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Hydrophobic coatings market to amass hefty returns from oil & gas applications, global industry to exceed a consumption of 15 kilo tons by 2024

Author : Rahul Varpe | Published Date : 2019-04-08 

The latest report pertaining to ‘Hydrophobic Coatings Market’collated by Market Study Report, LLC, provides a detailed analysis regarding market size, revenue estimations and growth rate of the industry. In addition, the report illustrates the major obstacles and newest growth strategies adopted by leading manufacturers who are a part of the competitive landscape of this market.

Hydrophobic Coatings Market size is set to surpass USD 2 billion by 2024; according to a new research report by Global Market Insights, Inc. Global demand for water repellant surfaces has increased exponentially over the last few years, propelling the hydrophobic coatings market owing to the varied applications of such surfaces in different industrial segments. 

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The availability of a reliable and durable water repellant coating is of high importance as is ensures protection of the substrate material from moisture, proving to offer an efficient corrosion-resistant solution. Boasting earnings of more than USD 1.5 billion in 2017, the global hydrophobic coatings market has been showing immense growth potential in sectors like construction, automobile, oil & gas, healthcare as well as aerospace manufacturing. Rising investments in oil & gas exploration and oil refineries due to the increased energy demand worldwide will create a lucrative environment for the hydrophobic coatings industry.

Hydrophobic coatings help to make a surface not only resistant to corrosion but also render them non-reactive and free of contaminants, providing better performance features as compared to conventional water proofing options. According to predictions made by industry analysts, over 2018-2025, up to USD 3.3 trillion in capital expenditure is expected to be spent on oil and gas projects globally, presenting an incredible target market for the hydrophobic coatings industry. 

Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/hydrophobic-coatings-market

Notable projects in the work include the Southern Gas Corridor project near the Caspian Sea in Europe, which is a USD 41 billion venture to supply natural gas to Europe. It reportedly involves the construction of many large pipelines to support the peak annual production of 325 thousand barrels of oil equivalent per day, promising an expanding customer base for the hydrophobic coatings market.

As the production and export of oil, gas and petrochemicals speeds up, countries and multinational corporations would line up plans to build new refineries or upgrade existing ones. A hydrophobic surface is vital in refining operations, since moisture can affect the processes by inducing chemical activity and retention of compounds like sulphur. The hydrophobic coatings market has proliferated from the need to chemically and physically match the demands of refinery applications to achieve continuous accurate and reliable results. Recently, ExxonMobil had disclosed that it would be spending about £500 million to upgrade U.K.’s largest oil refinery where new processing units would be added, as the company plans to double its global revenues by 2025. Further, Chinese company Sinopec has also signed an agreement with indigenous groups in Canada to for building a bitumen refinery and petrochemical complex in Alberta.

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The Alberta refinery, set to produce up to 167,000 barrels per day, represents the ongoing efforts by global energy companies to build new infrastructure, boosting the oil & gas industry and invariably propagating the significance of water repellant coatings. Anticipated to exceed USD 2 billion in remunerations by 2024, the hydrophobic coatings market comprises of key players like BASF, Nippon Paint, Prelco, SilcoTek, Abrisa Technologies, 3M, Drywired and Advanced Industrial Coatings.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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