The global offshore oil & gas paint and coatings market is expected to reach $620 million by 2023 from $378 million in 2016, and, registering a CAGR of 7.3% from 2017 to 2023. 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 in minimizing the corrosion and fouling of vessels hull to ensure the control over damage to marine vessels. Moreover, further application of these coatings under the 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 global offshore oil & gas paint & coatings market is segmented based on resin, installation, and geography. Based on resin, it is classified into epoxy, polyurethane, alkyd, acrylic, inorganic zinc, and others (silicone, vinyl, and others) Based on installation, it is divided into jackups, floaters, drillships, semisubmersibles, and others. Geographically, it is classified into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for more than one-third of the total share of the revenue in 2016, followed by Europe and North America.
Key market players have invested in R&D activities to develop advanced products to cater to the demand from the end users. The key players in the offshore oil & gas paint and coatings market include:
Kansai Paints Co.
Nippon Paints Co. Ltd
The Dow Chemical Company
The Sherwin-Williams Company
Wacker Chemie AG
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of offshore oil & gas paints and coatings industry with current market trends and future estimations from 2015 to 2023 to determine the prevailing opportunities.
It offers comprehensive analysis of North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
Comprehensive analysis of factors that drive & restrict the market growth is provided.
Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the global market.
The report provides key insights on strategic offshore oil & gas industry analysis of various companies and the value chain analysis of offshore oil & gas.
Key Market Segments
Others (Silicone, Vinyl, and Others)
Semisubmersibles and Others
The other players in the value chain (profiles not included in the report) are:
Alpha Industries Limited
Ameron Protective Coatings
Barrier Coating Services, Inc.
Advanced Industrial Coatings, Inc.