Offshore Oil & Gas Paints and Coatings Market Expected to Reach $764.9 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Offshore Oil & Gas Paints and Coatings Market," The offshore oil & gas paints and coatings market was valued at $537.6 million in 2020, and is estimated to reach $764.9 million by 2030, growing at a CAGR of 3.7% from 2021 to 2030.

Offshore oil & gas exploration activities lead to formation of foul and corrosion layers on the vessel equipment, which are further coated system to provide protection. Moreover, continuous contact with rough seawater and prolonged exposure to penetrating UV rays adversely affect the life of coating systems. Therefore, in offshore environments, long resistant coatings are expected to provide a long service life. Moreover, these coatings require advanced personnel safety considerations under the specified working conditions. These may include, non-skid coatings on decks, high-visibility colors, and fire- & heat-resistant coating.

Offshore vessels paint & coatings comply with stringent regulatory norms and therefore, are effective for marine and offshore platform applications. These coatings are effective to minimize the corrosion and fouling of vessels hull to ensure the control damage of marine vessels. Moreover, further application of these coatings under prescribed conditions and after the necessary surface preparation, effectively prevents algae formation on the surface, boost the market growth. However, raw material costs and environmental concerns related with release of VOCs by the chemical organic coatings limit the market growth.

The offshore oil & gas paints and coatings market is segmented on the basis of type, installation, and region. By type, the market is segregated into epoxy, polyurethane alkyd, acrylic, inorganic zinc, and others. On the basis of installation, it is fragmented into jackups, floaters, drillships, semisubmersibles, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of application, the epoxy segment dominated the offshore oil & gas paints and coatings market in terms of revenue, in 2020.  Epoxy coatings in pipelines enhance the internal and external durability, which helps provide resistance against high temperatures, corrosion, and chemicals.

On the basis of application, the drillships segment dominated the offshore oil & gas paints and coatings market in terms of revenue, in 2020. Offshore oil & gas paints and coatings are used in drillships to protect the surface of a vessel from corrosion. Region-wise, Asia-Pacific is projected to hold a significant share in the global offshore oil & gas paints and coatings market.

The key players profiled in this report include, Hempel, 3M, Nippon Paints Co., AkzoNobel N.V., PPG Industries, Inc., Wacker Chemie AG, The Sherwin-Williams Company, Jotun, Kansai Paints Co., and A&A Coatings.

These players have adopted strategies, such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market.

​​​Key Findings of Study

• Region-wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 4.9%, in terms of revenue, during the forecast period.
• By installation, the drillships segment accounted for the largest market share in 2020.
• By type, the epoxy segment garnered the highest share in 2020

Impact of COVID-19 on Global Offshore Oil & Gas Paints and Coatings Market

• The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
• Sudden outbreak of the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several nations, resulting in disruptions in import and export activities of offshore oil & gas paints and coatings.
• The impact of COVID-19 and fluctuations in oil prices are proving to be a two-pronged crisis for oil, gas, and chemicals companies. The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut 1.5 million barrels per day from production. The COVID-19 pandemic has shattered oil demand, sunk prices, and poses a significant risk for those involved in oil extraction and processing.