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Report: Coatings Need Novel Solutions

Friday, July 26, 2013

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Developing new technology for harsh environments will be key in the future of the protective and marine markets in North America and Europe, new research says.

The report, "Strategic Analysis of the Protective and Marine Coatings Market and the Resins Market," is from market research firm Frost & Sullivan.

marine coatings market
Sigma Coatings

New research on the protective and marine coatings and resins market shows revenue growth in North America slightly outpacing growth in Europe over the next four years.

"Overall, Europe is expected to experience lower growth than North America because of continued political and economic distress, lower infrastructure investment, and the impact of regulations such as the registration, authorization, and restriction of chemicals (REACH), which has completely changed the way U.S. companies export into the European market," said Roland Heinze, Frost & Sullivan Industry Analyst.

North America vs. Europe

According to the report's findings, the protective and marine coatings market will earn $2.03 billion in revenue in North America and $2.40 billion in revenue in Europe in 2013. This is expected to reach $2.40 billion in North America and $2.72 billion in Europe in 2017.

Resins for the protective and marine coatings market will earn $684 million in North America and $756 million in Europe in 2013, with revenue expected to reach $781.5 million and $826.5 million in 2017, respectively.

"Revenue growth in both markets has been relatively stable over the last three years, with prices rising to compensate for higher raw material costs and unit shipments decreasing because of a reduction in the amount of coating projects," Heinze said.

According to the report, the performance of new protective and marine coatings is being constrained by more stringent environmental regulations on volatile organic compound (VOC) emissions, which are requiring coating formulators to reduce solvent content.

While growth in oil and gas is expected to have a "positive feedback effect on the rest of the economy," the overall economic downturn is slowing the growth of coating maintenance and repair projects relative to gross domestic product (GDP) growth.

PPG Industries

According to the report, there are opportunities for innovation in the offshore industry and other extreme-temperature applications.

In both North America and Europe, debt is creating uncertainty for growth in all protective and marine coatings applications because governments have invested in several different markets, including oil and gas, water treatment, power generation and infrastructure.

Differences Across Industries

Industry participants in the research have moderate growth expectations. Both regions are expected to experience a shift in the distribution of coatings across applications such as water treatment and power generation because of expected growth in the oil and gas industry.

According to the report, there are opportunities for innovative development in crude overheads, offshore facilities, oilfields and other extreme-temperature applications because asset owners in these segments will be more likely to try out new solutions for dealing with corrosion in aggressive environments.

"Because hybrid coatings have considerable promise and are becoming a major area of interest for resaerchers, formulators prefer to work with multiple raw material suppliers to develop a wide range of coating systems," Heinze said.

"However, it is important to note that asset owners in the marine, natural gas, and infrastructure markets suggest that they are more risk averse and less willing to experiment with new solutions. They are satisfied with the traditional coating selections and require companies with new products to provide strong value propositions that are backed by data and statistical evidence before attempting to use them in the field," Heinze added.

The research is part of the Chemicals, Materials & Food Growth Partnership Services program at Frost & Sullivan.

For more information on the research, email Jeannette Garcia, Corporate Communications.

   

Tagged categories: Infrastructure; Marine Coatings; Market research; Offshore; Oil and Gas; Power Plants; Resins; VOC emissions; Wastewater Plants

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