The offshore oil and gas paints and coatings market, which was valued at $537.6 million in 2020, is estimated to reach $764.9 million by 2030, growing at a CAGR of 3.7 per cent from 2021 to 2030. The growth is being led by an increase in offshore oil and gas exploration.
Offshore activities lead to the formation of foul and corrosion layers on the vessel equipment, which are coated 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.
According to a report by Allied Market Research, titled ‘Offshore Oil and Gas Paints and Coatings Market, 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- and heat-resistant coating.
Offshore vessels paint and coatings comply with stringent regulatory norms and, therefore, are effective for marine and offshore platform applications.
These coatings are effective to minimise the corrosion and fouling of vessels hull to ensure the control damage of marine vessels.
Moreover, further application of these coatings under prescribed conditions and after the necessary surface preparation, effectively prevents algae formation on the surface.
A limiting factor for the industry could be raw material costs and environmental concerns related with the release of VOCs from chemical organic coatings.
The offshore oil and gas paints and coatings market can be understood on the basis of its segmentation of type, installation, and region.
By type, the market is segregated into epoxy, polyurethane alkyd, acrylic, inorganic zinc, and others.
Epoxy coatings in pipelines enhance the internal and external durability, which helps provide resistance against high temperatures, corrosion, and chemicals.
On the basis of installation, it is categorised into jackups, floaters, drillships, semisubmersibles, and others.
Meanwhile, on the basis of application, the drillships segment dominated the offshore oil and gas paints and coatings market in terms of revenue.
According to the report, offshore oil and gas paints and coatings are used in drillships to protect the surface of a vessel from corrosion.
Region-wise, Asia-Pacific is projected to hold a significant share in the global offshore oil and gas paints and coatings market.
The key market players according to the report are Hempel, 3M, Nippon Paints, AkzoNobel, PPG Industries, Wacker Chemie, The Sherwin-Williams Company, Jotun, Kansai Paints, and A&A Coatings, the report said.
