The market size of pipe coatings, in terms of value, is projected to reach USD 11.63 Billion by 2020, registering a CAGR of 4.5% between 2015 and 2020. The increasing infrastructure development activities in Asia-Pacific, rise in shale gas developments in North America, and continuous new product launches and joint ventures and collaborations undertaken by different companies are the key factors for the growth of the global pipe coatings market.
Industrial and chemical processing are the largest end-use industries of pipe coatings. As pipe coatings are characterized by flexibility, toughness, and high abrasion resistance, they protect the pipes from corrosion and increase their durability. Industrial segment is another fastest-growing end-use industry of pipe coatings for civil infrastructure, energy, sewage, and mining industries, globally.
North America is the largest market for pipe coatings due to the presence of numerous key companies in the region and growth in demand due to increase in pipeline construction activities in the region. Abundance of shale oil and gas reserves in the country, upsurge in production from shale operations, and deep-water E&P in the Gulf of Mexico are some of the major factors influencing the pipe coatings demand in the region. The superior mechanical and anti-corrosion properties, low conductivity, and longer shelf-life have increased the demand of pipe coatings for general purpose as well as in specialty end-use industries.