44 WASCO BERHAD SECTION 3 VALUE CREATION STRUCTURAL GROWTH IN GLOBAL PIPE COATING & CORROSION PROTECTION The global pipe coatings market is estimated at approximately USD9.0 billion to 10.0 billion in 2025 and is projected to expand to USD15.0 billion to 17.0 billion by 2035, reflecting sustained demand for corrosion protection across energy and industrial infrastructure.3 In parallel, approximately 233,446 km of planned and announced trunk oil and gas pipelines are expected to come online globally between 2024 and 2030, according to GlobalData’s pipeline database.4 Increasingly demanding pipeline environments, including deepwater, high-temperature, and carbon capture transport systems, are raising technical specification requirements across pipeline projects, driving demand for advanced corrosion protection solutions such as Fusion Bonded Epoxy (“FBE”), 3-Layer Polyethylene (“3LPE”)/3-Layer Polypropylene (“3LPP”) coatings, and thermal insulation systems. • Maintained a global coating platform, with facilities across the Middle East, Europe, and Asia-Pacific enabling participation in major crossborder pipeline developments. • Participation in energy transition pipeline infrastructure expanded, delivering coating scopes for carbon transport and CCS-linked infrastructure alongside conventional oil and gas pipeline systems. • Pipeline order book continued to be replenished, with new coating contracts secured, supporting execution visibility into FY2026. • Advanced coating capabilities were sustained, including FBE, 3LPE/3LPP, and thermal insulation coatings required for deepwater, hightemperature, and carbon transport pipeline environments. These developments position the Group to support the expansion of global pipeline infrastructure and increasingly demanding pipeline environments. Market Impact: Wasco’s Responses: ³ Source: Global Growth Insights, Pipe Coatings Market Trends & Forecast 2026 – 2035, 2025. 4 Source: Global Data via Offshore Technology, Global Top Five Upcoming Oil and Gas Pipelines, August 2024. 3 KEY MARKET TRENDS
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