Market Trends of United Kingdom Protective Coatings Industry
This section covers the major market trends shaping the UK Protective Coatings Market according to our research experts:
Growing Oil and Gas Sector
- The oil and gas industry is one of the major end-users of protective coatings. Due to the high-temperature environment in which it operates, the industry necessitates heat-resistant coatings. Coatings are also used to protect metal and steel structures from corrosion when exposed to moist and damp conditions. In the oil and gas industry, they are used for tanks, pipes, valves, and pumps.
- The oil and gas industry uses protective coatings for both upstream and downstream segments to prevent corrosion during oil and gas transportation to refineries.
- Offshore oil and gas production faces some of the most difficult challenges. As a result, the coating systems used must be capable of withstanding these conditions. Long-term exposure to penetrating UV rays and constant contact with heat waves in the oil and gas sector increases the demand for protective coatings.
- Although there has been a significant increase in natural gas consumption in the United Kingdom. According to BP Statistical Review 2022, the total natural gas consumption in the United Kingdom was 76.9 billion cubic meters in 2021, registering a growth rate of 5.7 % from 73 billion cubic meters in 2020.
- All the aforementioned factors are projected to boost the demand for protective coatings in the oil and gas industry throughout the forecast period in the United Kingdom.
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Expanding Infrastructure Sector
- The infrastructure sector in the United Kingdom has been growing significantly in recent years, thus increasing the consumption of protective coatings.
- In 2020, the overall net stock of infrastructure in the United Kingdom was estimated to be EUR 342.6 billion in constant prices, representing a growth of 0.9% compared to 2019.
- Furthermore, the country is switching toward renewable energy and focusing more on sustainability. Owing to this, the United Kingdom has been recognized as the home to the largest offshore wind farm in the world, which is situated off the coast of Cumbria in Northern England.
- Additionally, energy is a significant driver of economic growth in the United Kingdom. About 60% of all infrastructure projects available to foreign investors involve investments in energy projects.
- According to the Infrastructure and Projects Authority, the United Kingdom has more than EUR 57 billion in energy investment projects planned until 2021.
- Also, the government is investing significantly in the transportation sector. For instance, in the financial year 2021-22, the government of the United Kingdom spent more than GBP 40 billion in railways, local roads, local public transport, national roads, and other forms of transport.
- All the aforementioned factors are expected to drive the demand for protective coatings in the infrastructure sector in the United Kingdom over the forecast period.
