Growing Oil and Gas Industry Creating Huge Demand for Steel Pipe Coatings: Fact.MR

As per a new report published by Fact.MR, the global steel pipe coatings market exceeds a valuation of US$ 8.1 billion, and is set to expand at a CAGR of 4.7% over the forecast period of 2021 to 2031.

The construction of oil and gas pipelines has a history of more than 100 years. Pipeline transportation is an effective transmission method for water, oil, gas and other fluid media. As such, preventing pipeline corrosion has become a prime challenge across the globe. Therefore, improving anticorrosion technology to reduce economic losses due to corrosion is a long-term issue in the anti-corrosion industry.

With the fast growth of the oil and gas industry and rapid expansion of pipelines across the globe, companies operating in the oil and gas industry are demanding more resilient solutions for pipeline corrosion protection. Crude oil is corrosive in nature and steel pipelines with anti-corrosion properties are the best option for transporting crude from one place to another.

Key Takeaways from Market Study
• Oil & gas end use is expected to register a CAGR of 4.6% over the forecast period, to be valued at US$ 4.5 billion by 2031-end.
• Water transportation is estimated to account for 24.8% market value share by 203- end, and is expected to gain 48 BPS in its market share.
• Automotive end use is estimated to account for 14.4% market value share by 2031-end, but is expected to lose 31 BPS in its market share.
• Marine end use is projected to grow 1.6X in value, while automotive end use is projected to grow 1.5X in value by 2031.

“Growing pipeline infrastructure in developing nations to open up new growth opportunities for steel pipe coating manufacturers,” said a senior research analyst.