As per a new report published by market research and competitive intelligence provider, the global steel pipe coatings market exceeds a valuation of US$ 8.1 Bn, and is set to expand at a CAGR of 4.7% over the forecast period of 2021 to 2031.
The construction of oil and gas pipelines has a history of more than 100 years. Pipeline transportation is an effective transmission method for water, oil, gas, and other fluid media. As such, preventing pipeline corrosion has become a prime challenge across the globe. Therefore, improving anticorrosion technology to reduce economic losses due to corrosion is a long-term issue in the anti-corrosion industry.
With the fast growth of the oil and gas industry and rapid expansion of pipelines across the globe, companies operating in the oil & gas industry are demanding more resilient solutions for pipeline corrosion protection. Crude oil is corrosive in nature and steel pipelines with anti-corrosion properties are the best option for transporting crude from one place to another.
It has been observed from the past several years that the oil & gas industry has experienced a high volume of loss due to corrosion. Demand for steel pipe coatings came into existence after this observation, and as a result, coating manufacturers are experiencing high sales and revenue generation.
Key Takeaways from Market Study
- Oil & gas end use is expected to register a CAGR of 4.6% over the forecast period, to be valued at US$ 4.5 Bn by 2031-end.
- Water transportation is estimated to account for 24.8% market value share by 203- end, and is expected to gain 48 BPS in its market share.
- Automotive end use is estimated to account for 14.4% market value share by 2031-end, but is expected to lose 31 BPS in its market share.
- Marine end use is projected to grow 1.6X in value, while automotive end use is projected to grow 1.5X in value by 2031.
“Growing pipeline infrastructure in developing nations to open up new growth opportunities for steel pipe coating manufacturers,” says a Senior Research Analyst.
Prominent steel pipe coating providers have been using newer IoT technologies to streamline their manufacturing and production processes. Leading manufacturers are focused on developing coatings with enhanced durability and greater efficiency so as to resist challenging weather and climatic conditions.
Moreover, by targeting emerging regions, manufacturers are also expanding their facilities by collaborating with other market players through planned investments.
These insights are based on a report on Steel Pipe Coatings Market by Fact.MR.