Developments in the oil and gas industry
Developed countries like the U.S. have worked towards expanding their oil and gas market to become energy self-sufficient. North America was reportedly expected to add the highest pipeline length of nearly 60 thousand kilometers by the end of 2021.
Constant development in the oil and gas sector to meet the demands of the consumers over the past several years is a primary factor positively influencing industrial liquid coatings market share.
According to recent news, in Africa, Kenya and Tanzania are developing a 558-km gas pipeline from Der es Salaam to Tanga in Tanzania and on to Kenya’s coastal city of Mombasa. The project, which will be developed by the China Petroleum Technology and Development Corp., aims at meeting the gas demands in both the countries of around 50 MMscfd. By the end of 2035, this demand for gas is expected to rise to 150 MMscfd there.
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The liquid coatings offer chemical and mechanical resistance along with gloss and color retention to the machines that are used in the heavy equipment and agriculture sector. Industrial liquid coatings manufacturers are constantly aiming at enhancing their product quality to expand their global footprint as well as increase their customer base.
Emergence of Asia Pacific as a manufacturing hub
Economic improvement in emerging nations like Asia Pacific has witnessed growth in the region’s industrial sector in recent years, which has driven the demand for industrial liquid coatings. The product is used in various crucial industries like electronics, food, and beverage, pharmaceutical, general manufacturing and petrochemical, and refineries.
Legislative amendments done by developing countries to boost the manufacturing sector along with the availability of skilled labor at low cost are some of the main reasons which have made APAC a manufacturing hub that contributes to nearly 40% of the total global output. Changing markets and the easy availability of raw materials in the region has made the coatings a preferred choice for many industries which has supported the regional product consumption.
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Consistent industrialization trends in North America
North America industrial liquid coating industry share has witnessed commendable gains over the years due to the presence of a robust industrial sector. Additionally, the region comprises of a wide network of oil and gas transmission pipelines through both Canada and the U.S. Relaxations in the crude oil exports in the U.S. over the years has led to the expansion of the pipeline network in the region, supporting the demand of industrial coatings from the O&G sector.
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