Global Oil and Gas Corrosion Protection Market 2017-2021
About Oil and Gas Corrosion Protection
Corrosion is a process of dissolution of metals due to the chemical reaction of metals with their environment. Some metals corrode faster than others. The corrosion that occurs in offshore oil and gas production is a critical issue as compared to onshore exploration and production. In offshore exploration, the corrosion is mainly initiated by the presence of oxygen and is worsened by the presence of chloride, as seawater is an excellent conductor. The oil and gas industry is a high risk and capital-intensive market. The assets of onshore and offshore exploration and production range from wells and drilling rigs to risers and pipelines.
Technavio’s analysts forecast the global oil and gas corrosion protection market to grow at a CAGR of 4.24% during the period 2017-2021 .
Covered in this report
The report covers the present scenario and the growth prospects of the global oil and gas corrosion protection market for 2017-2021 . To calculate the market size, the report considers the revenues generated from various sectors such as downstream, midstream, and downstream.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oil and Gas Corrosion Protection Market 2017-2021
Technavio recognizes the following companies as the key players in the global oil and gas corrosion protection market: 3M, Akzo Nobel, BASF, Hempel, and The Sherwin-Williams Company
Other Prominent Vendors in the market are: Aegion, Ashland, Axalta Coating Systems, Belzona International, Chase, Impreglon, Jotun, KANSAI PAINT, Metal Coatings, and RPM.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Advancement in technology for corrosion detection. Increase in R&D activities for the detection of corrosion in the onshore and offshore applications is expected to foster the market growth. Corrosion monitoring and inspection with sensors, digital radiography, remote visual inspection flaw detectors and ultrasonic thickness gauges, and eddy current and X-ray technology are expected to augment the market growth.”
According to the report, one of the major drivers for this market is Oil and gas exploration and production activities. Development of drilling technologies has revolutionized the oil and gas industry. It has enabled access to remote locations, unconventional formations, and deep-water regions. This plays a key role in driving the consumption of corrosion protection products and services. Technological innovations, such as horizontal drilling and hydraulic fracturing, have unlocked an unconventional potential of several regions in the US, Saudi Arabia, Russia, Mexico, and Canada. As of 2015, there are about 300,000 hydraulically fractured wells in the US, and they contributed to more than 4.3 million barrels per day of oil. Canada had more than 572 trillion cubic feet of technically recoverable wet shale gas, in 2016.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in crude oil prices. The volatility in crude oil prices will directly affect the exploration and production of oil and gas. The low price of crude oil will reduce the demand for new rigs. The reduction in demand for new rigs will hinder onshore and offshore exploration and drilling activities, thereby reducing the demand for corrosion protection.
3M, Akzo Nobel, BASF, Hempel, The Sherwin-Williams Company, Aegion, Ashland, Axalta Coating Systems, Belzona International, Chase, Impreglon, Jotun, KANSAI PAINT, Metal Coatings, and RPM.
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