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.
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.
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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.
Drivers – Offshore Oil & Gas Paints and Coatings Market
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the offshore oil & gas paints and coatings market. 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.
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