Oil and Gas Corrosion Protection Market - Evolution in E & P to Boost Growth | Technavio
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.
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Technavio has published a new report on the global oil and gas corrosion protection market from 2017-2021. (Graphic: Business Wire)
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:
-
Upstream
-
Midstream
-
Downstream
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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:
-
3M
-
Akzo Nobel
-
BASF
-
Hempel
-
The Sherwin-Williams Company
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