Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Offshore Oil & Gas Paints & Coatings Market (Resin Type: Epoxy, Polyurethane, Alkyd, Acrylic, Inorganic Zinc, Others; Installation Type: Jackups, Floaters, Drillships, Semisubmersibles & Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023”, estimates that the global market of offshore oil & gas paints & coatings is expected to reach the market value of around $619 million by 2023 and is expected to grow at a CAGR of 7.3% in terms of revenue during the period 2017 – 2023.
The formation of corrosion and foul layers are often caused by offshore oil & gas exploration activities on the vessel equipment which are then coated to provide further protection. Offshore oil & gas deployment require coatings to endure extreme dissolved oxygen, saltwater abrasion, ultraviolet exposure, weather conditions, and damage by marine life. Therefore, offshore paints and coatings own features to withstand the rigidities of underwater cleaning. Moreover, stationary vessels accumulate heavy fouling very quickly; therefore, 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.
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Depleting Onshore Oil and Gas Resources Driving Market Growth
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. The demand for offshore oil & gas paints & coatings are expected to rise with growing consumption of onshore oil and gas resource, as onshore oil and gas resources are limited and offshore oil and gas are ideal cost-effective alternatives. Further, painting and coating serve to be extremely beneficial in drilling equipment, where it improves heat resistance in offshore or subsea operations using coatings to withstand extreme pressures and salt water, which drive offshore oil & gas paints and coatings market.
Insights on Market Segments
The global offshore oil & gas paint & coatings market is segmented based on resin type, installation type, and geography. Based on resin type, it is classified into epoxy, polyurethane, alkyd, acrylic, inorganic zinc and others (silicone, vinyl, etc.). Based on installation type, the market is divided into jackups, floaters, drillships, semisubmersibles and others. By geography, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. LAMEA accounted for more than one-third of the total market revenue share in 2016, followed by Asia-Pacific and Europe.
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Drillship Expected to Foresee Highest Market Growth in Coming Years
Jackups installation type held the highest market share in 2016. Asia-Pacific is expected to hold highest CAGR growth in jackups segment during the forecast period in terms of revenue as well as volume. The drillship segment is expected to grow at a highest CAGR during the forecast period, in terms of both volume and revenue. 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. The Europe and North America segments for drillship are expected to witness significant growth rates during the forecast period.
The major companies profiled in the report include BASF SE, Nippon Paints Co. Ltd., AkzoNobel N.V., PPG Industries, Inc., Hempel A/S, 3M Co., Kansai Paints Co., Ltd, The Dow Chemical Company, The Sherwin-Williams Company, and Wacker Chemie AG.
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