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Yahoo
19-05-2025
- Business
- Yahoo
Chemical Resistant Coatings Market to Reach USD 2.08 Billion by 2030
Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030) Dublin, May 19, 2025 (GLOBE NEWSWIRE) -- The "Chemical Resistant Coatings - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025-2030)" report has been added to Chemical Resistant Coatings Market size is estimated at USD 1.60 billion in 2025, and is expected to reach USD 2.08 billion by 2030, at a CAGR of 5.35% during the forecast period (2025-2030).Key Highlights Over the Short term, the major factor driving the growth of the market studied include growing infrastructure and industrialization activities in Asia-Pacific region and expansion in oil and gas activities in Asia-pacific and North America region. On the flipside, complex production process and high investment cost are expected to hinder the growth of the market studied. The development of lignin-based polyurethanes is expected to give the market a chance to grow. Asia-Pacific is expected to hold the most considerable market share over the forecast period. Chemical Resistant Coatings Market Trends Oil and Gas Segment to Dominate the Market Oil and gas sector is one of the major end-users for the chemical resistant coatings market. The sector essentially requires chemical resistance, owing to a high temperature environment in its business operations. In addition, apart from high-temperature, the coating is used to prevent metal and steel structures from corrosion and chemicals, as they are exposed to moist and damp climatic conditions. Offshore oil and gas production has some of the most demanding conditions. Therefore, coating systems used in it are to be equipped likewise. Offshore, prolonged exposure to penetrating UV rays and constant contact with rough seawater increases the need for chemical-resistant coatings. United States has maintained its position as the leading crude oil producer globally for the past six consecutive years. In 2023, the country achieved a record-breaking average crude oil production of 12.9 million barrels per day (b/d), surpassing the previous record set in 2019. In December 2023, the average monthly crude oil production in United States reached a monthly record high, surpassing 13.3 million barrels per day (b/d). The Permian Basin, spanning western Texas and eastern New Mexico, has played a pivotal role in driving the surge in total crude oil and natural gas production across United States in recent years. United States is currently producing an unprecedented volume of oil, reaching approximately 13.5 million barrels per day. In addition, major energy corporations are consolidating their operations to boost production from the Permian Basin in Texas and New Mexico. ExxonMobil intends to acquire the shale giant Pioneer Natural Resources for nearly USD 60 billion, while Chevron is planning to purchase Hess for USD 53 billion. in India, in January 2024, the state-run Oil and Natural Gas Corporation (ONGC) initiated oil production from its deep-water block in the Krishna-Godavari basin off the coast of the Bay of Bengal. The block's remaining oil and gas fields are anticipated to commence operations by mid-2024, with peak production estimated at 45,000 barrels of oil per day and over 10 million metric standard cubic meters per day of gas. With approximately 17% of the world's proven petroleum reserves, Saudi Arabia ranks among the most significant net petroleum exporters, boasting the second-largest proven oil reserves globally. Proceeds generated from oil exports have been used to modernize infrastructure, create employment, and improve social indicators. Saudi Aramco, a leading integrated energy and chemicals company, operates extensively across upstream, midstream, and downstream segments. In March 2023, Aramco unveiled a capital expenditure goal of USD 45-USD 55 billion for FY 2023, representing its most significant capital spending plan. This initiative aimed to support an increase in oil production to 13 million barrels per day by 2027. However, the disruption caused by the Saudi Ministry of Energy's order in January 2024 prompted Aramco to halt its plans to elevate crude production capacity from 12 million to 13 million barrels daily Therefore, the growing oil and gas sector is expected to boost the demand for the market studied, during the forecast period. China to Dominate the Asia-Pacific Market In Asia-Pacific, China is the largest economy, in terms of GDP. China is the dominant force in the Asia-Pacific construction landscape, fueled by substantial investments in residential and infrastructure projects. Data from China's National Bureau of Statistics highlights that in 2023, the construction sector contributed approximately 6.8% to the nation's GDP. In 2023, China undertook renovation projects for 53,700 aging residential communities in urban areas, benefiting 8.97 million households, as the Ministry of Housing and Urban-Rural Development reported in January 2024. These renovation endeavors attracted hefty investments of nearly CNY 240 billion (around USD 33.78 billion) for the year. In the recent years, the entry of major construction players (from the European Union) in China has further fueled the growth of this industry. Moreover, China is expected to spend nearly USD 13 trillion on building by 2030. According to the National Energy Administration, China's combined crude oil and natural gas production in 2023 was forecasted to exceed 390 million tons of oil equivalent, reaching a new historical high. Crude oil output exceeded 208 million tons, indicating a growth of over 3 million tons compared to 2022. Additionally, China's natural gas production steadily increased by 10 billion cubic meters annually for the past seven years, reaching 230 billion cubic meters in the preceding year. China's national oil companies (NOCs) are expected to splurge more than USD 120 billion on drilling and well services in the five years between 2021 and 2025. Due to China's growing demand for oil and gas, the country is expected to witness a high level of drilling activity in years to come. Owing to above-mentioned factors, the demand for chemical resistant coatings in Asia-Pacific is expected to increase significantly over the forecast period. Key Topics Covered: 1 INTRODUCTION2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY4 MARKET DYNAMICS4.1 Drivers4.1.1 Expansion of Oil and Gas Activities in APAC and North America4.1.2 Growing Infrastructure and Industrialization in the Asia-Pacific Region4.2 Restraints4.2.1 Complex Production Process and High Investment Cost4.2.2 Other Restraints4.3 Industry Value Chain Analysis4.4 Porter's Five Forces Analysis5 MARKET SEGMENTATION (Market Size in Value)5.1 Resin5.1.1 Epoxy5.1.2 Polyester5.1.3 Fluoropolymers5.1.4 Polyurethane5.1.5 Other Resins5.2 Technology5.2.1 100% Solids5.2.2 Solvent Borne5.2.3 Powder5.2.4 Water-borne5.3 End-user Industry5.3.1 Chemical5.3.2 Oil and Gas5.3.3 Marine5.3.4 Construction and Infrastructural5.4 Geography6 COMPETITIVE LANDSCAPE6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements6.2 Market Share (%)/Ranking Analysis6.3 Strategies Adopted by Leading Players6.4 Company Profiles BASF Akzonobel Daikin Industries Ltd Hempel AS Jotun Kansai Paint Co. Ltd PPG Industries Inc. RPM International Inc. Sika AG The Sherwin-Williams Company VersaFlex Incorporated 7 MARKET OPPORTUNITIES AND FUTURE TRENDS7.1 Development of Lignin-based Polyurethanes7.2 Other OpportunitiesFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Economy ME
16-05-2025
- Business
- Economy ME
U.S. economy forecast raised to 0.5 percent this year, 1.6 percent in 2026: Barclays
Barclays no longer expects the U.S. economy to enter a recession later this year and has upgraded its growth forecasts, highlighting signs of a de-escalation in U.S.-China trade tensions, Reuters reported, citing a recent note released by the bank. Barclays now expects the U.S. economy to grow by 0.5 percent this year and 1.6 percent next year, an increase from previous forecasts of -0.3 percent and 1.5 percent, respectively. The bank also raised its euro area growth expectations due to reduced uncertainty and an improved economic backdrop. It now forecasts flat economic growth for the euro area this year, compared to a previous estimate of a 0.2 percent contraction. Barclays noted that it still expects a technical recession in the euro zone during the second half of 2025, but with growth contracting by less than previously anticipated. Barclays expressed a cautious outlook for the euro area's growth, citing elevated uncertainty and ongoing negotiations on reciprocal tariffs between the European Union (EU) and the U.S., which remain at a technical level without signs of progress. Early this week, the United States and China reached a preliminary agreement to temporarily lower tariffs on each other's goods, as the world's two largest economies seek to resolve a damaging trade dispute. This situation has raised concerns about a potential recession and created uncertainty in financial markets. Temporary tariff reductions announced Following discussions with Chinese representatives in Geneva, U.S. Treasury Secretary Scott Bessent announced a 90-day suspension of further actions by both nations. He indicated that tariffs would be reduced by more than 100 percentage points, establishing a new baseline rate of 10 percent. Bessent remarked that both countries effectively represented their national interests and expressed a mutual desire for balanced trade, noting that the U.S. would continue to pursue this goal. The step-down from high tariffs for at least 90 days was viewed positively by the market, which had already anticipated favorable outcomes from the recent trade talks in Switzerland. Specifically, the U.S. would decrease tariffs to 30 percent while China would lower theirs to 10 percent, down from previous levels of up to 145 percent and 125 percent, respectively. This development prompted a surge in the dollar's strength, challenging local resistance levels. However, market analysts expressed skepticism about the sustainability of this move, cautioning that it might only provide short-term benefits given the underlying long-term uncertainties. There were also warnings about potential risks for EUR/USD and USD/JPY if certain resistance levels were not regained soon. Read more: U.S. and China announce trade deal: Stock markets, dollar surge on lower tariffs Dollar strengthens Following the announcement, the dollar strengthened against other major currencies, and markets saw a boost. This news helped alleviate concerns about an economic downturn triggered last month by President Trump's increase in tariffs aimed at reducing the U.S. trade deficit. Bessent shared these insights alongside U.S. Trade Representative Jamieson Greer after discussions in Switzerland, where both sides acknowledged progress in addressing their differences. They conveyed a mutual consensus on avoiding a decoupling, emphasizing that the high tariffs had effectively acted like an embargo, which neither side desired. The Geneva meetings marked the first in-person discussions between senior U.S. and Chinese economic officials since Trump's return to office and his implementation of a global tariff strategy, which included significant duties imposed on China. Since assuming office in January, Trump had raised tariffs on Chinese goods to 145 percent, in addition to those introduced during his previous term and the tariffs imposed by the Biden administration. On Sunday, the White House announced a tentative trade agreement with China following two days of high-level negotiations in Geneva. This announcement came after Bessent reported substantial progress in talks with Chinese Vice-Premier He Lifeng aimed at diffusing the trade war. He characterized the meetings as productive and indicated a full briefing would follow later. Greer noted that the rapid pace of the agreement suggested that the differences between the two nations might not have been as significant as previously thought. He emphasized the importance of the swift resolution and the national emergency declared by the president, expressing confidence that the agreement would help address it.
Yahoo
16-05-2025
- Business
- Yahoo
U.S. recession no longer likely after trade truce, says Barclays
LONDON (Reuters) -Barclays no longer expects the U.S. economy to slip into a recession later this year and has revised up its growth forecasts, given signs of a de-escalation in U.S.-China trade tensions, the bank said in a note released late Thursday. Barclays said it now expects the U.S. economy to grow 0.5% this year and 1.6% next year, up from previous forecasts of -0.3% and 1.5%, respectively. Reduced uncertainty and an improved economic backdrop also led Barclays to lift its euro area growth expectations. It now forecasts flat economic growth this year, compared to a 0.2% contraction previously. Barclays noted it still expects a technical euro zone recession in the second half of 2025, but with growth contracting by less than previously forecast. "Overall, we remain downbeat about the growth outlook in the euro area because uncertainty remains very elevated and the negotiations on reciprocal tariffs between the European Union (EU) and the U.S. remain at a technical level and there are no signs of progress," Barclays said in a note. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
