Market Trends of Canada Protective Coatings Industry
This section covers the major market trends shaping the Canada 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.
- Canada is the fourth-largest oil producer in the world. The Canadian oil and gas industry has direct and indirect operations, including offshore, in twelve of the thirteen provinces and territories.
- To prevent corrosion during oil and gas transportation to refineries, the oil and gas industry uses protective coatings for both upstream and downstream segments.
- 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.
- According to BP Statistical Review 2022, the total natural gas consumption in the country was 119.2 billion cubic meters in 2021, registering a growth rate of 5.5% from 113.3 billion cubic meters in 2020.
- Furthermore, the oil production has witnessed significant increase in Canada in recent years, registering the growth of approximately 12.7% in 2021 compared to 2017.
- All of the aforementioned factors are projected to boost the demand for protective coatingsi n the oil and gas industry throughout the forecast period in Canada.
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Rising Investments in Infrastructure Sector
- The infrastructure industry is expected to dominate the market during the forecast period. In the infrastructure industry, a significant concern is the surface deterioration of exposed structures. To prevent the surface from degrading, protective coatings are utilized.
- The Canadian infrastructure market has been growing at a significant rate in recent years, which is increasing the consumption of protective coatings.
- The total value of Canada's 100 largest public-sector infrastructure projects reached USD 273 billion from USD 253 billion in 2021, according to ReNew Canada's Annual Report, which ranks the country's largest public infrastructure projects.
- The government of Canada, on October 2022, announced an investment of more than USD 44.6 million for 28 infrastructure projects across Saskatchewan. The Canadian government is expanding the nation's economy and strengthening Saskatchewan's local communities by investing in infrastructure.
- Furthermore, with the growing investments in public infrastructure in Canada, the quality and physical condition of bridges, highways, and roads have been improving, owing to the use of protective coatings.
- Moreover, in 2021, the Canadian National Railway Company (CN) planned to make strategic investments in the rail infrastructure of a number of Canadian provinces. In terms of investment volume from CN, British Columbia ranked first among all provinces. Hence, supporting the growth of the market.
- All of the aforementioned factors are projected to boost the demand for protective coatings for the infrastructure industry throughout the forecast period in Canada.
