(MENAFN- Ameliorate Digital Consultancy)
The fbe coatings market is predicted to reach US$ 3.7 billion by the end of 2032, from an estimated US$ 2.2 billion in 2022, by growing at a CAGR of 5.2%.
Fusion bonded epoxy (FBE) coatings are an essential part of the industrial coating industry. These coatings are used to protect steel pipes, tanks, and other metal structures from corrosion. FBE coatings provide excellent adhesion, chemical resistance, and durability, making them a popular choice for various applications.
For more insights into the Market, Request a Sample of this Report:
Market Development
Fusion bonded epoxy coatings are categorised as thermoset powder coatings that offer resistance to corrosive substances, corrosive soils, extreme temperatures, and hydrocarbons.
The oil & gas industry plays a significant role in shaping the overall steel pipeline industry. This would further demand protective coatings such as FBE.
To gain a strong market position, leading manufacturers are employing different organic and inorganic approaches. Also, the shift from chemical formulations to green formulations is a major strategic approach from the manufacturer side.
Furthermore, manufacturers are making consistent investments in R&D and expansion of production capacity to meet the increasing demand. Easy application with less time during the process is one of the major concerns that market players are trying to address.
Key Takeaways from Market Study
The global FBE coatings market is expected to expand at CAGR of 5.2% and reach US$ 3.7 billion by the end of 2032. The market's growth rate was 3.5% CAGR for the period of 2017-2021. Under application, steel pipelines lead the market and are valued at US$ 135.6 million in 2022. East Asia dominated the global market with 23.5% market share in 2021. The oil & gas sector is likely to hold 38.6% market share in 2022. Based on region, demand for FBE coatings is expected to increase at CAGRs of 4.3% and 4%, respectively, in MEA and South Asia & Oceania.
Drivers
The primary drivers of the FBE coatings market are the increasing demand for corrosion-resistant coatings and the growing infrastructure development. FBE coatings provide excellent corrosion protection, making them an ideal choice for the oil and gas and water and wastewater industries. These industries are growing rapidly, creating a massive demand for FBE coatings. The construction industry is also a significant driver of the FBE coatings market. The increasing construction activities, especially in Asia-Pacific and the Middle East, are driving the growth of the market.
Competitive Landscape
Prominent FBE coating manufacturers are Sherwin Williams, 3M, Axalta, LB Foster, Jotun, Shawcor, KCC Corporation, AkzoNobel, Denso, Chugoku Marine Paints, and Bayou Companies.
Key manufacturers of FBE coatings are employing sustainable technologies and optimization systems for diverse end users. Market participants are also focusing on developing new product designs to address problems in terms of product placement and easy application.
Leading fusion bonded epoxy coating suppliers and finished goods providers such as Northpoint, Dura-Bond Industries, Europipe, and Kelly-Pipe play a significant role in driving overall market growth.
Sherwin-Williams is constantly broadening its base. In April 2022, it acquired major player SIKA AG, allowing it to expand its manufacturing facilities along with gaining unique technology. In June 2022, AkzoNobel strengthened its African footprint by signing an agreement with Kansai Paints to acquire all its activities in Africa. On 1st April 2020, the company acquired a Mauritius leading paints and coatings company – Mauvilac Industries Limited.
Get Customization on this Report for Specific Research Solutions:
Trends
One of the latest trends in the FBE coatings market is the use of nanotechnology. The incorporation of nanoparticles in FBE coatings enhances their properties, such as adhesion, corrosion resistance, and wear resistance. The use of nanotechnology in FBE coatings is expected to drive the market growth in the coming years.
Another trend is the increasing demand for FBE coatings in the renewable energy sector. FBE coatings are used to protect the metal structures used in wind turbines and solar panels. The increasing adoption of renewable energy sources is expected to drive the growth of the FBE coatings market in the future.
Benefits
FBE coatings offer several benefits, including excellent corrosion protection, high adhesion, chemical resistance, durability, and low maintenance. These coatings provide long-lasting protection to the metal structures, reducing the need for frequent repairs and replacements. FBE coatings also improve the performance of the metal structures, increasing their service life.
FBE coatings are essential for protecting metal structures from corrosion. The FBE coatings market is growing steadily, driven by the increasing demand for corrosion-resistant coatings and growing infrastructure development. The incorporation of nanotechnology in FBE coatings and the increasing demand for FBE coatings in the renewable energy sector are the latest trends in the market. FBE coatings offer several benefits, including excellent corrosion protection, high adhesion, chemical resistance, durability, and low maintenance. These benefits make FBE coatings an ideal choice for various applications.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email:
Comments
No comment