Oil And Gas Corrosion Protection Market - Forecast(2024 - 2030)
Oil And Gas Corrosion Protection Market Overview
The oil and gas corrosion protection market size is estimated to
reach US$18.3 billion by 2027 after growing at a CAGR of around 5.1% from 2022 to
2027. Corrosion is a major problem faced by the oil and gas industry. This is
because carbon steel parts in oil and gas industry are often susceptible to
suffer corrosion damage as they contain carbon dioxide (CO2) and hydrogen
sulfide (H2S) which are inherently corrosive and cause corrosion on the
internal surfaces of these components, tube lines, and the component fittings.
Thus, there for protecting these components there is a need for Oil and gas corrosion
protection systems. There is a rise in the demand for efficient corrosion
protection systems and products due to the increase in upcoming midstream
projects which includes new pipeline and LNG terminals to be constructed in the
forecast period and thus will drive the oil and gas corrosion industry. This is
due to extensive exploration and production of oil and gas fields is creating
opportunities for companies for expansion of pipeline and other oil and gas
infrastructures which will drive the market. Additionally, several major
pipeline projects in Africa which include capacity expansion pipelines as well
as newly constructed ones will propel the growth of the oil and gas corrosion
market.
COVID-19 Impact
The COVID-19 pandemic
has negatively impacted the oil and gas corrosion protection market. The oil
and gas market is one of the worst-hit industries during COVID-19. Several global
pipeline projects witnessed delays due to imposed lockdown restrictions in
major countries like the United States, India, and others. According to a
report by International Energy Agency (IEA), the oil demand in April declined
by 25% and natural gas demand by around 4% which would constitute one of the
largest contractions in energy industry. Due to this, many oil and gas
companies got negatively impacted. For instance, Prime Exploration &
Production Limited (PEPL), Nigerian based Oil and Gas Company’s total capital
expenditure in 2020 fell down by 41% as compared to 2019. This reduction
included the halt of infilling and drilling activities related to Preowei oil
field development project due to covid 19 crisis. Thus, due to such oil and gas
project halt during covid, there was low demand for corrosion protection
systems and thus had a negative impact on the oil and gas corrosion protection
Report Coverage
The report: “Oil and Gas
Corrosion Protection Market– Forecast (2022-2027)” by IndustryARC covers an
in-depth analysis of the following segments of the oil and gas corrosion
protection market.
Key Takeaways
- The growth of the midstream sector which involves the transportation as well as storage of crude and refined oil as well as natural gas through pipelines, barge, oil tankers, trucks, and other) storage, will drive the demand for oil and gas corrosion protection systems for this equipment to protect from corrosive environments.
- An increase
in African gas pipeline projects will result in an expansion of pipelines, heat
exchangers, and other types of equipment which will drive the demand for oil
and gas corrosion protection.
- An increase in demand for organic and green inhibitors will also create new opportunities in the oil and gas corrosion protection market.
Figure: Africa Oil and Gas Corrosion Protection Market Revenue, 2021-2027 (US$ Billion)
For more details on this report - Request for Sample
Oil and gas corrosion protection market Segment Analysis – By Product
Oil and gas corrosion protection Market Segment Analysis – By End Use
By derivative, midstream is expected to account for
the largest share in the global market in 2021 and is expected to grow by over
5.0% during the forecast period. The midstream segment comprises transportation-related
activities of crude oil and natural gas. This transportation is carried out
using various mediums including pipelines, tankers, tank cars, and trucks. The
outer surface of the tanks or pipelines is prevented from atmospheric corrosion
with the help of corrosion protection
systems like coatings and cathodic protection. There are various
upcoming midstream projects in the forecast period. According to a news article
by Petroleum Commission Ghana, The China Petroleum Pipeline Engineering Co.
Ltd. (CPP), is working on the construction of a 1230 miles (1,980km) pipeline
with a diameter of 20-inch diameter and is scheduled to complete by 2024. Anoh-Seplat
is one of the major midstream gas projects with a capacity of 300 million cubic
feet per day (MMscfd). The project is in currently in the construction stage
and is expected to start operations in 2022. Due to such upcoming pipeline
projects in the forecast period, there will be an increase in the demand for
corrosion products which will drive the oil and gas corrosion protection market.
Oil and Gas Corrosion Protection Market Segment Analysis – By Geography
Africa is the largest and the fastest-growing region in the oil and gas
corrosion protection market in the year 2021 is
expected to grow by over 5.9% during the forecast period. This is because the African oil and gas
sector is focused more on developing the midstream infrastructure for natural
gas and liquids, with a major emphasis on gas processing, storage, and
transportation networks. There are upcoming pipeline projects in Africa that
will increase the demand for oil and gas corrosion protection. According to a case study report by
Rainforest Action Network (RAN) Organisation, The East African Crude Oil
Pipeline (EACOP) proposed a 900 mile (1,445-kilometer) pipeline that would
transport oil from Hoima in northern Uganda to the port of Tanga in Tanzania.
This would be the longest heated pipeline in the world and will carry 216,000
barrels of crude oil per day. The completion of this pipeline project would
enable the expansion of the oil sector in Africa. According to an article by
Tullow oil and gas company, in 2021, Tullow began the construction of two oil
production wells, one Ten gas injector well in Ghana as a part of its
multi-well drilling campaign. Due to
such an increase in pipeline projects in the oil and gas industry, there will
be an increased demand for the corrosion protection systems
for pipelines from degradation from corrosive environments. Thus, the oil and
gas corrosion protection market will witness growth in the forecast period.
Oil and Gas Corrosion Protection Market Drivers
Development of Green Inhibitors for Oil and Gas Applications Driving the Demand for the Oil and Gas Corrosion Protection Market
There has been a significant increase in demand for green and
environmentally friendly inhibitors. In offshore production many inhibitors are
added to the aqueous phase to maximize the inhibitor efficiency and the unused inhibitor
concentrates and their disposal into the ocean may cause damage to the marine
environment. For instance, Benzotriazoles, which were used as inhibitors in
heat exchangers were proven hazardous to marine creatures. Thus, the
development of environment-friendly green inhibitors will drive the oil and gas
corrosion protection market.
African Gas Pipeline Projects will Drive the Oil and Gas Corrosion Protection Market
An
increase in upcoming gas pipeline projects in Africa will drive the market
growth of the oil and gas corrosion protection market. There are few African
nations, such as Equatorial Guinea, Algeria which have extended the natural gas
value chain, but still, there are others that are yet to develop their natural
gas resources. Several cross-border pipeline projects have been proposed, and are
upcoming in the forecast period. For instance, The African Renaissance Pipeline
Project (ARP), a proposed US$6 billion natural gas pipeline aiming to link the gas-rich
Rovuma basin in Mozambique to Springs in Gauteng, South Africa. This will
extend the pipeline by 1615 miles and the annual capacity will increase by
around 13.2 tons of LNG thus increasing the access to fuel for industry and
power generation. Thus, such huge projects including the construction of new
pipelines will create a demand for oil and gas corrosion protection system to protect the pipelines from the corrosive
environment.
Oil and Gas Corrosion Protection Market Challenges
Energy Transition towards Renewable form of Energy will be a Challenge for the Oil and Gas Corrosion Protection Market
The
biggest challenge for the oil and gas corrosion protection market is that
renewable energy industry is substituting oil and gas industry. According to a
report by Atlantic Council Organization, there are policies that are starting
to disincentivize fossil fuels, like the European Union’s Emission Trading
Scheme which encourage the use of substitute technology and fuel, especially
renewable energy like wind and solar energy. Thus, this energy transition will
be a challenge to the oil and gas corrosion protection market.
Oil and Gas Corrosion Protection Industry Outlook
Technology
launches, acquisitions, and R&D activities are key strategies that are
adopted by the dominant players in this market. Oil and gas corrosion protection top 10 companies include:
- 3M Company
- BASF SE
- AkzoNobel N.V
- Jotun A/S
- Hempel A/S
- Axalta Coating System Ltd.
- The Sherwin-Williams Company
- Kansai Paints Co. Ltd.
- RPM International, Inc.
- Aegion Corporation
Relevant Reports
Corrosion Monitoring Market - Forecast(2021 - 2026)
Report Code: AIR 0385
Offshore Oil & Gas Paints And Coatings Market – Forecast (2021
- 2026)
Report Code: CMR 98513
For more Chemicals and Materials related reports, please click here
LIST OF TABLES
1.Global Oil Gas Corrosion Protection:Type Estimate Trend Analysis Market 2023-2030 ($M)1.1 Coating Market 2023-2030 ($M) - Global Industry Research
1.2 Paint Market 2023-2030 ($M) - Global Industry Research
1.3 Inhibitor Market 2023-2030 ($M) - Global Industry Research
1.3.1 Estimate And Forecast In Inhibitor Market 2023-2030 ($M)
2.Global Oil Gas Corrosion Protection:Location Estimate Trend Analysis Market 2023-2030 ($M)
2.1 Offshore Market 2023-2030 ($M) - Global Industry Research
2.2 Onshore Market 2023-2030 ($M) - Global Industry Research
3.Global Oil Gas Corrosion Protection:Sector Estimate Trend Analysis Market 2023-2030 ($M)
3.1 Upstream Market 2023-2030 ($M) - Global Industry Research
3.2 Midstream Market 2023-2030 ($M) - Global Industry Research
3.3 Downstream Market 2023-2030 ($M) - Global Industry Research
4.Global Oil Gas Corrosion Protection:Type Estimate Trend Analysis Market 2023-2030 (Volume/Units)
4.1 Coating Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Paint Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Inhibitor Market 2023-2030 (Volume/Units) - Global Industry Research
4.3.1 Estimate And Forecast In Inhibitor Market 2023-2030 (Volume/Units)
5.Global Oil Gas Corrosion Protection:Location Estimate Trend Analysis Market 2023-2030 (Volume/Units)
5.1 Offshore Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Onshore Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Oil Gas Corrosion Protection:Sector Estimate Trend Analysis Market 2023-2030 (Volume/Units)
6.1 Upstream Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Midstream Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Downstream Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Oil Gas Corrosion Protection:Type Estimate Trend Analysis Market 2023-2030 ($M)
7.1 Coating Market 2023-2030 ($M) - Regional Industry Research
7.2 Paint Market 2023-2030 ($M) - Regional Industry Research
7.3 Inhibitor Market 2023-2030 ($M) - Regional Industry Research
7.3.1 Estimate And Forecast In Inhibitor Market 2023-2030 ($M)
8.North America Oil Gas Corrosion Protection:Location Estimate Trend Analysis Market 2023-2030 ($M)
8.1 Offshore Market 2023-2030 ($M) - Regional Industry Research
8.2 Onshore Market 2023-2030 ($M) - Regional Industry Research
9.North America Oil Gas Corrosion Protection:Sector Estimate Trend Analysis Market 2023-2030 ($M)
9.1 Upstream Market 2023-2030 ($M) - Regional Industry Research
9.2 Midstream Market 2023-2030 ($M) - Regional Industry Research
9.3 Downstream Market 2023-2030 ($M) - Regional Industry Research
10.South America Oil Gas Corrosion Protection:Type Estimate Trend Analysis Market 2023-2030 ($M)
10.1 Coating Market 2023-2030 ($M) - Regional Industry Research
10.2 Paint Market 2023-2030 ($M) - Regional Industry Research
10.3 Inhibitor Market 2023-2030 ($M) - Regional Industry Research
10.3.1 Estimate And Forecast In Inhibitor Market 2023-2030 ($M)
11.South America Oil Gas Corrosion Protection:Location Estimate Trend Analysis Market 2023-2030 ($M)
11.1 Offshore Market 2023-2030 ($M) - Regional Industry Research
11.2 Onshore Market 2023-2030 ($M) - Regional Industry Research
12.South America Oil Gas Corrosion Protection:Sector Estimate Trend Analysis Market 2023-2030 ($M)
12.1 Upstream Market 2023-2030 ($M) - Regional Industry Research
12.2 Midstream Market 2023-2030 ($M) - Regional Industry Research
12.3 Downstream Market 2023-2030 ($M) - Regional Industry Research
13.Europe Oil Gas Corrosion Protection:Type Estimate Trend Analysis Market 2023-2030 ($M)
13.1 Coating Market 2023-2030 ($M) - Regional Industry Research
13.2 Paint Market 2023-2030 ($M) - Regional Industry Research
13.3 Inhibitor Market 2023-2030 ($M) - Regional Industry Research
13.3.1 Estimate And Forecast In Inhibitor Market 2023-2030 ($M)
14.Europe Oil Gas Corrosion Protection:Location Estimate Trend Analysis Market 2023-2030 ($M)
14.1 Offshore Market 2023-2030 ($M) - Regional Industry Research
14.2 Onshore Market 2023-2030 ($M) - Regional Industry Research
15.Europe Oil Gas Corrosion Protection:Sector Estimate Trend Analysis Market 2023-2030 ($M)
15.1 Upstream Market 2023-2030 ($M) - Regional Industry Research
15.2 Midstream Market 2023-2030 ($M) - Regional Industry Research
15.3 Downstream Market 2023-2030 ($M) - Regional Industry Research
16.APAC Oil Gas Corrosion Protection:Type Estimate Trend Analysis Market 2023-2030 ($M)
16.1 Coating Market 2023-2030 ($M) - Regional Industry Research
16.2 Paint Market 2023-2030 ($M) - Regional Industry Research
16.3 Inhibitor Market 2023-2030 ($M) - Regional Industry Research
16.3.1 Estimate And Forecast In Inhibitor Market 2023-2030 ($M)
17.APAC Oil Gas Corrosion Protection:Location Estimate Trend Analysis Market 2023-2030 ($M)
17.1 Offshore Market 2023-2030 ($M) - Regional Industry Research
17.2 Onshore Market 2023-2030 ($M) - Regional Industry Research
18.APAC Oil Gas Corrosion Protection:Sector Estimate Trend Analysis Market 2023-2030 ($M)
18.1 Upstream Market 2023-2030 ($M) - Regional Industry Research
18.2 Midstream Market 2023-2030 ($M) - Regional Industry Research
18.3 Downstream Market 2023-2030 ($M) - Regional Industry Research
19.MENA Oil Gas Corrosion Protection:Type Estimate Trend Analysis Market 2023-2030 ($M)
19.1 Coating Market 2023-2030 ($M) - Regional Industry Research
19.2 Paint Market 2023-2030 ($M) - Regional Industry Research
19.3 Inhibitor Market 2023-2030 ($M) - Regional Industry Research
19.3.1 Estimate And Forecast In Inhibitor Market 2023-2030 ($M)
20.MENA Oil Gas Corrosion Protection:Location Estimate Trend Analysis Market 2023-2030 ($M)
20.1 Offshore Market 2023-2030 ($M) - Regional Industry Research
20.2 Onshore Market 2023-2030 ($M) - Regional Industry Research
21.MENA Oil Gas Corrosion Protection:Sector Estimate Trend Analysis Market 2023-2030 ($M)
21.1 Upstream Market 2023-2030 ($M) - Regional Industry Research
21.2 Midstream Market 2023-2030 ($M) - Regional Industry Research
21.3 Downstream Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)2.Canada Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
3.Mexico Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
4.Brazil Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
5.Argentina Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
6.Peru Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
7.Colombia Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
8.Chile Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
9.Rest of South America Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
10.UK Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
11.Germany Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
12.France Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
13.Italy Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
14.Spain Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
15.Rest of Europe Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
16.China Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
17.India Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
18.Japan Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
19.South Korea Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
20.South Africa Oil And Gas Corrosion Protection Market Revenue, 2023-2030 ($M)
21.North America Oil And Gas Corrosion Protection By Application
22.South America Oil And Gas Corrosion Protection By Application
23.Europe Oil And Gas Corrosion Protection By Application
24.APAC Oil And Gas Corrosion Protection By Application
25.MENA Oil And Gas Corrosion Protection By Application
26.3M Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Akzonobel N.V, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Hempel A/S, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Basf Se, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.The Sherwin-Williams Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Rpm International, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Axalta Coating System Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Jotun A/S, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Aegion Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Metal Coating Corp, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Chase Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Ashland Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)