The global Oil & Gas Corrosion Protection market is forecast to reach USD 12.50 Billion by 2027, according to a new report by Reports and Data. Over the projected period, the market is expected to experience substantial growth, mainly due to the growing need for transportation and supply infrastructure in the O&G sector. This growth may be attributed to the extra advantages that epoxy-based coatings provides like reliability and strength. North America and MEA together acquired more than half of the total global market share. Rapid expansion of the infrastructure and technical developments in the O&G sector are anticipated to augment demand further over the coming years.
A growing need for transportation or distribution facilities combined with rising global demand for electricity is growing demand for advanced materials, which would deter degradation in the atmosphere.For the export or procurement of crude oil, natural gas, and intermediate materials,in recent years, cheaper modes of transportation such as pipelines are increasing, is expected to boost market growth over the projected period.
Key participants include 3M Company, AkzoNobel N.V, Jotun A/S, Hempel A/S, Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., RPM International, Inc., and BASF SE, among others.
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Using corrosion resistance devices, however, can provide operators with safety and health problems. Because of these issues, various regulatory bodies such as OSHA, NACE, and others have placed stringent regulations on the health and usage of the goods by operators beyond such limits. NACE has established standards to accommodate methods that validate the quality of the coatings. It is internally and externally applied to pipelines that require repairs.
The COVID-19 impact:
The current pandemic situation has led to reduced demand in the automobile, manufacturing, telecommunications, and white goods for paints and coatings. For the sector, the road to recovery of production is highly dependent on the length of the constraints imposed and their impact on global economic activity. Contrary to the industry-wide trend, other consumer sectors, such as antimicrobial coatings, are seeing an increase in demand in the healthcare and food industries. The post-pandemic demand might not be dampened with the increasing need for energy in emerging countries.
For the purpose of this report, Reports and Data have segmented into the global Oil & Gas Corrosion Protection market based on the Type, Location, Sector, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Location Outlook (Revenue, USD Billion; 2017-2027)
Sector Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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Further key findings from the report suggest
- Globally, the upstream market is projected to see modest sales growth, rising between 2020 and 2027, at a rate of 4.4%. Demand rise can be attributed to increasing transportation/supply infrastructure needs in the O&G sector along with growing energy demand worldwide.
- North America led the global market in 2019 with an aggregate valuation of USD 2.87 billion and is expected to improve dramatically in the coming years in the light of inline infrastructure developments in the oil & gas sector, such as refining plant construction, rig deployment, and others.
- The MEA region is anticipated to witness the highest growth over the forecast period due to the burgeoning rise in Kuwait, Saudi Arabia, and UAE’s infrastructural development in oil production. The sector ‘s optimistic outlook is anticipated to result in regional business growth in the light of growing emphasis on research and development, along with favorable policy policies to encourage investment.
- The oil & gas industry uses these materials for various operations such as mining, shipping, and manufacturing in areas such as onshore and offshore. Protection of specific ferrous components at both offshore and onshore sites require attention as they get older and become more prone to the rusty climate.
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Oil & Gas Corrosion Protection Market Segmentation & Impact Analysis
4.1. Oil & Gas Corrosion Protection Market Type Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
126.96.36.199. Rising need for transportation & supply infrastructure in the industry
188.8.131.52. Technological advancements
184.108.40.206. Increasing energy demand worldwide
4.2.3. Market restraints analysis
220.127.116.11. Safety & health issues
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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