Zion Market Research has published a new report titled “Pipe Coating Market by Form (Powder and Liquid), by Type (Thermoplastic Coatings, Metal Coatings, Fusion Bonded Epoxy, and Concrete Weight Coatings), by Application (Oil & Gas, Chemical Processing, Industrial, Municipal Water Supply, and Other End-User Industries): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024 ”. According to the report, global pipe coating market was valued at USD 7,845 million in 2017 and is expected to reach USD 12,781 million in 2024, growing at a CAGR of 5.4% between 2018 and 2024.
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Pipe coating is a feasible and cost-effective solution to sustain pipes’ reliability. Pipe coating offers continuous protection layers that assist to protect a pipe from corrosion prevention methods used by industries today.
Pipe coating is generally used for the protective coating of a pipe, which are widely used in various chemical industries and water sewage treatment industries. Pipe coating is more suitable for various end-user industries and it has generated a massive demand in 2017. Increasing end-user demand for pipe coating is anticipated to fuel the market. Robust growth of end-user industries such as oil and gas across the globe is expected to be the major driver for the growth of the pipe coating market. Government is supporting as well as promoting the ecological policies. Sufficient raw material accessibility helps in increasing the market demand. The increasing water sewage treatment and the developing potable water infrastructure in the emerging economies are major factors driving the market growth. The fluctuating prices of raw materials may hamper the growth of the market. The manufacturing companies are focusing on new product launches which anticipates opening new opportunities for the market.
Depending on the form, the global pipe coating market includes powder pipe coating and liquid pipe coating. In terms of value, powder pipe coating type is expected to grow at the highest CAGR in the forecast period. Powder pipe coating is more preferable in multiple applications and thus leading to huge demand in 2017. Thermoplastic coatings are the most widely used type of pipe coatings. Chemical processing end-use industry is anticipated to grow at faster pace incorporating pipe coatings because of rising demand in the chemical industry. Easy availability of the shale gas is the reason for the pipe coating market growth for the chemical processing end-user industry segment.
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Oil and gas end-user industry segment was the significant division among other end-user industries in 2017. In the global pipe coating market, oil and gas application segment accounted for over 35% share. It is predictable to continue its ascendancy in the forecast period from 2018 to 2024. The cost-effectiveness of pipe has lead to the development of upstream as well as downstream industries. Pipe coatings are used in oil & gas industry. These pipes are used for transporting natural gas, crude oil, water CO2 (injection), and refined product lines to different regions. Pipe coating has an increased demand in the chemical processing industry thus propelling the market growth.
Pipe coating is widely used for waste and wastewater treatment end-user industries. Increasing investments in chemical processing and oil & gas end-user industries are projected to increase demand for the product over the forecast period. The growth of the pipe coating market is directly attributed to the growth of oil & gas end-user industry segment. The wastewater treatment, municipal water end-user industry segment holds several opportunities and expected to be the major growth driver for the pipe coating market in the future.
North America was the leading market for pipe coating in 2017. In terms of value and volume, North America accounted for 40% plus a share of the global market in 2017. Moreover, the Middle East and Africa, especially Saudi Arabia and Qatar are the fastest growing market for pipe coating within the forecast period. It is expected to reveal the great perspective to arise the demand for pipe coating due to the rising positive regulations in the region. In 2017, the Middle East and Africa was the second largest region for pipe coating with around 23% share followed by Asia Pacific holding around 18% market share. Furthermore, the changing dynamics and government favorable policies in the region are expected to have a positive effect on the demand for pipe coating in the region.
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Some of the major players in the global pipe coating market are Dow Chemical Company, BASF SE, Covestro AG, Akzo Nobel NV, Tenaris SA, Wasco Energy Group of Companies, LyondellBasell Industries Holdings BV, EI Du Pont De Nemours & Co., Arkema SA, and Celanese Corporation, among others. Major companies in the market adopted acquisitions, mergers and expansions strategy to enlarge their production capacities and share in the pipe coating market in the forecast period.