Composite Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI207
Global composite coatings market value will grow with increasing demand for self-lubrication and anti-corrosion in the transportation and oil & gas industries. The products will be sought in both upstream and downstream segments, along with the construction of manufacturing facilities. Composite coating systems are designed to meet the rigid demands and high standards in various industries. These systems provide tremendous waterproofing and corrosion protection. They protect against UV light, stress, heat and fire. Composite coatings are protective layers applied to metals, concrete, or steel.
Composite coatings market share from construction sector will gain considerable traction over the forecast period 2021-2027. Increased demand for the coatings as intumescent layers and thermal barriers will augur well for the business outlook. Light-weight composite coatings have gained popularity owing to the demand to enhance fuel efficiency in transportation sector. Burgeoning industrialization will further contribute to the product use across the industrial sector.
The composite coatings market share from the anti-corrosion application segment will grow at a significant rate in the wake of increased demand from the automotive, construction and oil and gas industries. Demand for corrosion inhibitors will account for a major chunk in the landscape owing to attributes such as consistency, precision and uniform coating thickness.
On the regional front, North America composite coatings industry share will experience considerable growth in the next few years. A moderate rise in natural gas production will foster product adoption. For instance, U.S. natural gas production increased by 9.8 billion cubic feet per day in 2019. Considering that pipelines are exposed to the atmosphere, composite coatings will be sought as a corrosion resistance product.
Major factors boosting the material adoption are accuracy, stiffness and uniform coating thickness. The oil and gas sector will provide lucrative opportunities as downhole tubing systems and the piping systems will continue to seek composite coatings. Soaring demand for petrochemicals and energy will trigger offshore drilling activities, fueling global composite coatings market share.
The global composite coatings industry is competitive with players such as Metal Coatings Corp, TST Engineered Coating Solutions, Endura Coatings, Basler Lacke, A.W. Chesterton Co., RPS Composites Inc., Mader, Zircotec and Finnester Coatings. Businesses are expected to invest in product launches, collaboration, R&D and mergers & acquisitions. Finnester Coatings, for instance, introduced RED Coating to protect substrates against fire and keep the characteristics of metals intact.
COVID-19 impact on global composite coatings market share
A considerable dip in the construction and oil and gas production in 2020 and 2021 will hamper the composite coatings industry outlook during the 2021-2027 forecast period to some extent. The U.S. Energy Information Administration (EIA) has projected the annual U.S. crude oil to average 11.2 million b/d in 2021, 0.2 million b/d plunge from 2020. Besides, marketed natural gas production witnessed a 2% fall, attributed to COVID-19 pandemic.
While the dip in construction and oil and gas sector activities will impact composite coatings market growth, demand for UV protection and anti-corrosion will boost the product demand across the transportation, aerospace and industrial sector post the COVID-19 crisis.
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