Offshore Corrosion Protection Market is driven by rapid technological advancements and infrastructure development in the oil & gas sector
Corrosion is caused by the reaction between metal and gasses in the environment. Deterioration in metal surface can be proximately reduced by changing the type of environment or removing the metal. Metal corrosion can be controlled by limiting the contents in environment such as chloride, sulfur, or oxygen. Offshore oil & gas exploration, transportation, and refining activities lead to deterioration of metals owing to reaction with various chemicals and gaseous present in the environment.
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Galvanic corrosion often attacks offshore rigs, ship hulls, and oil & gas pipelines. Various regulatory bodies such as Occupational Safety and Health Administration (OSHA) and the National Association of Corrosion Engineers (NACE) have levied stringent regulations on the usage of the corrosion protection method or products for operators’ safety. NACE has designed the standards for quality of coatings applied externally and internally to pipelines in order to mitigate corrosion. In order to maintain technical standards for construction, operation and survey of vessels, offshore structures, oil platform, and submarine by various non-governmental organization named as classification society. Classification societies such as the Lloyd’s Register, the American Bureau of Shipping, and Indian Register of Shipping carry out regular surveys to ensure compliance with the standards.
The offshore corrosion protection market can be segmented into technique, application, and region. Based on technique, the market can be divided into coatings, corrosion inhibitors, and cathodic protection. Coatings are used on pipelines to protect them from deterioration. Common types of coatings are painting and plating. These provide effective corrosion protection and esthetic appearance. Corrosion inhibitors are split into liquid phase inhibitors (LPIs) and volatile corrosion inhibitors (VCIs). Cathodic protection is more effective in preventing corrosion for offshore based industries. Cathodic protection can further be divided into two forms: sacrificial anode cathodic protection (SACP) and impressed current cathodic protection (ICCP). SACP is widely used, as it is more economical and easier to employ than ICCP.
Based on application, the market can be segmented into pipelines, rigs, platform, ships, offshore wind turbine, and others. Transportation or supply of products such as natural gas, crude oil, and intermediate products from various modes such as pipelines and marine are being increased in past few years and this factor is expected to propel the market growth over the forecast period. This will drive the demand of corrosion prevention market during forecast period. Based on region, the offshore corrosion protection market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.
North America is the key region of the market owing to the presence of major oil & gas exploration companies in the U.S. and Canada. Infrastructure developments and government initiatives in these countries are further propelling the offshore corrosion protection market. Rapid technological advancements and infrastructure development in the oil & gas sector are also expected to drive the demand for offshore corrosion protection during the forecast period. By increasing demand of energy in various countries, are highly dependent on export and import led to increase the demand of cargo vessels. This is anticipated to boost the offshore corrosion protection market in the near future. Increase in demand for oil and gas due to the rapid rise in population and growth in industrialization in Asia Pacific are augmenting the offshore corrosion protection market in the region.
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Key players operating in the global offshore corrosion protection market are Southern Cathodic Protection, 3M Company, The Valspar Corporation, AkzoNobel N.V, Chase Corporation, Jotun A/S, Hempel A/S, Axalta Coating System Ltd., Kansai Paints Co. Ltd., The Sherwin-Williams Company, RPM International, Inc., Aegion Corporation, Ashland Inc., and BASF SE.