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Global Chemical Resistant Coatings Market to Grow at a CAGR of 5% During 2021-2026

Global Chemical Resistant Coatings Market to Grow at a CAGR of 5% During 2021-2026

“Global Chemical Resistant Coatings Market”
Growing Activities in the Oil & Gas Sector Is Growing the Demand for Protective Coatings Which Is Estimated to Grow the Chemical Resistant Coatings Market.

Global Chemical Resistant Coatings Market Overview

Global Chemical Resistant Coatings Market size is forecast to reach US$8.3 billion by 2026, after growing at a CAGR of 5% during 2021-2026. Chemical resistant coatings are designed to protect against the harshest of chemicals. Various types of chemical resistant coatings such as epoxy, fluoropolymer, ethylene tetrafluoroethylene, and fluorinated ethylene propylene are provided excellent corrosion protection, cost-effectiveness, friction protection, impact resistance, and corrosion-resistant. Due to such properties these coatings are widely used in food & beverages, oil & gas, construction, water treatment, and rubber manufacturing which is growing the chemical resistant coatings market. Chemical-resistant coatings are ideal in low pH levels that can withstand high temperatures and provide long life to the components. In addition, polyvinylidene fluoride is high quality based chemical resistant coatings used for chemical processing applications. Thus, the growing consumption of these coating types for weather protection is estimated to contribute to the chemical-resistant coatings industry growth.

Impact of COVID – 19

Due to COVID-19, the consumption of chemical resistant coatings has been decreased mainly from oil & gas sector. According to the US Energy Information Administration (EIA), Natural gas production from in the U.S. regions fallen by 316 MMcf/d from March to April 2021. Hence, the decreasing demand of coatings is creating a hindrance for the chemical-resistant coatings.

Global Chemical Resistant Coatings Market Segment Analysis – By Technology

Solvent-based held the largest share of the global chemical resistant coatings market in 2020. Solvent-based coatings technology can be applied directly sprayed or brushed for the floor coatings. Solvent-based technology has various properties such as the popularity of stains, sealers, and high-gloss paints, thus; it is widely used in the architectural industry for paints. Hence, owning to aforementioned factors solvent-based technology led the chemical resistant coatings market.

Global Chemical Resistant Coatings Market Segment Analysis – By Coatings Type

Epoxy coatings type dominated the global chemical resistant coatings market in 2020 followed by polyurethane coatings as they offer excellent impact resistance, corrosion resistance, and abrasion resistance. Epoxy coatings offer excellent barrier protection from alkali and caustic solutions, and other harsh chemicals. Additionally, polyurethane coatings are transparent and flexible at low temperature. Polyurethane is a great coating type which make material more durable. Polyurethane has a high load bearing capacity in both tension and compression which makes them ideal for automotive, construction, electronics, and other industries. Hence, due to such properties, these coatings are widely consumed as chemical-resistant coatings.

Global Chemical Resistant Coatings Market Segment Analysis – By End-Use Industry

Oil and gas dominated the global market of chemical-resistant coatings in 2020 and is growing at a CAGR of 5.2% during 2021-2026. Chemical resistant coatings such as fluoropolymer is used as a top coating that can extend component life and offer excellent corrosion protection of offshore tanks. Additionally, epoxy coatings are cost-effective and fluorinated ethylene propylene coatings can withstand high temperatures, thus; these are widely used in the oil & gas industry. Therefore, the Ministry of Petroleum and Natural Gas released a draft LNG policy. This policy aims to increase the country’s LNG re-gasification capacity from 42.5 million tonnes per annum to 70 mtpa by 2030 and 100 mtpa by 2040. Additionally, according to the U.S. Energy Information Administration (EIA), natural gas consumption increased at 10.8% in 2019 Tcf, and increse from 9.9% Tcf in 2018 in China. Thus, the government of China is anticipated to boost a maximum of 14% share of natural gas as part of total energy consumption by 2030. Hence, increasing the oil and gas industry is estimated to grow the consumption of chemical-resistant coatings.

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Global Chemical Resistant Coatings Market Segment Analysis – By Geography

Asia Pacific dominated the global chemical resistant coatings market in 2020 with a share of 30%, due to the increasing demand from various end-use industries such as food & beverages, construction, oil and gas, and others in Asian countries such as India, China, and others which are estimated to grow the demand for chemical resistant coatings. Chemical resistant coatings such as a fluoropolymer, ethylene tetrafluoroethylene, fluorinated ethylene propylene, and others are used for industrial applications as protection from corrosive acids, alkalies, and solvents as well as fuels, oils, and greases. These are not flammable, have very low shrinkage, contain no solvents or water, and have zero VOCs so they can be used in various end-use industries. The Indian government plans to invest in 2021 about Rs. 7.5 trillion (US$ 102.49 billion) on oil and gas infrastructure in the next five years. Additionally, according to China Electronic Information Industry Development (CCID), the country is expected to spend CNY10 trillion (US$1.4 trillion) on new infrastructure projects between FY20-FY25. According to the China Chain Store & Franchise Association, China’s food and beverage sector increased by US$595 billion in 2019 which is a 7.8 % increase in 2018. Thus, the increasing oil & gas industry, food sector, and others with government initiatives are estimated to boost the global chemical resistant coatings industry.

Global Chemical Resistant Coatings Market Drivers

Growing Oil and Gas activities in North America

Chemical resistant coatings are used to avoid erosion from chemicals such as carbon dioxide and hydrogen sulfide. Chemical resistant coatings offer high-performance acid protection, corrosion protection, and fire protection coatings for oil tanks. Hence, increasing the application of coating for drilling tanks is estimated to grow the demand from the oil & gas industry in the region. According to U.S. Energy Information Administration (EIA), In 2020, the United States’ natural gas production reached 34.4 trillion cubic feet (Tcf) and the global crude oil production will average 26.9 million b/d in 2021 and 28.7 million b/d in 2022. Additionally, according to the U.S. Energy Information Administration, in Mexico, crude oil production increased by 172,000 b/d in March 2021 from February’s 983,000 b/d2021. Furthermore, 13 offshore drilling projects could account for about 200,000 barrels per day (bpd) of total Gulf of Mexico crude oil production by 2022. Thus, the Gulf of Mexico (GOM), accounts for 15%–16% of crude oil production of the United States. Hence, GOM crude oil production is forecast to reach 1.71 million bpd in 2021 and 1.75 million bpd in 2022. Apart from this, according to Energy Shale Gas Production, the total natural gas production is projected to contribute 30% and more than 75% in Canada & Mexico, respectively by 2040. Hence, the growing activities in the oil & gas sector is growing the demand for protective coatings which is estimated to grow the market.

Growing Infrastructure in the Asia-Pacific Region

The chemical-resistant coating offers excellent abrasion resistance to interior or exterior, new or old, horizontal concrete surfaces. These chemical-resistant coatings such as epoxy, polyurethane, fluoropolymer, and other coating systems provide ultraviolet light protection, thus it is used for concrete in bridge columns, piers, beams, airports, vehicular showrooms, warehouses, retail outlets, stadiums, convention centers and arenas, and other areas. Hence, the growing infrastructure sector in the Asia Pacific region is estimated to grow the consumption of chemical-resistant coatings. According to India Brand Equity Foundation (IBEF), India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP) by 2023. According to the National Bureau of Statistics, China’s real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. According to India Brand Equity Foundation (IBEF), in 2019 Puravankara realty firm limited plans to invest Rs 850 crore (US$ 120.7 million) to build 3 luxury housing projects in Bengaluru, Chennai, Mumbai over the next 4 years. Hence, chemical resistant coatings protect concrete and masonry structures against challenging weather conditions, environmental contaminants, and corrosive elements which are estimated to grow the demand from the infrastructure sector.

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Global Chemical Resistant Coatings Market Challenges

Complexion in Production Process of Chemical Resistant Coatings

Chemical resistant coating such as epoxy coatings tends to be weak with high temperatures and it is not as flexible as polyurethane. They can also be stained by chemical attacks. Additionally, polyurethane-based chemical-resistant coatings are sensitive to humidity at application. Furthermore, fluoropolymers have poor weather protection resistance which creates a complication in the production process and hampers the consumption of chemical resistant coatings.

Global Chemical Resistant Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Global Chemical resistant Market. Major players in the Global Chemical Resistant Coatings Market are;

1. Wacker Chemie AG

2. BASF

3. Sika AG

4. Metal Coatings Corp

5. ITW Polymers Sealants

6. The Jotun Group

7. The Sherwin-Williams Company

8. PPG Industries Inc.

9. VersaFlex Incorporated,

10. Jotun and more

Technological Launches

In November 2020, PPG launched the PPG Flooring coatings system which includes prime coats, base coats as well as topcoats (such as epoxy). It provides optimum performance based on the specific work environment. These floor coatings systems are used as chemical-resistant coatings.

Key Takeaways

The Asia Pacific dominates the global chemical resistant coatings market due to the increasing consumption of chemical resistant coatings from various end-use industries such as oil & gas, construction, marine, and others in developing Asian countries such as India and China.

Various coatings such as fluoropolymer, ethylene tetrafluoroethylene, and fluorinated ethylene propylene are used on tanks and metal components. These coatings can withstand high temperature and provides excellent corrosion resistance which is growing the demand of such coating in the market.

Additionally, solvent-based coatings technology has superior properties such as flexibility and versatility of coating, thus; these can be designed as high-quality architectural coatings where superior flow and leveling are required and other industrial applications.

Relevant Reports

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https://www.industryarc.com/Report/11726/marine-coatings-market.html

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