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The market for composite coatings is expected to grow at a CAGR of more than 7% during the forecast period. Major factors driving the market studied is growth in oil & gas exploration activities.
- Growing demand for photovoltaic cells is likely to act as an opportunity.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Increasing Demand for Oil and Gas
- The oil & gas industry uses composite coatings in both the upstream and downstream segments for the movement of oil and gas toward the refineries.
- The industry has been trying to find ways to cut capital charges. This, along with the need to adhere to strict environmental regulations, has led to the demand for a coating system with a long life, which may be effective in the protection of the assets.
- Offshore oil & gas production has some of the most demanding conditions. Therefore, the composite coating systems used must be equipped likewise.
- The oil & gas industry in the Asia Pacific, North America is growing, due to the rising demand for energy and petrochemicals. Countries, such as India, United States, Malaysia, Indonesia, China, etc.. are experiencing an increase in offshore drilling activities.
- In the United States, shale oil and shale gas production done through hydraulic fracking are increasing in the United States. The country has experienced the shale boom highly-developed infrastructure, increased profitably, including technological innovation, private entrepreneurship, private land and mineral rights ownership in recent years.
- In recent years, crude oil production in the United States has increased at a CAGR of 6.61% between 2013-2018. This increase in oil production is expected to continue in the future, which is expected to drive the demand for composite coating for exploration and production.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific had the largest share in the market, accounting for more than 40% of the global market.
- The rapidly growing construction industry, primarily in China and India, is a major factor driving the demand for composite coatings in the region. Simultaneously, growth in oil & gas exploration activities, especially in ASEAN countries, with several ongoing new projects is also one of the major growth drivers in the region.
- India is still a developing economy, the construction sector is one of the booming industries in the country. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of an excellent infrastructure in the country.
- The government has announced a target of USD 376.5 billion investment in infrastructure, over a period of three years, including USD 120.5 billion for developing 27 industrial clusters, and USD 75.3 billion for road, railway, and port connectivity projects.
- China’s 13th five-year plan, pertaining to the oil and gas sector, is setting targets for self-sufficiency and infrastructure construction. Moreover, related reforms in recent years and the near future may create new opportunities for private and foreign companies.
- With the construction of manufacturing facilities, increasing the oil and gas industry in the region, the demand for composite coatings is also expected to increase during the forecast period.
The composite coatings are partially consolidated. Some of the major players include AkzoNobel NV, PPG Industries Inc, The Sherwin-Williams Company, RPM International Inc., and M?der, amongst others.
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