DUBLIN--(BUSINESS WIRE)--Nov 16, 2022--
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 ResearchAndMarkets.com's offering.
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.
Competitive landscape
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).
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PUB: 11/16/2022 10:59 AM/DISC: 11/16/2022 10:59 AM
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