The market for chemical resistant coatings is expected to grow at a CAGR of more than 4% during the forecast period. Major factors driving the market studied is growing infrastructure and industrialization in the Asia-Pacific region
- Expansion of oil and gas activities in Asia-Pacific and North America is likely to act as an opportunity.
- North America dominated the market across the globe with the largest consumption in a country such as Canada, the United States, etc.
Key Market Trends
Oil and Gas Segment to Dominate the Market
- Oil and gas sector is one of the major end-users for the chemical resistant coatings market. The sector essentially requires chemical resistance, owing to a high temperature environment in its business operations. In addition, apart from high-temperature, the coating is used to prevent metal and steel structures from corrosion and chemicals, as they are exposed to moist and damp climatic conditions.
- Offshore oil and gas production has some of the most demanding conditions. Therefore, coating systems used in it are to be equipped likewise.
- Offshore, prolonged exposure to penetrating UV rays and constant contact with rough seawater increase the need for chemical resistant coatings.
- With recovery prices becoming visible in the oil and gas industry, the exploration and production have started increasing across the world. The major increase in oil and gas offshore exploration and production activities is noticed majorly in Asia-Pacific and North America.
- According to BP, the production of crude in the United States was about 15,311 thousand barrels per day in 2018. The production is increasing, due to the boom of shale gas subsequently making the United States the largest producer of crude oil in the world. With this, the pipeline projects are also increasing to supply oil and gas output from fields.
- Such factors are expected to boost the consumption of chemical resistant coatings in the oil & gas sector during the forecast period.
North America Region to Dominate the Market
- Growing construction sector in the United States, which is one of the major consumers of chemical resistant coatings is driving the market.
- Increasing construction activities of hotels, malls, offices, and etc., in almost all the provinces, is boosting the demand for chemical resistant coatings during the forecast period.
- The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market.
- Furthermore, the oil and gas industry is rapidly growing. The United States is the largest crude oil producer in the world.
- The production is increasing, due to the boom of shale gas subsequently making the United States the largest producer of crude oil in the world. With this, the pipeline projects are also increasing to supply oil and gas output from fields.
- This, in turn, is expected to drive the global chemical resistant coatings market during the forecast period.
The chemical resistant coatings market is consolidated. Some of the major players include PPG Industries Inc., AkzoNobel NV, The Sherwin-Williams Company, BASF SE, Jotun, among others.
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