According to a new report from ReportBuyer, increasing demand from the global oil and gas industry is expected to be the major driver of the pipe coatings market, which is projected to reach US$4.42 billion by 2021, at a CAGR of 4.7% from 2016 - 2021.
The pipe coatings industry is expected to grow due to the increasing demand in economies such as China, India, South Korea, Africa, Mexico, the US, Germany, Brazil, and Argentina, among others. Fluctuating demand from the oil and gas industry is a major concern for the pipe coatings market.
North America is the largest market for pipe coatings globally, with the US being the leading market in the region, which is attributed to its large oil and gas industry. While increasing demand for shale gas is driving the market in this region, transportation, distribution and exploration and production activities in the oil and gas industry are also expected to contribute.
South America is estimated to be the fastest growing market for pipe coatings during the forecast period of 2016 - 2021. This is majorly due to the increasing demand for oil and gas in the region. The demand has promoted exploration and production activities for onshore and offshore reserves, which is facilitating the demand for pipelines and hence driving the pipe coatings market.
Fusion bonded epoxy coatings are the fastest growing type of pipe coating. This is due to its high adherence to steel pipes and the fact these are resistant to chemical and physical stress. These coatings are widely used in various industries as they also help to improve the flow efficiency of the contents in the pipes.
This report has been validated through primary interviews conducted with various industry experts globally. It includes company profiles and competitive strategies adopted by the major market players such as PPG Industries, Inc., Akzo Nobel N. V., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems Ltd., Wasco Energy Ltd., Arkema S.A., Shawcor Ltd., The 3M Company, and Specialty Polymer Coatings, Inc.
Read the article online at: https://www.worldpipelines.com/product-news/16052017/oil-and-gas-industry-to-drive-growth-in-pipe-coatings-market/