Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) — The “Global MRO Protective Coatings Market by Product Type (Abrasion Resistant, Low Friction, Corrosion Resistance, Intumescent), Application (Marine, Oil & Gas, Petrochemical, Infrastructure, Power Generation) and Region – forecast until 2027″ report has been added to from ResearchAndMarkets.com offer.
The global MRO protective coatings market size is expected to grow from USD 5.4 billion in 2022 to USD 7.0 billion by 2027, at a CAGR of 5.5%
MRO protective coatings are used in oil and gas, marine, infrastructure, petrochemical, power generation, water treatment and other applications. Rising demand for renovation activities in the infrastructure segment and extended product life is driving the MRO protective coatings market in the industrial and infrastructure end-use industry.
Low friction coatings are the fastest growing product type of MRO protective coatings, in terms of value
Low friction coatings are used in various applications such as fasteners, studs, bolts, nuts, connectors, bearings, valves, shafts and piping. Low-friction coatings help establish underwater plants with friction and corrosion resistance to improve performance and component life cycle.
Similarly, low-friction coatings protect the electrical infrastructure from friction to reduce wear and noise produced by friction. Where liquid lubricants cannot be used, these anti-friction coatings provide friction control and surface release solutions for a variety of industrial applications.
The growth of the low friction coatings market is highly dependent on the growth of major end-use industries. These coatings are mainly used in oil and gas, power transmission elements and munitions components, among others.
Oil & Gas is the second fastest growing application of MRO protective coatings, in terms of both value and volume
In the oil and gas industry, intense and dangerous operations are carried out. Protective coatings are applied to the surface of reactor vessels, transport pipelines, battery boundary floors, reactors and control systems where stringent operating parameters are used to achieve processes.
Protective coatings also have applications in high temperature operations such as reactors, furnaces and heated pipelines to prevent damage to the surface and functionality of equipment. Fire protection coatings are widely used to protect expensive reactors and equipment in the event of an accidental fire or explosion. These coatings also provide passive protection for personnel.
One of the most challenging environments a coatings system can face is offshore oil and gas production. The life of a coating system could be shortened by continuous exposure to rough seas and prolonged exposure to penetrating UV radiation. However, the coatings must have a long life in offshore conditions, where frequent maintenance is not an option. Given the nature of the work, they often require advanced life safety considerations.
These could include high visibility colors, non-slip coatings for decking, and fire and heat resistant coatings. Technological advancements in offshore structures and the exploration, production and transportation of oil and gas have increased the challenges for all operating parties. Massive structures are difficult to manage and protect from environmental and other deterioration processes, and therefore there is an increase in the use of protective coatings.
India is the fastest growing MRO protective coatings market.
India is the fastest growing MRO protective coatings market in Asia Pacific. Trade agreements with countries such as the United States, Australia, China, United Arab Emirates and Japan are expected to attract companies from these countries to invest heavily in India over the next five years.
The oil and gas sector is among the eight basic industries in India and plays a major role in influencing decision-making for all other important sectors of the economy. The oil and gas industry in India is experiencing robust growth and players are investing to meet the growing demand. According to the India Brand Equity Foundation (IBEF), the industry is expected to attract investments worth USD 25 billion in exploration and production by 2022.
The country’s refining capacity is expected to increase to 667 MTPA by 2040. The government has allowed 100% FDI in upstream refining and private sector projects. The FDI limit for public sector refining projects has been raised to 49% without any divestment or dilution of domestic equity in existing PSUs.
Rising FDI investment in manufacturing and shifting manufacturing facilities from developed regions to India is expected to support the growth of the MRO protective coatings market.
Some of the major players in the global MRO protective coatings market are The Sherwin-Williams Company (USA), Akzo Nobel NV (Netherlands), Henkel AG & Co, KGaA (Netherlands), BASF SE (Germany) , HB Fuller (USA), PPG Industries Inc. (USA), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Axalta Coating Systems, Ltd. (USA) and Hempel A/S (Denmark).
- Increased demand from end-use industries attracting investment
- Corrosion resistant coatings segment accounted for the largest market share in 2021
- The marine industry was the largest application segment in 2021
- India market is expected to grow at the highest CAGR during the forecast period
- Strong demand for longer product life and reduced maintenance
- Growing demand from the infrastructure industry
- Growing need for efficient processes and longer life of equipment and devices
- Inclination of facility managers to have an effective coating maintenance plan
- High commodity and energy prices
- Strict regulatory policies
- Increased demand for maintenance of existing substrates
- New products drive the use of MRO protective coatings
- Increase in the use of nano-coatings
- Acceptance of new technologies by end users
- Cost-effective product development under strict environmental regulations
- Document type
- Legal status of patents
- Jurisdictional analysis
- Analysis of the best candidates
- Chinese Academy of Sciences Metals Research Institute Holds Largest Number of Patents
- Patent List of Institute of Metals Research (Imr), Chinese Academy of Sciences (Cas)
- List of General Electric Company Patents
- Honeywell International Inc. Patent List
- Hyundai Motor Company Patent List
- Top ten patent owners (us) over the past ten years
- The Sherwin-Williams Company
- Akzo Nobel SA
- Henkel AG & Co. KGaA
- Basf Se
- HB Fuller
- PPG Industries
- Nippon Paint Holdings Co., Ltd.
- Axalta Coating Systems
- Hempel A/S
- Societe Generale Magnaplate
- Teknos Group
- Weilburger Coatings GmbH
- Sika AG
- Chugoku Marine Paints Ltd.
- Rpm International Inc.
- Kansai Paint Co., Ltd.
- Rema Tip Top
- Belzona International Ltd.
- Chemco International Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/lmfwvw