- In the past few decades, the technologies for offshore corrosion protection have developed at a great speed. This, in turn, has helped fueling the overall growth of the global market
- It is projected that in the near future, organic coatings will gradually phase out ineffective and expensive traditional coatings
ALBANY, New York, May 29, 2020 /PRNewswire/ -- Transparency Market Research has recently published a new research report providing intricate details about the overall working dynamics and performance metrics of the global offshore corrosion protection market. In this research report readers can get detailed and meaningful insights about the key driving factors, restraining factors, prominent segments, overall geographical outlook, and the current overview of the competitive landscape of the global offshore corrosion protection market.
As per the research report, the global offshore corrosion protection market was initially valued at US$9.5 Bn in 2019. The report further states that the market is expected to showcase a moderate CAGR of ~3% over the course of the given forecast period ranging from 2020 to 2030. With this rate of growth, the valuation of the global market is projected to rise up to US$13 Bn by the fall of 2030.
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Global Offshore Corrosion Protection Market – Key Takeaways
- Based on technology, the global offshore corrosion protection market is segmented into coatings, corrosion inhibitors, cathodic protection, and others. Of these, the global market is expected to be led by the segment of cathodic protection. It is a highly efficient technique of preventing corrosion on the metal surfaces.
- Based on application, the global market is projected to be led by the segment of pipelines. It accounted for a considerable share in the global market in 2019 due to growing investments in the international oil & gas sector.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global 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, at https://www.transparencymarketresearch.com/pressrelease/offshore-corrosion-protection-market.htm
Global Offshore Corrosion Protection Market – Prominent Growth Drivers
- One of the biggest driving factors for the overall development of the global offshore corrosion protection market is the rise in investments for the overseas wind power generation projects. In recent years, the demand for power supply has grown massively across the globe, leading to sanctioning of multiple offshore power generation projects. The market is thus benefiting from this development as corrosion protection becomes an integral component of maintaining these sites.
- Europe in particular has been investing heavily in these offshore power generation plants and thus is helping to create growth opportunities for the global market.
- In addition to this, the companies operating in the global offshore corrosion protection market have been concentrating on developing new and innovative products that are capable of catering to the growing demand across the globe.
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Global Offshore Corrosion Protection Market – Key Market Growth Inhibitors
- The outbreak of COVID-19 pandemic has had a massive impact on the recent growth of the global offshore corrosion protection market.
- With multiple industrial sectors on standstill due to lockdowns and other precautionary measures, the demand for the market has been going down. This is particularly evident for the oil and gas sector.
Analyze Offshore Corrosion Protection Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Offshore Corrosion Protection Market – Geographical Outlook
- There are five key segments of the global offshore corrosion protection market namely, Asia Pacific, North America, Middle East and Africa, Europe, and Latin America. Of these, the market has been led by the regional segment of Asia Pacific.
- It is projected that the segment will continue to grow at a considerable pace over the course of the given forecast period due to the increasing activities of oil & gas plants in the region. Moreover, the demand for the market has been growing from emerging economies such as India and China, which also will help in driving the growth further.
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Global Offshore Corrosion Protection Market – Key Players
Prominent players operating in the global offshore corrosion protection market are Southern Cathodic Protection, RPM International Inc., Ashland, and 3M among others.
Global Offshore Corrosion Protection Market: Segmentation
Offshore Corrosion Protection Market, by Technology
- Corrosion Inhibitors
- 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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