Offshore vessels paint & coatings comply with stringent regulatory norms and therefore are effective for marine and offshore platform applications. These coatings are effective in minimizing the corrosion and fouling of vessels hull to ensure the control over damage to marine vessels. Moreover, further application of these coatings under the 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 global offshore oil & gas paint & coatings market is segmented based on resin, installation, and geography. Based on resin, it is classified into epoxy, polyurethane, alkyd, acrylic, inorganic zinc, and others (silicone, vinyl, and others) Based on installation, it is divided into jackups, floaters, drillships, semisubmersibles, and others. Geographically, it is classified into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for more than one-third of the total share of the revenue in 2016, followed by Europe and North America.
Key market players have invested in R&D activities to develop advanced products to cater to the demand from the end users. The key players in the offshore oil & gas paint and coatings market include:
Kansai Paints Co.
Nippon Paints Co. Ltd
The Dow Chemical Company
The Sherwin-Williams Company
Wacker Chemie AG
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of offshore oil & gas paints and coatings industry with current market trends and future estimations from 2015 to 2023 to determine the prevailing opportunities.
It offers comprehensive analysis of North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
Comprehensive analysis of factors that drive & restrict the market growth is provided.
Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the global market.
The report provides key insights on strategic offshore oil & gas industry analysis of various companies and the value chain analysis of offshore oil & gas.
Key Market Segments
Others (Silicone, Vinyl, and Others)
Semisubmersibles and Others
The other players in the value chain (profiles not included in the report) are:
Alpha Industries Limited
Ameron Protective Coatings
Barrier Coating Services, Inc.
Advanced Industrial Coatings, Inc.
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENT
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tool & Model
CHAPTER 2. EXECUTIVE SUMMARY
2.1. MARKET SNAPSHOT
2.2. CXO PERSPECTIVES
CHAPTER 3. MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top Investment Pockets
3.2.2. Top Winning Strategies
3.3. PORTERS FIVE FORCES ANALYSIS
3.4. MARKET DYNAMICS
184.108.40.206. Depleting onshore oil and gas resources
220.127.116.11. Expanding deep water exploration activities
18.104.22.168. Fluctuating raw material prices
22.214.171.124. Environmental concerns with release of volatile organic compounds
126.96.36.199. Production of shale gas in North America
3.5. MARKET SHARE ANALYSIS, 2016 (%)
CHAPTER 4. GLOBAL OFFSHORE OIL & GAS PAINTS & COATINGS MARKET, BY RESIN
4.1.1. Market Size and Forecast
4.2.1. Key Market Trends, Growth Factors, and Opportunities
4.2.2. Market Size and Forecast
4.3.1. Key Market Trends, Growth Factors, and Opportunities
4.3.2. Market Size and Forecast
4.4.1. Key Market Trends, Growth Factors, and Opportunities
4.4.2. Market Size and Forecast
4.5.1. Key Market Trends, Growth Factors, and Opportunities
4.5.2. Market Size and Forecast
4.6. INORGANIC ZINC
4.6.1. Key Market Trends, Growth Factors, and Opportunities
4.6.2. Market Size and Forecast
4.7. OTHERS (SILICONE, VINYL, ETC.)
4.7.1. Key Market Trends, Growth Factors, and Opportunities
4.7.2. Market Size and Forecast
CHAPTER 5. GLOBAL OFFSHORE OIL & GAS PAINTS & COATINGS MARKET, BY INSTALLATION
5.1.1. Market Size and Forecast
5.2.1. Key Market Trends, Growth Factors, and Opportunities
5.2.2. Market Size and Forecast
5.3.1. Key Market Trends, Growth Factors, and Opportunities
5.3.2. Market Size and Forecast
5.4.1. Key Market Trends, Growth Factors, and Opportunities
5.4.2. Market Size and Forecast
5.5. SEMISUBMERIBLES & OTHERS
5.5.1. Key Market Trends, Growth Factors, and Opportunities
5.5.2. Market Size and Forecast
CHAPTER 6. GLOBAL OFFSHORE OIL & GAS PAINTS & COATINGS MARKET, BY GEOGRAPHY
6.1.1. Market Size and Forecast
6.2. NORTH AMERICA
6.2.1. Key Market Trends, Growth Factors, and Opportunities
6.2.2. Market Size and Forecast
6.3.1. Key Market Trends, Growth Factors, and Opportunities
6.3.2. Market Size and Forecast
6.4.1. Key Market Trends, Growth Factors, and Opportunities
6.4.2. Market Size and Forecast
6.5.1. Key Market Trends, Growth Factors, and Opportunities
6.5.2. Market Size and Forecast
CHAPTER 7. COMPANY PROFILES
7.1. 3M CO.
7.1.1. Company Overview
7.1.2. Company Snapshot
7.1.3. Operating Business Segments
7.1.4. Business Performance
7.1.5. Key Strategic Moves and Developments
7.2. AKZONOBEL N.V.
7.2.1. Company Overview
7.2.2. Company Snapshot
7.2.3. Operating Business Segments
7.2.4. Business Performance
7.2.5. Key Strategic Moves and Developments
7.3. BASF SE
7.3.1. Company Overview
7.3.2. Company Snapshot
7.3.3. Operating Business Segments
7.3.4. Business Performance
7.3.5. Key Strategic Moves and Developments
7.4. HEMPLEL A/S
7.4.1. Company Overview
7.4.2. Company Snapshot
7.4.3. Operating Business Segments
7.4.4. Business Performance
7.4.5. Key Strategic Moves and Developments
7.5. KANSAI PAINTS CO., LTD.
7.5.1. Company Overview
7.5.2. Company Snapshot
7.5.3. Operating Business Segments
7.5.4. Business Performance
7.5.5. Key Strategic Moves and Developments
7.6. NIPPON PAINTS CO. LTD.
7.6.1. Company Overview
7.6.2. Company Snapshot
7.6.3. Operating Business Segments
7.6.4. Business Performance
7.6.5. Key Strategic Moves and Developments
7.7. PPG INDUSTRIES, INC.
7.7.1. Company Overview
7.7.2. Company Snapshot
7.7.3. Operating Business Segments
7.7.4. Business Performance
7.7.5. Key Strategic Moves and Developments
7.8. THE SHERWIN-WILLIAMS COMPANY
7.8.1. Company Overview
7.8.2. Company Snapshot
7.8.3. Operating Business Segments
7.8.4. Business Performance
7.8.5. Key Strategic Moves and Developments
7.9. THE DOW CHEMICAL COMPANY
7.9.1. Company Overview
7.9.2. Company Snapshot
7.9.3. Operating Business Segments
7.9.4. Business Performance
7.9.5. Key Strategic Moves and Developments
7.10. WACKER CHEMIE AG
7.10.1. Company Overview
7.10.2. Company Snapshot
7.10.3. Operating Business Segments
7.10.4. Business Performance
7.10.5. Key Strategic Moves and Developments
Offshore oil & gas installations require coatings to withstand extreme weather conditions, saltwater abrasion, dissolved oxygen, ultraviolet exposure, mechanical impact from debris, and damage by marine life. Therefore, offshore paints and coatings possess characteristics to withstand the rigors of underwater cleaning. Moreover, stationary vessels accumulate heavy fouling very quickly; therefore, thicker systems consisting of 12-20 mils of coal tar epoxy coatings are employed to protect the vessels. Moreover, organic, zinc-rich primers, higher build epoxies, coatings are applied on a base composed of either vinyl ester or polyester.
At present, the global offshore oil & gas paints and coatings market is witnessing numerous opportunities, owing to rapid increase in the development of offshore oil & gas industry in Asia-Pacific and LAMEA. Organic zinc paints are heavily applied under a specific range of environmental conditions as they are less costly than zinc silicates coatings. Moreover, epoxy intermediate coats possess a number of environmental benefits, such as lowering of volatile organic compounds (VOC), propelling the market growth. In addition, epoxy coats achieve the required thickness and retain film build around sharp edges, which boosts the market growth. Furthermore, deployment of polysiloxane coatings on vessel surface makes the surface durable and resistant to abrasion, wear, and weathering, leading to market growth.
The epoxy resin segment accounted for two-fifths of the total share, in terms of volume, in 2016. Moreover, in accordance with rules framed by International Maritime Organization (IMO), epoxy resin-based coatings are used for vessel flooring applications, which improves the adhesion properties of marine paints, increasing the market demand. However, rise in prices of raw material is expected to hamper the market growth.
Key Findings of the Offshore Oil & Gas Paint And Coatings Market:
In terms of value, the epoxy resin is anticipated to show the highest growth rate of 6.6% during the analysis period.
LAMEA is anticipated to maintain its lead throughout 2023, and is projected to grow at a CAGR of 6.3%, in terms of value.
The jackups installation segment occupied nearly half of the total market in 2016.
Asia-Pacific occupied nearly one-third of the total offshore oil & gas paints and coatings market in 2016.
In terms of value, polyurethane resin segment is expected to grow at a CAGR of 8.2% from 2017 to 2023.
In 2016, LAMEA accounted for nearly two-fifths of the total offshore oil & gas paints and coatings market, and is expected to continue this trend due to availability of vast offshore petroleum resources, specifically in Brazil. However, increased dependence of this region on imports for many raw materials needed during paint production, e.g., resins and pigments, is expected to limit the market growth to some extent.
The major companies profiled in the report include 3M Co., AkzoNobel N.V., BASF SE, Hempel A/S, Kansai Paints Co., Ltd, Nippon Paints Co. Ltd., PPG Industries, Inc., The Sherwin-Williams Company, The Dow Chemical Company, and Wacker Chemie AG.