MRO Protective Coatings Market Size, Share, Opportunities, And Trends By Type (Abrasion Protective Coatings, Low Friction Coatings, Corrosion Resistance Coatings, Intumescent Coatings), By Application (Marine, Oil & Gas, Power Generation, Water Treatment, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Oct 2023
- Report Code : KSI061616060
- Pages : 147
The MRO protective coatings market is projected to grow at a high during the forecast period.
MRO protective coatings are utilised across a wide range of industries, including those in water treatment, gas and oil, shipping, infrastructure, petrochemical, and power production. The market for MRO protective coatings in the industrial and infrastructure end-use sectors is being driven by the rising demand for restoration operations in the infrastructure segment and increased product lifetime. The growing need for decreased maintenance and improved lifespan of goods are the main reasons why MRO protective coatings are gaining market share. Governments all over the world are assuring the highest level of security as a result, driving the MRO protective coating market size to grow.
Growing demand for concrete corrosion protection to drive market growth
Concrete is a popular material for civil engineering structures because it is long-lasting and strong. The client's and architect's requirements for a building's aesthetic attractiveness must also be met. By avoiding water infiltration, sealing, and tolerating surface cracks, protective coating solutions can increase the concrete's longevity as well as its appearance and colour palette. Various environmental elements, such as normal air carbonation, aggressive effects from polluted city and industrial environments, marine surroundings, and liquid or gaseous pollutants, can damage concrete structures, depending on their location and use, and may weaken or destroy the concrete and embedded steel reinforcement.
Rising corrosion concerns in a variety of end-use industries
Worldwide corrosion costs over US$2.5 trillion annually, or about 3.4% of global GDP, according to NACE International IMPACT. According to estimates, the annual cost of corrosion might be reduced by between 15 and 35% if the current corrosion management strategies were put into practice globally. Depending on the type of environment they are exposed to, metals naturally attempt to move to a low-energy state, which causes them to produce oxides, hydroxides, carbonates, sulphides, and other compounds. Due to their wide availability, exceptional strength-to-weight ratios, and versatility, they are a preferred solution for product engineers leading to the MRO protective coating market growth.
Increasing demand for low-friction coatings
There are several applications for low-friction coatings, including fasteners, studs, bolts, nuts, connections, bearings, valves, shafts, and pipework. To increase the performance and lifespan of the components, low-friction coatings aid in the establishment of underwater plants with resistance to both corrosion and friction. Moreover, low-friction coatings shield the electrical infrastructure from friction to lessen the damage and noise that comes from friction. These anti-friction coatings provide friction control and surface release solutions for a range of industrial applications where liquid lubricants cannot be used. which increases the MRO protective coatings market share.
Rising use of protective coating in the oil & gas sector
Extensive and dangerous activities are carried out in the oil and gas sector. Where strict operating parameters are employed for process execution, protective coatings are placed on the surface of reactor vessels, transport pipes, battery limit floors, reactors, and control systems. Protective coatings are also used in high-temperature operations like reactors, furnaces, and hot pipelines to avoid surface erosion and equipment malfunction. In the event of an unintentional fire or explosion, costly reactors and equipment are frequently covered in fire protective coatings. Continuous exposure to turbulent seas and prolonged exposure to penetrating UV light may shorten the lifespan of a coating system.
Rising inclination towards a good coating maintenance strategy
The market is gaining demand by providing a system that enables accurate coating thickness requirements for onshore assets, optimizing applications and cutting costs. Hempafire Pro 400, a new passive fire protection coating from Hempel that has been optimized for maximum effectiveness in the loadings for a 90-minute duration, was introduced in May 2021. It protects the integrity of steel structures in the case of a fire for up to 120 minutes. Additionally, the expansion of the MRO protective coatings market is anticipated to be aided by rising FDI investments in the manufacturing industry and the relocation of manufacturing operations from developed areas to India.
Asia Pacific is projected to dominate the MRO protective coatings market
During the projected period, the Asia Pacific region is anticipated to lead the MRO protective coatings market. Due to the presence of significant competitors, the MRO Protective Coatings market had its greatest revenue generation in the Asia Pacific region The oil and gas sector, one of India's eight main industries, has a considerable impact on all other important economic sectors. India's oil and gas sector is expanding rapidly, and businesses are spending to meet the growing demand. The industry is anticipated to draw investments worth USD 25 billion in both exploration and manufacturing by 2022, according to the India Brand Equity Foundation (IBEF).
Market key launches
- In April 2022, The European Industrial Coatings Business of Sika AG was to be acquired by The Sherwin-Williams Company, and the deal was finalised in April 2022. The business thinks that this acquisition will fit with its strategy of acquiring complementary, superior, and distinctive businesses that will boost its momentum for profitable expansion.
- In November 2021, Henkel and Nexa3D agreed to work together on the next-generation functional polymer's material development. A new industrial metal casting material being developed by Henkel and Nexa3D will be used in industries like automotive, robotics, heavy equipment, and hydraulics. The material can be used by manufacturers to make complex designs that reduce weight and combine elements, resulting in lightweight parts that are affordable and can be produced in big quantities.
- In June 2021, Das Lack Enertherm (DLE), a German-English business, developed an innovative technology that Hempel A/S purchased. The purchase is a component of Hempel's double impact plan, which will increase sales by a factor of two to $3.51 billion by 2025. The company sees it as crucial to use insulation, high heat, and corrosion under insulation (CUI) to help its drive towards segment leadership.
- In June 2021, Akzo Nobel signed a contract to buy Grupo Orbis, a paint and coatings corporation with headquarters in Columbia, and subsequently expanded its operations in South and Central America. Ten nations in South America, Central America, and the Antilles are home to Grupo Orbis H.B. Fuller purchased Apollo, in January 2022 the largest independent manufacturer of solvent-based glues, coatings, and primers for the roofing, industrial, and building sectors in the UK. By acquiring this company, the company will increase its market share in important European and British construction markets and enable the global expansion of its dominant position in the roofing sector.
- By Type
- Abrasion Protective Coatings
- Low Friction Coatings
- Corrosion Resistance Coatings
- Intumescent Coatings
- By Application
- Oil & Gas
- Power Generation
- Water Treatment
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. MRO PROTECTIVE COATINGS MARKET, BY TYPE
5.2. Abrasion Protective Coatings
5.3. Low Friction Coatings
5.4. Corrosion Resistance Coatings
5.5. Intumescent Coatings
6. MRO PROTECTIVE COATINGS MARKET, BY APPLICATION
6.3. Oil & Gas
6.4. Power Generation
6.5. Water Treatment
7. MRO PROTECTIVE COATINGS MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East And Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. China Jushi Co., Ltd.
9.2. The Sherwin-Williams Company
9.3. Akzo Nobel N.V.
9.5. BASF SE
9.6. H.B. Fuller
9.7. PPG Industries
9.9. Nippon Paint Holdings Co., Ltd.
9.10. Axalta Coatings Systems
9.11. Hempel A/S
China Jushi Co., Ltd.
The Sherwin-Williams Company
Akzo Nobel N.V.
Nippon Paint Holdings Co., Ltd.
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