Offshore Corrosion Protection Market: Introduction
The global offshore corrosion protection market was valued at US$ 9.5 Bn in 2019 and is anticipated to expand at a CAGR of ~3% during the forecast period. Based on technology, the cathodic protection segment dominated the global offshore corrosion protection market in 2019. Cathodic protection is a highly effective method to prevent corrosion of metal surfaces. It consists of two sub-types: sacrificial anode cathodic protection and impressed current cathodic protection. Impressed current cathodic protection is a lucrative sub-segment of the global offshore corrosion protection market. In terms of application, the pipelines segment accounted for leading share of the global offshore corrosion protection market in 2019. This can be primarily ascribed to the increase in investments in the global oil & gas sector. Pipelines are laid on the seabed or subsea. Hence, they are susceptible to rapid corrosion due to environmental conditions. Pipelines is also likely to be a highly attractive segment of the global offshore corrosion protection market during the forecast period.
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The offshore corrosion protection market in Asia Pacific is estimated to expand at a substantial pace during the forecast period, owing to high investment in the oil & gas industry and establishment of numerous offshore exploration facilities in the region. China, Japan, South Korea, and India are investing significantly in offshore wind power energy. This is anticipated to boost the demand for offshore corrosion protection in Asia Pacific.
Key Drivers of Offshore Corrosion Protection Market
Rise in investments in offshore wind power generation is estimated to boost the global offshore corrosion protection market during the forecast period. Global demand for energy has been increasing at a rapid pace, since the last decade. Fossil fuels account for 70% of the global consumption of electricity. Fossil fuel emissions continue to worsen climatic change; hence, carbon-free solutions, such as solar power, nuclear power, and wind power, are gaining importance in terms of energy generation. Power generation from offshore wind energy has emerged as a promising alternative for various countries to expand their renewable energy portfolios and provide a boost to sustainable energy. In offshore wind power, blades corrode rapidly due to harsh weather conditions. Therefore, the demand for offshore corrosion protection coatings has been increasing in offshore wind power generation. Investments in offshore wind power development are expected to rise substantially across the globe in the next few years. Europe leads in terms of investments in the development of wind power. According to Wind Europe, the region invested US$ 8.7 Bn in the development of offshore wind power in 2018. The U.K., Germany, France, and Italy have invested significantly in the development of offshore wind power. Thus, demand for offshore corrosion protection is projected to rise significantly in the offshore wind power industry in the near future. This, in turn, is likely to augment the global offshore corrosion protection market during the forecast period.
Asia Pacific Offers Lucrative Opportunities to Offshore Corrosion Protection Market
Asia Pacific is anticipated to be a highly attractive region of the global offshore corrosion protection market during the forecast period. The offshore corrosion protection market in Asia Pacific is estimated to expand at a significant pace between 2020 and 2030, due to the growth in the oil & gas industry. Investments in offshore wind power generation are rising in Asia Pacific. This is expected to propel the demand for offshore corrosion protection in the region in the next few years.
Major Developments in Offshore Corrosion Protection Market
On February 24, 2020, Axalta Coating Systems Ltd. displayed its waterborne automotive refinishing products – Standoblue and Cromax Pro – at Expo CESVI held in Mexico. These new products provide ease of application and accurate color matching. On June 4, 2019, Hempel A/S launched Globic 7000, a new antifouling coating with enhanced operational flexibility for all types of vessels. The newly developed product leads to significant fuel cost savings and reduction in associated emissions for owners and operators.
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Competition Landscape of 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. Prominent players operating in the global offshore corrosion protection market are Southern Cathodic Protection, RPM International Inc., Ashland, 3M, 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, and Chase Corp.
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