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(MoneyNewsWire.Net, June 03, 2018 ) The global pipe coatings market size, in terms of value, is projected to reach USD 14.42 Billion by 2021, at a CAGR of 4.7% from 2016 to 2021. The high demand is attributed to the growing pipeline industry globally. Also the demand is driven by the growing technological advancements in the pipeline coatings market.
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Thermoplastic polymer coatings are the most-widely used type of pipe coatings, and comprise of PE, PP and PU coatings that are used in polyolefin coatings. 3LPE or 3LPP coatings are now being preferred on a large scale as they have the added advantage provided by thermoplastic polymer coatings and fusion bonded epoxy coatings. They are majorly used in the oil & gas industry.
Chemical processing is projected to be the fastest-growing end-use industry incorporating pipe coatings. Due to the increasing demand in the chemical industry, the demand for pipe coatings in this end-use industry is expected to grow. Also the market for chemical processing is growing due to the easy availability of shale gas.
North America is the global forerunner in the pipe coatings market, in terms of value and volume, and this trend is expected to continue till 2021. Countries in this region such as the U.S., Canada, and Mexico are witnessing growth in the oil & gas industry due to the easy availability of shale gas and discovery of oil reserves. Also, the chemical processing industry is expected to grow due to the availability of raw materials in this region.
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Though the pipe coatings market is growing at a fast pace, a few factors are hampering its growth. The presence of VOCs in the coatings which are emitted into the environment, pose a threat to the environment. Hence governments are encouraging the use of powder coatings as these contain negligible to little VOC content.
PPG Industries, Inc. (U.S.), AkzoNobel N. V. (The Netherlands), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.) and Axalta Coating Systems Ltd.(U.S.) are the leading players in the global pipe coatings market. These companies are adopting various organic and inorganic growth strategies such as expansions, mergers & acquisitions, collaborations/partnerships/agreements and new product launches to enhance their shares in the pipe coatings market.
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