others
By Geography: North America, South America, Europe, APAC, and RoW
- Asia-Pacific is expected to dominate the offshore oil & gas paints and coatings market during the forecast period.
- By installation, drillships are expected to witness the highest demand for offshore oil & gas paints and coatings during the forecast period.
- Offshore vessels paint & coatings comply with stringent regulatory norms and therefore are effective for marine and offshore platform applications.
- Polyurethane coatings and elastomers are effective against refurbishment and wear & tear issues in pipes, and thus effectively increase the durability leading to the market growth.
By Resin- Segment Analysis
Epoxy segment held a significant share in offshore oil & gas paints and coatings market in 2019, growing at a CAGR of 7.48% during the forecast period. Offshore oil & gas installations require coatings to withstand extreme weather conditions, dissolved oxygen, saltwater abrasion, and mechanical impact from debris, ultraviolet exposure, and damage by marine life. Therefore, offshore paints and coatings possess characteristics to withstand the rigors of underwater cleaning. Moreover, stationary vessels accumulate heavy fouling very quickly due to which, thicker systems consisting of 12-20 mils of coal tar epoxy coatings are employed to protect the vessels. Moreover, organic, zinc-rich primers, higher build epoxies, coatings are applied on a base composed of either vinyl ester or polyester.
Epoxy coatings in pipelines enhance the internal and external durability which helps in providing resistance against high temperatures, corrosion and chemicals. Moreover, in accordance with rules framed by International Maritime Organization (IMO), epoxy resin-based coatings are used for vessel flooring applications, which improves the adhesion properties of marine paints, increasing the offshore oil & gas paints and coatings market demand.
Moreover, polyurethane is used at all stages of extraction of oil & gas as it provides complete resistance against various hazards, such as pressure, corrosiveness, abrasion, and heat resistance.
By Installation - Segment Analysis
Drillships segment held a significant share in offshore oil & gas paints and coatings market in 2019. A drillship is a commercial vessel designed for use in offshore exploration drilling, assisting in purposes such as scientific drilling and obtaining new oil and gas wells. Also, the vessels are used in ultra-deep water and deep water applications equipped with advanced dynamic positioning systems. Owing to the increase in applications of epoxy resin-based coats, offshore oil & gas paints and coatings market have gained popularity in the recent years, which possess more abrasion and chemical-resistant properties, that topcoat the marine vessels, providing anticorrosive protection against atmospheric exposure. Moreover, painting and coating serve to be extremely beneficial in drilling equipment where it improves heat resistance, in offshore or subsea operations where coatings are deployed to withstand extreme pressures and salt water.
Geography- Segment Analysis
Asia Pacific dominated the offshore oil & gas paints and coatings market with a share of more than 40%, followed by North America and Europe. Increasing urbanization and economic development have led to the rapid rise in energy demand across the globe, which in turn is expected to fuel the consumption of onshore oil and gas resources. This trend is expected to continue due to availability of vast offshore petroleum resources. Moreover, the growing production of non-conventional shale gas in North America and consistent crude oil demand is expected to further augment the demand for paints and coatings in these regions. In addition, polyurethane offers the maximum market potential in the global offshore oil & gas paints and coatings market, owing to rapid industrialization and expansion of oil & gas industries.
The impact of COVID-19 and the oil prices war 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 is posing a significant risk for those involved in oil extraction and processing.
Drivers – Offshore Oil & Gas Paints and Coatings Market
- Environmental benefits
Offshore oil & gas exploration activities exhibit harsh conditions, which are subjected to coatings system. Moreover, continuous and prolonged exposure to rough seawater and penetrating UV rays adversely affects the life of coating systems. Therefore, long resisting coatings must have a long service life in offshore environments.
Organic zinc paints are heavily applied under a specific range of environmental conditions as they are less costly than zinc silicates coatings. Moreover, epoxy intermediate coats possess a number of environmental benefits, such as lowering of volatile organic compounds (VOC), propelling the market growth. In addition, epoxy coats achieve the required thickness and retain film build around sharp edges, which boosts the market growth.
Challenges – Offshore Oil & Gas Paints and Coatings Market
- Raw material costs
Raw material costs and environmental concerns related with the release of volatile organic compounds by chemical organic coatings are limiting the market growth to some extent. Oil exploration is an expensive and high-risk operation. Offshore and remote area exploration is generally only undertaken by very large corporations or national governments.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the offshore oil & gas paints and coatings market. In 2019, the market of offshore oil & gas paints and coatings has been consolidated by the top five players accounting for xx% of the share. Major players in the offshore oil & gas paints and coatings market are 3M Co., AkzoNobel N.V., BASF SE, Hempel A/S, Kansai Paints Co., Ltd, Nippon Paints Co. Ltd., PPG Industries, Inc., The Sherwin-Williams Company, The Dow Chemical Company, and Wacker Chemie AG., among others.
- In August 2016, Kansai Paint Co. Ltd. confirmed in a statement that its Kansai Paint Middle East (KPME) division and subsidiary Kansai Paint Saudi Ltd. (KP Saudi) acquired the stock of the Saudi Industrial Paint Company (SIPCO).
1. Offshore Oil & Gas Paints and Coatings Market- Market Overview
1.1 Definitions and Scope
2. Offshore Oil & Gas Paints and Coatings Market - Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Resin
2.3 Key Trends by Installation
2.4 Key Trends by Geography
3. Offshore Oil & Gas Paints and Coatings Market - Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Offshore Oil & Gas Paints and Coatings Market - Startup companies Scenario Premium (Premium)
4.1 Top startup company Analysis by
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Offshore Oil & Gas Paints and Coatings Market – Industry Market Entry Scenario Premium (Premium)
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top companies
6. Offshore Oil & Gas Paints and Coatings Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Market Opportunities
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Offshore Oil & Gas Paints and Coatings Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Market life cycle
7.4 Suppliers and distributors Analysis
8. Offshore Oil & Gas Paints and Coatings Market – By Resin (Market Size -$Million)
8.5 Inorganic Zinc
9. Offshore Oil & Gas Paints and Coatings Market – By Installation (Market Size -$Million)
10. Offshore Oil & Gas Paints and Coatings Market - By Geography (Market Size -$Million)
10.1 North America
10.2 South America
10.2.5 Rest of South America
10.3.9 Rest of Europe
10.4 Asia Pacific
10.4.4 South Korea
10.4.5 Australia& New Zealand
10.4.6 Rest of Asia Pacific
10.5.1 Middle East
10.5.1.1 Saudi Arabia
10.5.1.4 Rest of Middle East
10.5.2.1 South Africa
10.5.2.3 Rest of Africa
11. Offshore Oil & Gas Paints and Coatings Market- Entropy
11.1 New Product Launches
11.2 M&A’s, Collaborations, JVs and Partnerships
12. Offshore Oil & Gas Paints and Coatings Market Share Analysis (Premium)
12.1 Market Share by Country- Top companies
12.2 Market Share by Region- Top companies
12.3 Market Share by type of Product / Product category- Top companies
12.4 Market Share at global level- Top companies
12.5 Best Practices for companies
13. Offshore Oil & Gas Paints and Coatings Market- List of Key Companies by Country (Premium)
14. Offshore Oil & Gas Paints and Coatings Market Company Analysis
14.1 Market Share, Company Revenue, Products, M&A, Developments
14.2 Company 1
14.3 Company 2
14.4 Company 3
14.5 Company 4
14.6 Company 5
14.7 Company 6
14.8 Company 7
14.9 Company 8
14.10 Company 9
14.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"