Marine Coatings Market size was valued at USD 3.19 Billion in 2016 and is projected to reach USD 3.93 Billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022.
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Browse 125 market data Tables and 28 Figures spread through 142 Pages and in-depth TOC on “Marine Coatings Market
Increasing demand from the oil & gas industry
The oil & gas industry is steadily growing as it is continuously redefining the production possibilities. Technological innovation has made it possible to extract fossil fuels that were not accessible just a decade or two ago. Oil & gas companies are moving to deep water and ultra-deep water for finding new oil & gas reserves. The Gulf countries, however, have the largest crude oil reserves. There are opportunities for rising import and export of crude oil, LNG, and chemicals between countries involving the usage of large ships and vessels, such as crude, LNG, LPG, and chemical, and other carriers. This growth will automatically lead to an increase in the demand for marine coatings in the construction of large ships and vessels during the forecast period.
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The activity of operating or developing oil & gas field include exploration for crude petroleum and natural gas; drilling, completing, and equipping wells; operating separators, emulsion breakers, desilting equipment, and field gathering lines for crude petroleum and natural gas; and all other activities in the preparation of oil & gas up to the point of shipment from the producing property. The structures and vessels involved in various processes of oil & gas industry are conventional fixed platforms, compliant tower, vertically moored tension leg and mini-tension leg platform, spar, semi-submersibles, others that are generally used to drill and extract oil and natural gas. These require safety from corrosion and removal of organisms to their surfaces for better performance and durability. Thus, it leads to the use of marine coatings. The growth of the oil & gas industry will automatically lead to an increase in the demand for marine coatings, especially for the manufacturing of the structures that are fixed and get prone to organisms.
Fluctuating raw material prices
Fluctuating raw material costs are a major challenge for the marine coatings market. The raw materials used for manufacturing marine coatings are petrochemicals obtained from the processing of crude oil. Hence, the current slump in oil prices has a direct impact on the coatings market. The dip in prices will benefit coating producers in the long-term though low prices can trouble manufacturers in the short-term as past inventory costs will affect production. The overall marine coatings market is estimated to register a good growth on account of increasing demand from developing regions such as APAC and the Middle East & Africa. However, the fall in oil prices is expected to decrease the demand for coatings from major end-use industries such as paints & coatings and additives, as investments will dry up and weaken the economy. Fluctuations in crude oil prices also reflect in the cost of raw materials such as acrylic, epoxies, polyurethanes, alkyds, and polyester. Zinc, which is used as a raw material for the production of a type of primer, is an actively traded commodity, and its prices fluctuate at regular intervals. Such fluctuations reflect in the final cost of marine coating products and have a negative effect on the market.
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