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3. Increasing demand for extended product lifetime and reduced maintenance drive the MRO Protective Coatings Market during the forecast period

The global MRO protective coatings market size is expected to grow from USD 5.4 billion in 2022 to USD 7.0 billion by 2027, at a CAGR of 5.5% during the forecast period. MRO protective coatings are thin films applied to steel, concrete, and other materials to enhance certain properties, such as corrosion resistance, wear resistance, and conductivity. These coatings are manufactured with common polymers, such as epoxy, polyurethane, acrylic, alkyd, and polyester. MRO protective coatings are used to protect a wide variety of generally large structures from process tanks in the oil & gas industry to critical infrastructures such as bridges and water tanks. In many cases, the structures are exposed to harsh environments—corrosive chemicals, high heat, and/or extreme cold. As a result, performance remains the top differentiator. Sustainability is becoming an increasingly important issue due to both changing regulatory requirements and end-user expectations.

MRO protective coatings are manufactured from materials with various added physical, chemical, mechanical, and electrical properties. These materials respond to variations in external environmental factors such as light, pressure, heat, and chemical. Industrial maintenance coatings enhance product efficiency by reducing equipment downtime, maintenance costs, and inspection time. They also reduce the necessity for the maintenance of corroded areas and extend the lifespan of components and assemblies prepared from corrosive materials.

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MRO protective coatings are employed in various end-use industries for greater operational savings and reduced long-term maintenance requirements. Reducing operational costs is a high priority for end users of industrial maintenance coatings as they need to reduce the total cost of production. This need is particularly high for owners of off-shore assets such as oil & gas platforms and wind turbines due to the high cost of maintenance at sea. In oil & gas platforms, water entering through the coating systems is a primary cause of coating failure for off-shore assets. To cater to this need, Hampel, a US-based industrial coating provider, launched the water-repellant topcoat, Hempatop Repel 800, in 2019, developed in close collaboration with one of the world’s leading oil & gas companies. By actively repelling water from the coated surface, Hempatop Repel 800 can significantly reduce maintenance requirements.

The MRO protective coatings market depends heavily on the performance of industrial sectors, such as oil & gas, marine, petrochemical, infrastructure, power generation, water treatment, etc. MRO protective coatings are used for the protection and maintenance of pipelines, equipment, reactors, and storage tanks in the oil & gas and industrial sectors. These industries involve the use of hazardous and corrosive chemicals and processes that operate in high temperatures and high heat. These equipment and devices are also exposed to various climatic conditions, which affect the reactor surface. The use of protective coatings in these areas may prevent or reduce the impact on the reactor surfaces. This results in the extended working life of equipment and devices.

In addition to providing protection to the equipment, these coatings also provide passive protection to personnel from hot surfaces. Apart from protecting the pipelines, protective coatings may also act as insulation, thus saving the overall energy cost. Owing to the competition in the market, industries are aiming for cost reduction. The use of protective coatings for providing insulation results in reduced operating costs.

Over the past years, MRO protective coatings manufacturers have strengthened their position in the global market by adopting various growth strategies. The important strategies identified are investments & expansions, mergers & acquisitions, and agreements & partnerships. The major players active in the market are The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Henkel (Netherlands), BASF SE (Germany), H.B. Fuller (US), PPG Industries US), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (UK), Axalta Coatings Systems (US), and Hempel A/S (Denmark), among others.

The Sherwin-Williams Company is a global company that is primarily engaged in the production, distribution, and sale of paints, coatings, floor coverings, and other such related products to commercial, industrial, and retail customers across the globe. The company deals in a wide range of products relating to aerospace coatings, coil and extrusion coatings, general industrial coatings, industrial wood coatings, packaging coatings, protective and marine coatings, and high-performance flooring materials. Marine is one of the most important industries in the MRO protective coatings market and The Sherwin-Williams Company being primarily in the same business, supplies its products like marine coatings across six continents and in more than fifty countries.

Akzo Nobel is a global company that has been present in the market for more than 200 years. The company operates its business globally, mainly through two major segments which are performance coatings and decorative paints. The company further segmented as automotive and specialty coatings, industrial coatings, marine and protective coatings, and powder coatings under performance coatings business segment. It offers these protective coatings along with anti-corrosive protection and fouling control technologies. Passive fire protection and aesthetic solutions are being offered by the company through the marine and protective coatings segment. The company has a strong global presence and operates in regions like Europe, Asia Pacific, South America, and the Middle East & Africa.

Related Reports:

MRO Protective Coatings Market by Product Type (Abrasion Resistant, Low Friction, Corrosion Resistance, Intumescent), Application (Marine, Oil & Gas, Petrochemicals, Infrastructure, Power Generation) and Region - Global Forecast to 2027

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