Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Offshore Oil & Gas Paints & Coatings Market (Resin Type: Epoxy, Polyurethane, Alkyd, Acrylic, Inorganic Zinc, Others; Installation Type: Jackups, Floaters, Drillships, Semisubmersibles & Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 - 2023”, forecasts that the global market for offshore oil & gas paints & coatings is expected to grow at a CAGR of around 7.3% from 2017 to 2023 and reach the market value of over $619 million by 2023. Key opportunities associated with the offshore oil & gas paints & coatings market include production of shale gas in North America. However, environmental concerns due to release of volatile organic compounds and fluctuating raw material prices are restraining the growth of this market. Depleting onshore oil and gas resources and expanding deep water exploration activities are driving the growth of this market.
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Fluctuation in Raw Material Prices Affecting the Market Growth
Offshore paints & coatings are effective in reducing corrosion and fouling of pipes to guarantee control over damage. In addition, offshore oil & gas paints & coatings observe with stringent regulations, and thus are operational for offshore applications. However, fluctuating prices of raw materials, such as inorganic zinc, polyurethane, alkyd, epoxy, acrylic, and others, are expected to hinder the market growth.
Production of Shale Gas in North America Expected to Augment Market Growth
North America is a significant producer of shale gas due to the associated benefit of lower carbon emissions as compared to conventional gas. Furthermore, it is readily available energy source, i.e., North America has approximately 1,000 trillion cubic feet of recoverable shale gas, which is sufficient to cater to the natural gas needs in the U.S. for 50 years and minimize energy cost on massive production as compared to conventional energy sources and others. Moreover, massive shale gas production would help to improve energy security and reduce expensive foreign fossil fuels. Hence, the adoption of painting and coating is expected to exhibit growth in coming years, owing to the growing construction and development hydraulic fracturing techniques on shale gas production sites.
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Rapid Development in Industry Estimated To Drive Asia-Pacific Market
At present, the global offshore oil & gas paints and coatings market is witnessing numerous opportunities owing to the rapid increase in development of offshore oil & gas industry in Asia-Pacific and LAMEA. The LAMEA region was the highest contributor to the global market in terms of revenue in 2016, which accounted for about 38% share. The Asia-Pacific and Europe regions are expected to witness significant growth in terms of revenue during the forecast period. The LAMEA region accounted for the highest volume in the global market in 2016, with over 50 thousand tons.
The major companies profiled in the report include BASF SE, Nippon Paints Co. Ltd., AkzoNobel N.V., PPG Industries, Inc., Hempel A/S, 3M Co., Kansai Paints Co., Ltd, The Dow Chemical Company, The Sherwin-Williams Company, and Wacker Chemie AG.