DUBLIN--(BUSINESS WIRE)--The "Offshore Oil & Gas Paints and Coatings Market by Resin - Global Opportunity Analysis and Industry Forecast, 2017-2023" report has been added to Research and Markets' offering.
The global offshore oil & gas paint and coatings market is expected to reach $620 million by 2023 from $378 million in 2016, and, registering a CAGR of 7.3% from 2017 to 2023.
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 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.
Key Market Segments
BY RESIN
- Epoxy
- Polyurethane
- Alkyd
- Acrylic
- Inorganic Zinc
- Others (Silicone, Vinyl, and Others)
BY INSTALLATION
- Jackups
- Floaters
- Drillships
- Semisubmersibles
- Others
The key players in the offshore oil & gas paint and coatings market include:
- 3M Co
- AkzoNobel N.V.
- BASF SE
- Hempel A/S
- Kansai Paints Co.
- Nippon Paints Co. Ltd
- PPG Industries
- The Dow Chemical Company
- The Sherwin-Williams Company
- Wacker Chemie AG
The other players in the value chain (profiles not included in the report) are:
- Alpha Industries Limited
- Ameron Protective Coatings
- Barrier Coating Services, Inc.
- A&A Coatings
- Advanced Industrial Coatings, Inc.
- Alliant Metals
- Chase Corporation
- Ashland Inc.
For more information about this report visit https://www.researchandmarkets.com/research/smq6wb/offshore_oil_and
