DUBLIN--(BUSINESS WIRE)--The "Offshore Oil & Gas Paints and Coatings Market By Resin, By Installation: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
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.
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
For more information about this report visit https://www.researchandmarkets.com/r/gmixhs
