LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global oil and gas corrosion protection market is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Oil and Gas Corrosion Protection Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
“The increase in offshore exploration in the US, Brazil, Russia, Norway, Mexico, Saudi Arabia, and Angola is expected to drive the demand for corrosion protection. An increase in the use of corrosion protection for pipes, jacks, crude oil tanks, on hull externals, general structural steel, and water ballast tanks is also expected to augment the market growth,” says Hitesh Bhatia, a lead analyst at Technavio for specialty chemicals research.
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The market research analysis categorizes the global oil and gas corrosion protection market into three major sectors. They are:
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Global oil and gas corrosion protection market by upstream sector
The upstream sector of the oil and gas industry involves exploration and production (E & P) of crude oil and natural gas. It involves drilling of exploratory wellbores for unearthing oil, natural gas, and other products. The extreme environmental conditions during offshore and onshore exploration and production are expected to drive the demand for oil and gas corrosion protection. Several components such as crude oil tanks, on hull externals, general structural steel, water ballast tanks, and decks for offshore equipment such as floating production storage and offloading (FPSO) require corrosion protection for proper flow of oil and gas.
Global oil and gas corrosion protection market by midstream sector
The midstream sector is related to the transportation of crude oil and natural gas. Leakages related to the transportation can cause environmental damage. Thus, stringent regulations and policies related to the transportation of oil and gas are expected to drive the demand for oil and gas corrosion protection.
“Oil, gas, and other hydrocarbon products are transported by various means such as tankers, pipelines, and tank cars. The outer surface of pipelines and tanks are protected from atmospheric corrosion with the help of paints, coatings, and other corrosion inhibitors, which augurs well for the growth of the market,” says Hitesh.
Global oil and gas corrosion protection market by downstream sector
In the downstream sector, most of the corrosion occurs due to the presence of carbon dioxide, hydrogen sulfide, water, and sodium chloride. The refinery operation is also prone to corrosion due to the presence of sulfuric acid.
The deterioration mainly occurs due to the presence of curing agents in crude oil or the feedstock. To prevent such corrosion, various products such as paints, coatings, and inhibitors are used. They are used to coat valves, pipework, chimneys, vessels, and steelwork in refining and processing for the oil and gas industry. The increasing use of anti-corrosion products for coastal loading structures and jetties, where early water-resistance is required, is also expected to augment the global market.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Akzo Nobel
- The Sherwin-Williams Company
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