Growing Demand for Offshore Renewables to Propel Offshore Corrosion Protection Market to Valuation of US$ 13 Bn by 2030: TMR
- Need to protect high value equipment, supporting platforms from corrosion used in shipping operations, and drilling activities fuel the offshore corrosion protection market
- Development of several oil & gas wells in Asia Pacific drives the offshore corrosion protection market in the region
29 Sep, 2021, 08:30 ET
ALBANY, N.Y., Sept. 29, 2021 /PRNewswire/ -- The growing initiatives to develop the wind energy sector with the emphasis to complement non-renewable sources of energy is creating opportunities in the offshore corrosion protection market. Among a slew of renewable sources of energy, the development of wind energy is of significance due to minimal infrastructure required to convert it into usable energy. The efforts to tap wind energy requires construction of wind turbines at offshore locations and moderate to high altitude topographical regions with strong winds, which need to be protected from its external environment. This creates demand for offshore corrosion protection solutions.
The need for corrosion protection solutions against oxidation is of importance for equipment used in offshore and marine environments. Corrosion of steel platforms such as those used in drilling operations can lead to failure of base structures and can sometimes cause on-site accidents. Offshore corrosion protection solutions are, thus, used to prevent offshore machines and operating platforms from becoming unreliable or unsafe for use. According to experts, the use of corrosion protection solutions can lower the cost associated with corrosion, which could be from 15% to 35% of the total cost.
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Large economic value of wind energy, shipping operations, and development of oil rigs at offshore locations fuel the growth of the offshore corrosion protection market. The offshore corrosion protection market is projected to expand at a CAGR of 2.9% during the forecast period of 2019- 2030.
Offshore Corrosion Protection Market – Key Findings of Report
Emergence of Organic Coatings to Open New Revenue Streams
Considerable R&D undertaken by companies in the offshore corrosion protection market to develop and evaluate the efficacy of organic coatings is creating new frontiers in the offshore corrosion protection market. Organic coatings have displayed the potential to gradually replace expensive conventional coatings to protect metallic substrates such as iron, magnesium, aluminum, and steel. Organic coatings have displayed the properties suitable for hostile environments and complex offshore conditions to prevent metallic deterioration, depletion of resources, and prevent structural failures for optimum productivity of drilling operations.
Prospects of Role of Nanotechnology Deemed to Fuel Market Expansion
The increasing penetration of technology in an array of offshore operations is a new phenomenon that has come to the fore. At present, nanotechnology has emerged to be promising n redefining offshore protection pursuits in the years ahead. This involves the development of a new range of nanostructured coating materials to expand the range of offshore corrosion protection solutions. This is favorable for the growth of the offshore corrosion protection market.
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Investments in Oil & Gas Sector Spells Growth
The incessantly rising demand for petroleum products such as oil and gas is resulting into investments in the oil & gas sector. Oil companies world over are investing in the oil & gas sector, which includes investments for the exploration and development of oil wells. The total volume of oil recovered from oil & gas sources at around nine billion barrels in 2018 against 10 billion barrels in 2017 is a testimony to this.
The end-to-end operations for the development, extraction, and logistics of oil drilling activities require an array of machineries and support platforms that are subject to harsh environmental conditions. This provides revenue opportunities for the offshore corrosion protection market.
Offshore Corrosion Protection Market – Growth Drivers
- Rising investments to develop the wind energy sector to complement conventional sources of energy create opportunities in the offshore corrosion protection market
- Emergence of organic coatings and nanostructured coating materials to expand growth frontiers of the offshore corrosion protection market
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Offshore Corrosion Protection Market – Key Players
Some of the key players operating in the offshore corrosion protection market are Southern Cathodic Protection, Ashland, Akzo Nobel N.V., Hempel A/S, Kansai Paint Co. Ltd., BASF SE, Chase Corp., RPM International Inc., 3M, Joturn A/S, Axalta Coating Systems Ltd., The Sherwin-Williams Company, Aegion Corporation.
Global Offshore Corrosion Protection Market: Segmentation
Offshore Corrosion Protection Market, by Technology
- Corrosion Inhibitor
- Liquid Phase Inhibitors (LPIs)
- Volatile Corrosion Inhibitors (VCIs)
- Cathodic Protection
- Sacrificial Anode Cathodic Protection (SACP
- Impressed Current Cathodic Protection (ICCP)
- Others (including Paints)
Offshore Corrosion Protection Market, by Application
- Offshore Wind Turbines
- Others (including Storages Tanks and Reservoirs)
Offshore Corrosion Protection Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East
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