(MENAFN- PR Newswire)
DUBLIN, Nov. 22, 2022 /PRNewswire/ -- The 'global mro protective coatings market by product type (abrasion resistant, low friction, corrosion resistance, intumescent), application (marine, oil & gas, petrochemicals, infrastructure, power generation) and region - forecast to 2027' report has been added to
The global MRO protective coatings market size is expected to grow from USD 5.4 Billion in 2022 to USD 7.0 Billion by 2027, at a CAGR of 5.5%
MRO protective coatings is being used in the oil & gas, marine, infrastructure, petrochemical, power generation, water treatment, and other applications. The increasing demand for renovation activities in infrastructure segment and extended product lifetime driving the MRO protective coatings market in the industrial and infrastructure end-use industry.
Low Friction Coatings is the fastest-growing product type of MRO protective coatings, in terms of value
Low-friction coatings are used in various applications such as fasteners, studs, bolts, nuts, connectors, bearings, valves, shafts, and pipework. The low-friction coatings help in establishing the underwater plants with friction and corrosion resistance to improve the performance and life cycle of the components.
Similarly, low-friction coatings protect the power infrastructure from friction to reduce wear and tear as well as the noise produced due to friction. Where liquid lubricants cannot be employed, these anti-friction coatings offer friction control and surface release solutions for a variety of industrial applications.
The growth of the low-friction coatings market is highly dependent on the growth of the major end-use industries. These coatings are mostly used in oil & gas, power transmission items, and ammunition components, among others.
Oil & Gas is the second highest growing application of MRO protective coatings, in terms of value and volume
In the oil & gas industry, intense and hazardous operations are carried out. Protective coatings are applied on the surface of reactor vessels, transport pipelines, battery limit floors, reactors, and control systems where rigorous operating parameters are used for carrying out processes.
Protective coatings also have applications in high-temperature operations such as reactors, furnaces, and heated pipelines to prevent damage to the surface and functionality of the equipment. Fire protection coatings are widely used to protect expensive reactors and equipment in the event of accidental fire or explosions. These coatings also provide passive personnel protection.
One of the most difficult environments a coatings system might encounter is offshore oil & gas production. A coating system's lifespan could be cut short by continuous exposure to choppy seas and protracted exposure to penetrating UV radiation. Coatings must have a long service life in offshore conditions, though, where frequent maintenance is not an option. Given the nature of the work, they frequently necessitate advanced people safety considerations.
These could include high visibility colors, non-slip coatings for decks, and coatings that are resistant to fire and heat. The technological advancement in offshore structures and oil & gas exploration, production, and transmission has increased the challenges for all the operating parties. The massive structures are challenging to manage and protect from environmental and other deteriorating processes, and therefore, there is an increase in the usage of protective coatings.
India is the fastest-growing MRO protective coatings market.
India is the fastest-growing MRO protective coatings market in Asia Pacific. Trade agreements with countries such as the US, Australia, China, the UAE, and Japan are expected to result in companies in these countries investing significantly in India during the next five years.
The oil & gas sector is among the eight core industries in India and plays a major role in influencing decision-making for all the other important sectors of the economy. The oil & gas industry in India is growing robustly, and players are investing to cater to the rising demand. According to the India Brand Equity Foundation (IBEF), the industry is expected to attract investments worth USD 25 billion in exploration and production by 2022.
The refining capacity of the country is expected to increase to 667 MTPA by 2040. The government has allowed 100% FDI in upstream and private sector refining projects. The FDI limit for public sector refining projects has been raised to 49% without any disinvestment or dilution of domestic equity in the existing PSUs.
Increasing FDI investments in the manufacturing sector and shifting manufacturing facilities from developed regions to India are expected to support the growth of the MRO protective coatings market.
Some of the key players in the global MRO protective coatings market are The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Henkel AG & Co, KGaA (Netherlands), BASF SE (Germany), H.B. Fuller (US), PPG Industries Inc. (US), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Axalta Coating Systems, Ltd. (US), and Hempel A/S (Denmark).
Increasing Demand from End-Use Industries Attracting Investments Corrosion Resistance Coatings Segment Accounted for Largest Market Share in 2021 Marine Industry Was Largest Application Segment in 2021 Market in India to Grow at Highest CAGR During Forecast Period
High Demand for Longer Product Lifetime and Reduced Maintenance Growing Demand from Infrastructure Industry Increasing Need for Efficient Processes and Longer Life of Equipment and Devices Inclination of Facility Managers Toward Having Effective Coating Maintenance Plan
High Prices of Raw Materials and Energy Stringent Regulatory Policies
Increasing Demand for Maintenance of Existing Substrates New Products Drive Use of MRO Protective Coatings Increasing Use of Nano-Coatings
Acceptance of New Technologies Among End-users Development of Cost-Effective Products Under Stringent Environmental Regulations
Document Type Legal Status of Patents Jurisdiction Analysis Analysis of Top Applicants Institute of Metal Research, Chinese Academy of Sciences Has Highest Number of Patents List of Patents by Institute of Metal Research (Imr), Chinese Academy of Sciences (Cas) List of Patents by General Electric Company List of Patents by Honeywell International Inc. List of Patents by Hyundai Motor Company Top Ten Patent Owners (Us) During Last Ten Years
The Sherwin-Williams Company Akzo Nobel N.V. Henkel AG & Co. KGaA Basf Se H.B. Fuller Ppg Industries Jotun Nippon Paint Holdings Co., Ltd. Axalta Coating Systems Hempel A/S
General Magnaplate Corporation Teknos Group Weilburger Coatings GmbH Sika Ag Chugoku Marine Paints Ltd. Rpm International Inc. Kansai Paint Co., Ltd. Rema Tip Top Belzona International Ltd. Chemco International Ltd.
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SOURCE Research and Markets