The global pipe coatings market is estimated to grow from USD 6.9 billion in 2020 to reach USD 8.5 billion by 2025, at a CAGR of 4.5% during the forecast period. The high demand is attributed to the growing pipeline industry globally. Also, the demand is driven by the increasing technological advancements in the pipeline coatings market.
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Oil & gas is the largest end-use industry of pipe coatings due to the high demand for oil & gas across the world. Pipe coatings are used for protecting pipelines from corrosion, and hence pipe coatings are used on a large scale in the oil & gas industry. Further, the market of oil & gas currently is witnessing growth in upstream, midstream and downstream activities, which is driving the market for pipe coatings.
The thermoplastic polymer coatings type is the largest segment of the pipe coatings market.
Thermoplastic polymer is the largest type of pipe coatings used in different end-use industries. The market for thermoplastic polymer coatings is large because these polymers offer various advantages such as resistance to chemicals and physical stress, high flexibility, and easy applicability. Polyethylene (PE) coatings are the largest type of thermoplastic polymer coatings. Other types of thermoplastic polymer coatings are polypropylene (PP) and polyurethane (PU) coatings.
The external surface is the largest segment of the pipe coatings market.
Amongst the two surfaces available in the pipe coatings market, the external surface is the largest and the fastest-growing segment. This is because External coating protects the pipelines from corrosion caused by soil and other materials contained in backfill. External surface coating is the primary protection for the pipes against external corrosion. The external corrosion protection is a must for the lifetime and reduced operation cost of a pipeline. Therefore, external surface is the largest as well as the fastest-growing surface for the pipe coatings market.
North America is expected to hold the largest market share in the global pipe coatings market during the forecast period.
North America is expected to be the leading region in the pipe coatings market, in terms of value and volume, between 2020 and 2025. Countries in this region, such as the U.S., Canada and Mexico, are witnessing a significant increase in the use of pipe coatings by different end-use industries. The increased demand for pipelines in end-use industries such as oil & gas, water & wastewater treatment, chemical processing, and others is driving the for pipe coatings market. The U.S. is projected to be the fastest-growing market in this region until 2025. This growth is mainly due to increased demand for pipelines and rehabilitation activities in the country.
PPG Industries Inc. (US), Akzo Nobel N.V. (Netherlands), Shawcor Ltd. (Canada), Sherwin-Williams Company (US), and Axalta Coating Systems Ltd. (US), Arkema (France), Wasco Energy Group of Companies (Malaysia), 3M Company (US), Specialty Polymer Coatings Inc (Canada) and Seal For Life (Netherlands) are the leading pipe coatings manufacturers, globally.
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