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.
By Resin- Segment Analysis
Epoxy segment held a significant share in offshore oil & gas paints and coatings market in 2019, growing at a CAGR of 7.48% during the forecast period. Offshore oil & gas installations require coatings to withstand extreme weather conditions, dissolved oxygen, saltwater abrasion, and mechanical impact from debris, ultraviolet exposure, and damage by marine life. Therefore, offshore paints and coatings possess characteristics to withstand the rigors of underwater cleaning. Moreover, stationary vessels accumulate heavy fouling very quickly due to which, 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.
Epoxy coatings in pipelines enhance the internal and external durability which helps in providing resistance against high temperatures, corrosion and chemicals. Moreover, in accordance with rules framed by International Maritime Organization (IMO), epoxy resin-based coatings are used for vessel flooring applications, which improves the adhesion properties of marine paints, increasing the offshore oil & gas paints and coatings market demand.
Moreover, polyurethane is used at all stages of extraction of oil & gas as it provides complete resistance against various hazards, such as pressure, corrosiveness, abrasion, and heat resistance.
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By Installation – Segment Analysis
Drillships segment held a significant share in offshore oil & gas paints and coatings market in 2019. 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. Owing to the increase in applications of epoxy resin-based coats, offshore oil & gas paints and coatings market have gained popularity in the recent years, which possess more abrasion and chemical-resistant properties, that topcoat the marine vessels, providing anticorrosive protection against atmospheric exposure. Moreover, painting and coating serve to be extremely beneficial in drilling equipment where it improves heat resistance, in offshore or subsea operations where coatings are deployed to withstand extreme pressures and salt water.
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.
The impact of COVID-19 and the oil prices war are proving to be a two-pronged crisis for oil, gas, and chemicals companies. The Organization of the Petroleum Exporting Countries (OPEC), agreed to cut 1.5 million barrels per day from production. The Covid-19 pandemic has shattered oil demand, sunk prices and is posing a significant risk for those involved in oil extraction and processing.
Drivers – Offshore Oil & Gas Paints and Coatings Market
Offshore oil & gas exploration activities exhibit harsh conditions, which are subjected to coatings system. Moreover, continuous and prolonged exposure to rough seawater and penetrating UV rays adversely affects the life of coating systems. Therefore, long resisting coatings must have a long service life in offshore environments.
Organic zinc paints are heavily applied under a specific range of environmental conditions as they are less costly than zinc silicates coatings. Moreover, epoxy intermediate coats possess a number of environmental benefits, such as lowering of volatile organic compounds (VOC), propelling the market growth. In addition, epoxy coats achieve the required thickness and retain film build around sharp edges, which boosts the market growth.
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Challenges – Offshore Oil & Gas Paints and Coatings Market
Raw material costs
Raw material costs and environmental concerns related with the release of volatile organic compounds by chemical organic coatings are limiting the market growth to some extent. Oil exploration is an expensive and high-risk operation. Offshore and remote area exploration is generally only undertaken by very large corporations or national governments.
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.
In August 2016, Kansai Paint Co. Ltd. confirmed in a statement that its Kansai Paint Middle East (KPME) division and subsidiary Kansai Paint Saudi Ltd. (KP Saudi) acquired the stock of the Saudi Industrial Paint Company (SIPCO).
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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