Offshore Corrosion Protection Market
Offshore Corrosion Protection Market (Technology: Coatings, Corrosion Inhibitors [Liquid Phase Inhibitors and Volatile Corrosion Inhibitors], Cathodic Protection [Sacrificial Anode Cathodic Protection and Impressed Current Cathodic Protection], and Others; and Application: Pipelines, Rigs, Platforms, Ships/Vessels, Offshore Wind Turbines, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Organic Coatings on Course to Replace Ineffective and Expensive Conventional Coating Alternatives
Over the past few decades, offshore corrosion protection technologies have evolved at a rapid pace due to which, the demand continues to grow at a consistent pace. The production of corrosion protection coatings specifically developed to protect metallic substrates, including magnesium, aluminum, iron, and steel has accelerated over the past decade. In addition, as the offshore infrastructure is largely prone to corrosion across different zones, including submerged, mud, and splash, the need for corrosion protection continues to gain considerable momentum. At present, organic coatings are gradually replacing expensive and ineffective conventional coatings and the trend is likely to stay over the course of the forecast period. Organic coatings are increasingly being used in hostile environmental and complex offshore conditions to prevent metallic degradation, depletion of resources, and structural failures to ensure optimum productivity in the drilling operations.
In the past couple of decades, within the offshore corrosion protection market, a considerable amount of resources have been invested in research & development activities to evaluate the efficacy of various organic coatings and offshore corrosion protection technologies. Manufacturers and participants operating in the supply side of the value chain are primarily focusing on the production of effective corrosion protection concepts to gain an advantage in the current market landscape. At the back of these factors, the global offshore corrosion protection market is projected to reach ~US$ 13 Bn by the end of 2030.
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Growing Demand for Offshore Renewables to Propel Offshore Corrosion Protection Market Growth
The global demand for electricity is currently growing at an exponential rate and the trend is set to continue in the upcoming years, owing to the large-scale emphasis on industrialization and modernization by the developing nations. The global demand for electricity is projected to grow by ~2% annually over the next decade due to which, the adoption of offshore renewables is expected to gain considerable traction. Over the forecast period, the market share of renewable-based electricity generation is likely to exceed that of coal-based electricity generation across the world due to which, the demand for offshore corrosion protection concepts and technologies is on the rise.
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As a majority of this renewable energy is generated by wind turbines, offshore corrosion protection is gaining considerable importance across the offshore wind sector. In addition, as per the participants operating in the offshore wind sector, the long-term production of renewable energy will primarily depend on two important factors i.e. the maintenance and the installation costs. Offshore corrosion protection has emerged as an ideal solution to attain these objectives and thus, the demand for different types of offshore corrosion protection technologies is set to expand at a steady pace. While the offshore wind sector is expected to remain a prominent end-use industry, the oil & gas sector is also projected to provide abundant opportunities for players operating in the offshore corrosion protection market.
Strides Taken by Nanotechnology Likely to Redefine Corrosion Protection in Oil & Gas Sector
The oil & gas sector is expected to provide an array of opportunities for participants operating in the offshore corrosion protection market, as oil & gas operators continue to move toward hostile working environments. Although offshore production was treading through a minor slump, offshore exploration activities have increased over the past few years. As the oil & gas sector continues to recover from the recent oil crisis, market participants are increasingly focusing on offshore corrosion protection technologies.
At present, recent and development activities have paved the way for an array of offshore corrosion technologies. At present, nanotechnology has emerged as an ideal candidate that is set to redefine offshore protection in the upcoming years. The development of a new range of nanostructured coating materials is on course to redefine offshore corrosion protection. Advancements in nanotechnology coupled with the focus on upgrading the aging offshore rigs and infrastructure are anticipated to provide fertile grounds for growth to the players operating in the current market landscape.
COVID-19 Pandemic to Impact Offshore Activities, Demand Expected to Decline
The advent of the novel COVID-19 virus has led to a global economic slowdown and hampered the growth of a host of industrial sectors. The offshore corrosion protection market is expected to feel the impact of the COVID-19 pandemic amid the consistent decline in the demand for oil and disruptions in the supply chain. However, the demand for offshore corrosion protection technologies to complete the pending maintenance projects could witness a slight improvement during the COVID-19 pandemic. While the demand from the oil & gas sector is expected to likely to remain uncertain, the offshore wind generation sector could provide lucrative opportunities during the COVID-19 pandemic.
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The global offshore corrosion protection market is expected to grow at a sluggish CAGR of ~3% during the forecast period. Growing emphasis on upgrading the existing offshore infrastructure, developments in nanotechnology, consistent demand from the offshore wind generation sector, and research & development activities are some of the major factors that will provide a boost to the prospects of the offshore corrosion protection market during the forecast period. Market players should focus on research activities to introduce innovative and cost-effective corrosion protection techniques and concepts.
Offshore Corrosion Protection Market: Overview
- Offshore corrosion protection entails various corrosion protection technologies for offshore infrastructure such as ships, platforms, rigs, and offshore wind farms. Coatings, corrosion inhibitors, and cathodic protection are different types of offshore corrosion protection technologies.
- In offshore and marine environments, it is vital to engineer solutions to minimize the loss of equipment caused by oxidation. Corrosion in steel oil platforms can lead to damage and failure of the structure, loss of business, and even on-site accidents. Thus, offshore corrosion protection plays an important role in offshore infrastructure.
- Offshore corrosion causes economic losses, disturbs overall operations, and reduces efficiency. Furthermore, maintenance of offshore infrastructure is costly. Hence, demand for offshore corrosion protection has been rising in order to reduce the losses and smoothen operations.
Rise in Demand for Offshore Corrosion Protection to Drive Offshore Corrosion Protection Market
- Significant investments and efforts are required to keep the offshore infrastructure running. Most of the investments are required to protect the infrastructure that makes production possible.
- Corrosion adversely affects offshore operations. It may result in unsafe working conditions; make machines and platforms unreliable; or incur expenditure and consume time on the repair of installed offshore infrastructure.
- Corrosion of offshore marine structures is primarily caused by salt water, salt present in the air, dissolved oxygen, carbon dioxide in seawater, or sulfate-reducing bacteria. Corrosion significantly increases the maintenance cost of offshore structures.
- According to the National Association of Corrosion Engineers (NACE), the global cost of corrosion stood at US$ 2.5 Trn in 2016. However, the usage of available corrosion control practices can help lower the cost of corrosion by 15% to 35% of the total cost incurred per year worldwide. Thus, demand for offshore corrosion protection is anticipated to increase in the next few years, as the technology helps lower the maintenance cost and run offshore operations smoothly.
Technical Difficulties in Re-painting/Coating of Offshore Wind Turbine to Hamper Offshore Corrosion Protection Market
- Blades of wind turbines are exposed to severe humidity with salinity, UV light, wave actions, and splash zone areas. These cause high corrosive stress, leading to rapid corrosion of the blades.
- Coating of blades is a major concern in the offshore wind power generation industry, as blades are constantly exposed to harsh weather conditions. These blades need to be coated with offshore corrosion protection coatings, as pitting can roughen their surface, thereby generating imbalance in these blades. This is likely to decrease turbine efficiency and increase maintenance costs.
- Coating of turbines and blades is considerably expensive, owing to the heavy equipment required to access the blades, which are 130 meters to 170 meters long in case of large wind farms
- Painting of offshore wind turbine blades is more expensive than painting of onshore blades, due to various factors such as logistics and the limited access to structures created by offshore weather conditions. Thus, difficulty in the application of coatings onto blades and supporting structures is anticipated to hamper the global offshore corrosion protection market during the forecast period.
Growth in Investments in Oil & Gas Industry to Offer Lucrative Opportunities for Offshore Corrosion Protection Market
- The energy sector witnessed surge in oil and gas project approvals in 2019. Demand for liquid fuel is expected to increase in the near future, owing to the rise in demand for these fuels from developing economies across the globe.
- Approximately 140 oil & gas discoveries were made in 2018. The total discovered oil & gas resources stood at around 9 billion barrels of oil equivalent in 2018 vis-à-vis 10 billion barrels of oil equivalent in 2017. Offshore discoveries accounted for 60% share, while gas resources held about 40% share of the total discovered resources in 2018. Growth in discovery of oil & gas fields/wells/blocks is estimated to boost the global offshore corrosion protection market during the forecast period.
- The total investment in the upstream sector was valued at US$ 477 Bn in 2018, while the total investment in downstream and refinery sectors was valued at US$ 249 Bn in the same year
- The oil & gas industry has been recovering at a steady pace after the sharp price drop in 2014. Introduction of automation and artificial intelligence has prompted companies to focus on the exploration and development of new oilfields.
- Thus, increase in investments in the oil & gas industry across the globe is projected to provide lucrative opportunities to the global offshore corrosion protection market
Recent Developments, Expansions, Acquisitions, and New Contracts in Offshore Corrosion Protection Market
- In August 2019, Jotun A/S signed an agreement with Wallenius Wilhelmsen to provide its Hull Performance Solution (HPS) with advanced antifouling coating systems across 42 vessels in the latter's advanced RoRo fleet of ships
- In August 2018, Jotun A/S launched Tankguard Flexline at SMM, an international maritime trade fair held in Hamburg, Germany. The new product was developed for a cargo tank coating that facilitates greater cargo flexibility, long-term performance, and vessel utilization. The unique product is built based on the Flexforce technology, which ensures excellent cargo resistance, quick port turnarounds, and cost-effective maintenance intervals.
Asia Pacific to be a Highly Lucrative Region of Offshore Corrosion Protection Market
- Asia Pacific is anticipated to be a highly lucrative region of the global offshore corrosion protection market during the forecast period. The offshore corrosion protection market in the region is estimated to expand at a significant pace between 2020 and 2030, due to the significant expansion in the oil & gas industry. Demand for oil and gas has been rising substantially in China, India, and Japan in Asia Pacific. Demand for offshore corrosion protection is likely to further rise in these countries in the near future.
- Investments in renewable energy, offshore wind power generation, have been increasing in Asia Pacific. This is expected to boost the demand for offshore corrosion protection in the region.
Moderately Fragmented Offshore Corrosion Protection Market
- The global offshore corrosion protection market is moderately fragmented. Various international and local players operate in the global offshore corrosion protection market.
- Key players operating in the global offshore corrosion protection market are
- Southern Cathodic Protection
- RPM International Inc
- Akzo Nobel N.V.
- Jotun A/S
- Hempel A/S
- Axalta Coating Systems Ltd.
- Kansai Paint Co., Ltd.
- The Sherwin-Williams Company
- BASF SE
- Aegion Corporation
- Chase Corp
Offshore Corrosion Protection Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global offshore corrosion protection market to accurately gauge its potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global offshore corrosion protection market in order to identify opportunities for stakeholders. The report also provides insightful information about how the global offshore corrosion protection market would expand during the forecast period of 2020–2030.
The report offers intricate dynamics about different aspects of the global offshore corrosion protection market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the global offshore corrosion protection market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global offshore corrosion protection market and estimates statistics related to the market in terms of value (US$ Mn).
This study covers detailed segmentation of the global offshore corrosion protection market, along with key information and competition outlook. The report mentions company profiles of players that are currently dominating the global offshore corrosion protection market, wherein various development, expansions, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in TMR’s Report on Offshore Corrosion Protection Market
The report provides detailed information about the global offshore corrosion protection market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
- Which technology segment of the global offshore corrosion protection market would emerge as a key revenue generator during the forecast period?
- How are prominent market players successfully earning revenues in the global offshore corrosion protection market?
- What would be the Y-o-Y growth trend of the global offshore corrosion protection market between 2020 and 2030?
- What are the winning imperatives of leading players operating in the global offshore corrosion protection market?
Research Methodology – Offshore Corrosion Protection Market
The research methodology adopted by analysts for compiling the report on the global offshore corrosion protection market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global offshore corrosion protection market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global offshore corrosion protection market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global offshore corrosion protection market.
Offshore Corrosion Protection Market – Segmentation
TMR’s research study assesses the global offshore corrosion protection market based on technology, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the global offshore corrosion protection market.
Others (including Paints)
Offshore Wind Turbines
Others (including Storage Tanks and Reservoirs)
Middle East & Africa