Nigeria Protective Coatings Market - Segmented by Resin Type, Technology, End-user and Geography - Growth, Trends and Forecast (2018 - 2023)
The Nigeria protective coatings market is estimated to register a CAGR of about 4.2% over the forecast period. The infrastructure segment of the market is estimated to occupy the largest share among all end users. By type, epoxy resin is estimated to be the fastest growing in the region
Increasing Off-shore Drilling Activities Set to Propel the Market Growth
Nigeria, along with Angola, is expected to lead the Africa’s off-shore drilling activities. As of 2015, Nigeria had around nine off-shore projects lined up, which are expected to be completed by 2020. Some of the major factors, which have helped the initiation of these projects, include the availability of raw materials and local manufacturing capabilities. Moreover, these off-shore projects are being sanctioned by the international oil companies, which include Chevron, ExxonMobil, and Eni SPA, amongst others. All these factors are expected to result in a robust growth of the market during the forecast period
Epoxy to Account for the Largest Share of the Resin Type Segment during the Forecast Period
By type, the epoxy resin held a share of about 20% of the total market in 2017 and is also expected to be the fastest growing resin type. Epoxy resins majorly find application in the oil & gas sector and infrastructure coating segment. The increasing offshore oil drilling activities in the region can be closely linked with the growth of these type of resins. Moreover, epoxy coatings are generally used in a combination with powder coatings, thus maintaining the no-VOC emission policy, which can further boost the market growth.
Notable Developments in the Market
There is no notable development in the protective coatings market in Nigeria
Major Players: PCMN PLC, Meyer PLC, PPG Industries and Portland Paints, and Products Nigeria PLC, amongst others.
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