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 has reached US$ 2.2 billion in 2022 and is expected to increase at a steady CAGR of 5.2% over the forecast period of 2022 to 2032.
FBE coatings, owing to their high adherence properties to steel, hold a significant share of all the protectives solutions provided in the market. FBE coatings are widely used in the oil & gas industry during the down-streaming, upstreaming, and transportation of process fuels. Increasing investments in pipeline infrastructure for efficient transportation and utilization would require protective coatings for long-time functioning. FBE, being the most affordable and durable coating solution, is expected to be widely deployed for protective purposes.
Owing to the increased time span of steel pipelines with the application of FBE coatings, market growth is expected to progress steadily over the decade.
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Key Takeaways from Market Study
- The global FBE coatings market is expected to expand at CAGR of 5.2% and reach US$ 3.7 billion by the end of 2032.
- The market’s growth rate was 3.5% CAGR for the period of 2017-2021.
- Under application, steel pipelines lead the market and are valued at US$ 135.6 million in 2022.
- East Asia dominated the global market with 23.5% market share in 2021.
- The oil & gas sector is likely to hold 38.6% market share in 2022.
- Based on region, 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 & gas industry plays a significant role in shaping the overall steel pipeline industry. This would further demand protective coatings such as FBE.
To gain a strong market position, leading manufacturers are employing different organic and inorganic approaches. Also, the shift from chemical formulations to green formulations is a major strategic approach from the manufacturer side.
Furthermore, manufacturers are making consistent investments in R&D and expansion of production capacity to meet the increasing demand. Easy application with less time during the process is one of the major concerns that market players are trying to address.
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Competitive Landscape
Prominent FBE coating manufacturers are Sherwin Williams, 3M, Axalta, LB Foster, Jotun, Shawcor, KCC Corporation, AkzoNobel, Denso, Chugoku Marine Paints, and Bayou Companies.
Key manufacturers of FBE coatings are employing sustainable technologies and optimization systems for diverse 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 goods providers such as Northpoint, Dura-Bond Industries, Europipe, and Kelly-Pipe play a significant role in driving overall market growth.
- Sherwin-Williams is constantly broadening its base. In April 2022, it acquired major player SIKA AG, allowing it to expand its manufacturing facilities along with gaining unique technology.
- In June 2022, AkzoNobel strengthened its African footprint by signing an agreement with Kansai Paints to acquire all its activities in Africa. On 1st April 2020, the company acquired a Mauritius leading paints and coatings company - Mauvilac Industries Limited.
Segmentation of FBE Coatings Industry Research
- By Application :
- Steel Pipelines
- Rebars
- Valves & Fittings
- Girth Welds
- Others
- By Use Case :
- Internal Coating
- External Coatings
- By End-use Industry :
- Oil & Gas
- OffShore
- OnShore
- Construction
- Sewage & Wastewater Treatment
- Refineries & Chemical
- Marine
- Water Transportation
- Others
- Oil & Gas
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on 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 of 2022-2032.
The study reveals essential insights on the basis of application (steel pipelines, rebars, valves & fittings, girth welds, others), use case (internal, external), and end-use industry (oil & gas (onshore, offshore), construction, sewage & wastewater treatment, refineries & chemicals, marine, water transportation, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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