The U.S. thermal spray coating for oil and gas market size was estimated at USD 233.8 million in 2019 and is expected to register a CAGR of 7.8% over the forecast period. The market is primarily driven by ascending demand for thermal spray coating in various applications across the oil and gas industry owing to advantages such as corrosion and wear protection, low toxic gas emissions, thickness, and electrical resistance. Aluminum, zinc, polypropylene, and epoxy resins are the key raw materials used in thermal coatings; hence, various manufacturers, such as Praxair Surface Technologies, Inc. and Flame Spray Coating Co., produce their metal and epoxy resin supplies to integrate production vertically. Carbides and metals thermal spray coatings are primarily used in oil and gas industry for the protection of downhole equipment from high temperature and oxidation. In addition, these coatings provide high corrosion resistance to various components used in oil rigs. Over the last decade, there has been a sizeable increase in the global energy consumption. In order to meet the growing global energy needs, U.S., which has one of the largest oil reserves, has significantly increased domestic production of crude oil. The growing crude oil production, mainly from the fields in Permian Basin, Anadarko, Alaska, Bakken, and the Gulf of Mexico, is expected to propel the demand for thermal spray coatings in the oil and gas industry. One of the leading factors contributing to the exponential rise in the export of crude oil in U.S. was the recent sanctions on the import of crude oil and natural gas from Iran. Iran, one of the major global producers and exporters of crude oil and natural gas, has faced several sanctions imposed by U.S. and the European Union. This had unforeseen repercussions in the form of a significant surge in crude oil and natural gas prices. However, volatile raw materials price of thermal spray coating is anticipated to hamper the market growth during the forecast period. Key materials used for thermal spray coatings include polymers and epoxy resins. These raw materials have witnessed sharp fluctuations in their prices, which are expected to affect the U.S. thermal spray coating for oil and gas market over the forecast period.
Resources: https://www.grandviewresearch.com/industry-analysis/us-thermal-spray-coating-oil-gas-market