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The pipe coating market market size is forecast to increase by USD 2.22 billion, at a CAGR of 5.09% between 2023 and 2028. The growth rate of the market depends on several factors, including the innovation of mobile coating technologies, the growing demand for pipe coating from developing economies, and the shale gas boom in North America. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Pipe coating is a protective coating applied on pipe surfaces to protect pipelines from corrosion, maintain their flow, increase their shelf-life, and ensure clean product delivery. Coatings can be applied to pipes below as well as above the ground level.
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Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for pipe coating from developing economies is the key factor driving market growth. Many original equipment manufacturers (OEMs) of pipe coatings are shifting their manufacturing operations to these countries due to the availability of land, inexpensive labor, low transportation costs, and lenient government norms. The increasing income and purchasing power in the developing countries of APAC and South America are prompting higher investment in the packaging and printing industries.
Moreover, the expected GDP growth in developing countries such as India, Russia, China, Brazil, and Indonesia is likely to drive the manufacturing industry in these countries. This is expected to drive the demand for pipe coatings. The pipe coating manufacturing companies have opportunities to capitalize on the growth of emerging markets, which will drive the market during the forecast period.
Biorefineries for transportation of biofuels is the primary trend shaping market growth. The biorefinery refers to a refinery that converts biomass to energy and other beneficial byproducts. In recent years, a conscious effort has been made to consider the consequences of the depletion of fossil fuel sources. New bio-products that not only reduce greenhouse gas (GHG) emissions but also the process and the product should be time- and cost-effective are preferred.
Additionally, biofuels such as biodiesel, ethanol, biogas, and bio alcohol are gaining importance in the market owing to environmental concerns and sustainability. Growing demand for biorefineries is expected to drive the global pipe coating market to transport biofuels and other liquids for increased shelf life and corrosion resistance, thus driving the growth of the market during the forecast period.
Oversupply of crude oil and reduction in demand for new rigs is a challenge that affects market growth. The production of oil and gas from unconventional reserves through horizontal drilling and fracturing in the Americas has increased the supply of crude oil. The oversupply of crude oil has reduced the demand for new rigs. The reduction in demand for new rigs will require fewer pipes for transporting heavy oils and liquids, thereby hampering the market. Further, the possibility of increasing crude oil supplies from Iran, Nigeria, and Libya could add to the oversupplied crude oil market.
Additionally, the oversupply of crude oil has led manufacturers to concentrate on the existing rigs to produce oil. The pipe coating vendors are compelled to shift to alternative applications such as chemicals and water supply to prevent declining profit margins, which curbs the demand for pipe coatings, negatively affecting the growth of the market during the forecast period.
The market share growth by the thermoplastic coatings segment will be significant during the forecast years. Thermoplastics, such as polyvinyl chloride (PVC), polypropylene (PP), and polyethylene (PE), are used for coating pipes in different applications such as mining, drainage, and water treatment. These pipes are lightweight, inexpensive, and more durable than epoxy, polyester, and vinyl ester-based pipes. These types of pipes are predominant in irrigation, construction, mining, sewage, and chemical processing applications.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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