Rockville, Aug. 22, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the steel Pipes Coatings market is anticipated to rise at a CAGR of 4.7% to reach US $14.0 Bn by the end of 2033.
The Steel Pipe Coatings Market stands as a vital segment within the industrial landscape, safeguarding the integrity and longevity of steel pipes across diverse sectors. Its uniqueness lies in the critical role it plays in preventing corrosion, a relentless threat that compromises both structural soundness and operational efficiency. These coatings serve as robust barriers, shielding steel pipes from corrosive elements prevalent in harsh environments, ranging from industrial facilities to extensive pipeline networks. In practice, these coatings come in a range of formulations, including epoxy, polyethylene, and fusion-bonded options, tailored to specific application requirements.
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The growth of the steel pipe coatings market is driven by the imperative to prevent corrosion and extend the lifespan of steel pipes in diverse sectors. Factors such as ongoing infrastructure development, the oil and gas industry's demand for leak-free pipelines, stricter environmental regulations, and advancements in coating technology are propelling the adoption of protective coatings. Additionally, the need for efficient water treatment, reduced maintenance costs, and heightened safety awareness further contribute to the market's expansion, particularly in emerging economies and renewable energy sectors.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | US$ 14.0 Billion |
| Growth Rate (2023-2033) | 4.7% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 86 Tables |
| No. of Figures | 134 Figures |
Key Takeaways from Market Study
- The global market for steel pipe coatings market was valued at US $ 8.4 Bn in 2022.
- Worldwide demand for the market is expected to witness a market size of US $ 14.0 Bn by 2033.
- North American market occupies a share of ~22% in 2023
- During the forecast period, the East Asia market is expected to advance at a CAGR of 5.8%
Rapid urbanization propels steel pipeline demand, necessitating robust corrosion-resistant coatings. Besides this, environmental consciousness fuels the development of eco-friendly coatings, shaping the trajectory of the market. – says a Fact. MR Analyst
Key Companies Profiled in This Report
- Sherwin-Williams
- PPG
- Akzo Nobel
- 3M
- Axalta
- Arkema
Market Competition
- Companies within the steel pipe coatings sector are directing their attention toward collaborative ventures and partnerships. These initiatives aim to not only expedite innovation but also concurrently mitigate risks. Simultaneously, they are devising strategies for both domestic and international expansion, aiming to bolster their business presence on a global scale.
- In August 2023, Tenaris acquired Mattr's pipe coating business for $166 million. Moreover, the acquired business includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE, and the US.
- Enterprises are actively seeking enhanced research and development infrastructures to elevate the distinctiveness of their products.
- For instance, Akzo Nobel is a multinational company that has a high focus on coatings and specialty chemicals, including solutions for corrosion protection in steel pipes.
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Winning Strategies
- To gain a competitive edge, companies should prioritize innovation by developing advanced coating formulations that provide exceptional protection against corrosion and longevity.
- Collaborative efforts with industry partners can foster idea exchange and rapid development. Additionally, focusing on global expansion while tailoring solutions to regional demands will position competitors for sustained success in the steel pipe coatings market.
- Expanding the range of coating solutions to cater to different industries and applications, such as water infrastructure, energy pipelines, and construction, can attract a broader customer base and mitigate risks associated with market fluctuations.
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Metal Coatings Market: The global metal coatings market is estimated at USD 15.3 Billion in 2022 and is forecast to reach USD 30.8 Billion by 2032, growing at a CAGR of 6.9% during 2022-2032.
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