“Green reinforcement of steel pipelines will lead to more interest from leading manufacturers,” said an analyst at Fact.MR.
/EIN News/ — United States, Rockville MD, Aug. 24, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global FBE coatings market size will reach US$ 2.2 billion by 2022 and is expected to increase at a steady CAGR of 5.2 % in the forecast period of 2022 to 2032.
FBE coatings, due to their high adherence properties to steel, have a large part in all the protection solutions provided on the market. FBE coatings are widely used in the oil and gas industry during the down-streaming, upstreaming, and transportation of process fuels. Increasing investments in pipeline infrastructure for efficient transportation and use will require protective coatings for long-term mobility. FBE, which is the cheapest and most durable coating solution, is expected to be widely deployed for protection purposes.
Due to the increased length of time of steel pipelines with the application of FBE coatings, the market growth is expected to increase continuously during the decade.
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Key Takeaways from Market Research
- The global FBE coatings market is expected to expand at a CAGR of 5.2% and reach $3.7 billion by the end of 2032.
- The market growth rate is 3.5% CAGR for the period 2017-2021.
- By application, steel pipelines lead the market and will be worth $135.6 million in 2022.
- East Asia dominated the global market with 23.5% market share in 2021.
- The oil and gas sector is likely to have a 38.6% market share by 2022.
- On a regional basis, the demand for FBE coatings is expected to increase at CAGRs of 4.3% and 4%, respectively, in MEA and South Asia & Oceania.
Market Development
The oil and gas industry plays an important role in shaping the overall steel pipeline industry. It will still require protective coatings such as FBE.
To gain a strong position in the market, leading manufacturers use various organic and inorganic methods. Also, switching from chemical formulations to green formulations is a major strategic approach from the manufacturer’s side.
In addition, manufacturers are constantly investing in R&D and expanding production capacity to meet growing demand. Quick application with less time during the process is one of the main concerns that market players are trying to address.
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Competition Landscape
Prominent FBE coating manufacturers are Sherwin Williams, 3M, Axalta, LB Foster, Jotun, Shawcor, KCC Corporation, AkzoNobel, Denso, Chugoku Marine Paints, and Bayou Companies.
The leading manufacturers of FBE coatings use sustainable technologies and optimization systems for different 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 product providers such as Northpoint, Dura-Bond Industries, Europipe, and Kelly-Pipe play a significant role in driving the overall growth of the market.
- Sherwin-Williams is constantly expanding its base. In April 2022, it acquired major player SIKA AG, allowing it to expand its manufacturing facilities along with acquiring unique technology.
- In June 2022, AkzoNobel strengthened its footprint in Africa by signing an agreement with Kansai Paints to acquire all its activities in Africa. On April 1, 2020, the company acquired a leading paint and coat company in Mauritius – Mauvilac Industries Limited.
Segmentation of FBE Coatings Industry Research
- By Application:
- Steel Pipelines
- Rebars
- Valves and Fittings
- Girth Welds
- The others
- By Use Case:
- Internal coating
- Outer Layers
- By End-use Industry:
- Oil and Gas
- building
- Treatment of sewage and Wastewater
- Refineries and Chemicals
- Marine
- Water Transportation
- The others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- THINGS
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More Valuable Insights to Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global FBE coatings market, presenting historical market data (2017-2021) and forecast statistics for the period 2022- 2032.
The study reveals key insights based on application (steel pipelines, rebars, valves & fittings, girth welds, etc.), use case (internal, external), and end-use industry (oil & gas (onshore, offshore), construction, sewage & wastewater treatment, refineries & chemicals, marine, water transport, etc.), in major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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