The pipe coating market is expected to grow by USD 2.86 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200709005534/en/
Technavio has announced its latest market research report titled Global Pipe Coating Market 2020-2024 (Graphic: Business Wire)
Request challenges and opportunities influenced by COVID-19 pandemic - Request a Free Sample Report on COVID-19 Impacts
Many market players are shifting their manufacturing facilities to developing countries such as India, China, Brazil, Russia, and Indonesia. This is due to the easy availability of land, inexpensive labor, low transportation costs, and favorable regulations in these countries. Also, factors such as increasing income and purchasing power, high investments in packaging and printing industries, and the strong economic growth of these countries have increased the demand for oil and gas. All these factors are expected to fuel the growth of the global pipe coatings market during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44160
As per Technavio, the shale gas boom in North America will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Pipe Coating Market: Shale Gas Boom in North America
The adoption of the latest technologies in oil and gas production such as hydraulic fracturing and horizontal drilling coupled with low oil prices have significantly increased oil and gas production in North America. For instance, in 2018, in the US there were about 300,000 hydraulically fractured wells contributing more than 4.3 million barrels of oil per day. As of 2019, the oil and gas production from hydraulically fractured wells accounted for nearly 52% in the country. Coated pipes are widely used in the oil and gas industry to transport hydrocarbons for end-user applications. Therefore, the shale gas boom in North America will have a positive impact on the growth of the global pipe coating market during the forecast period.
"The development of innovative portable coating technologies and the high demand for oil and gas will further boost market growth during the forecast period", says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Pipe Coating Market: Segmentation Analysis
This market research report segments the pipe coating market by type (thermoplastic coatings, metal coatings, fusion-bonded epoxy coatings, concrete weight coatings, and others), geography (North America, Europe, APAC, MEA, and South America), and application (Oil and gas, Industrial and chemical processing, Municipal water supply, and Others).
The North American region led the pipe coating market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to increasing investments in shale gas and oil exploration and production activities in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
Market positioning of vendors
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200709005534/en/