According to the latest report by IMARC Group “Oil and Gas Corrosion Protection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global oil and gas corrosion protection market size reached US$ 9.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.9 Billion by 2027, exhibiting a growth rate (CAGR) of 5.1% during 2022-2027.
Oil and gas corrosion protection represent the utilization of anti-corrosive systems and technologies to prevent the degradation of various metals, such as steel, nickel, titanium, copper chromium, etc., in aqueous environments. It involves the mitigation, monitoring, inspection, cleaning, etc., of crude oil and natural gas wells and pipelines. Oil and gas corrosion protection solutions utilize cathodic and anodic protection, chemical dosing, material selection, the application of inhibitors and protective internal and external coatings, etc. They are used against numerous kinds of corrosion in upstream, midstream, and downstream pipeline systems. These include oxygen, crevice, galvanic, erosion, sweet, sour, stress, and microbiologically induced corrosions. Oil and gas corrosion protection solutions also aid in increasing plant availability, preventing pipe rust or leaks, minimizing environmental damage, etc.
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Market Trends:
The rising number of offshore oil and gas exploration activities, coupled with the escalating demand for effective corrosion protection systems for wells, drilling rigs, pipeline connectors, etc., is primarily driving the oil and gas corrosion protection market. Moreover, the elevating adoption of these solutions in the transportation industry for moving natural gas, oil, intermediate products, etc., is further bolstering the market growth. Besides this, the launch of advanced coating materials made with alkyd, polyurethanes, and acrylic compounds for improved substrate protection, water and heat resistance, enhanced physical properties, etc., is augmenting the global market. Furthermore, several product innovations and technological advancements, including the development of epoxy-based coatings, are anticipated to catalyze the oil and gas corrosion protection market over the forecasted period.
Breakup by Type:
- Coatings
- Paints
- Inhibitors
- Others
Breakup by Location:
- Offshore
- Onshore
Breakup by Sector:
- Upstream
- Midstream
- Downstream
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 3M Company
- Aegion Corporation
- Akzo Nobel N.V
- Ashland Global Specialty Chemicals Inc.
- Axalta Coating Systems Ltd.
- BASF SE
- Chase Corporation
- Hempel A/S
- Jotun A/S
- Metal Coatings Corp.
- RPM International Inc.
- The Sherwin-Williams Company.
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