OffshoreCorrosion Protection Market: Introduction
The global offshorecorrosion protection market was valued at US$9.5 Bn in 2019 and isanticipated to expand at a CAGR of ~3% during theforecast period. Based on technology, the cathodic protection segment dominatedthe global offshore corrosion protection market in 2019.Cathodic protection is a highly effective method to prevent corrosion of metalsurfaces. It consists of two sub-types: sacrificial anode cathodic protectionand impressed current cathodic protection. Impressed current cathodicprotection is a lucrative sub-segment of the global offshore corrosionprotection market. In terms of application, the pipelines segment accounted forleading share of the global offshore corrosion protection market in 2019. Thiscan be primarily ascribed to the increase in investments in the global oil& gas sector. Pipelines are laid on the seabed or subsea. Hence, they aresusceptible to rapid corrosion due to environmental conditions. Pipelines isalso likely to be a highly attractive segment of the global offshore corrosionprotection market during the forecast period.
Theoffshore corrosion protection market in Asia Pacific is estimated to expand ata substantial pace during the forecast period, owing to high investment in theoil & gas industry and establishment of numerous offshore explorationfacilities in the region. China, Japan, South Korea, and India are investingsignificantly in offshore wind power energy. This is anticipated to boost thedemand for offshore corrosion protection in Asia Pacific.
Key Drivers of Offshore CorrosionProtection Market
Rise ininvestments in offshore wind power generation is estimated to boost the globaloffshore corrosion protection market during the forecast period. Global demandfor energy has been increasing at a rapid pace, since the last decade. Fossilfuels account for 70% of the globalconsumption of electricity. Fossil fuel emissions continue to worsen climaticchange; hence, carbon-free solutions, such as solar power, nuclear power, andwind power, are gaining importance in terms of energy generation. Power generationfrom offshore wind energy has emerged as a promising alternative for variouscountries to expand their renewable energy portfolios and provide a boost tosustainable energy. In offshore wind power, blades corrode rapidly due to harshweather conditions. Therefore, the demand for offshore corrosion protectioncoatings has been increasing in offshore wind power generation. Investments inoffshore wind power development are expected to rise substantially across theglobe in the next few years. Europe leads in terms of investments in thedevelopment of wind power. According to Wind Europe, the region invested US$8.7 Bn in the development of offshore wind power in 2018. TheU.K., Germany, France, and Italy have invested significantly in the developmentof offshore wind power. Thus, demand for offshore corrosion protection isprojected to rise significantly in the offshore wind power industry in the nearfuture. This, in turn, is likely to augment the global offshore corrosionprotection market during the forecast period.
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Asia Pacific Offers LucrativeOpportunities to Offshore Corrosion Protection Market
AsiaPacific is anticipated to be a highly attractive region of the global offshorecorrosion protection market during the forecast period. The offshore corrosionprotection market in Asia Pacific is estimated to expand at a significant pacebetween 2020 and 2030, dueto the growth in the oil & gas industry. Investments in offshore wind powergeneration are rising in Asia Pacific. This is expected to propel the demandfor offshore corrosion protection in the region in the next few years.
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Major Developments in OffshoreCorrosion Protection Market
On February24, 2020, Axalta Coating Systems Ltd. displayed its waterborneautomotive refinishing products - Standoblue and Cromax Pro - at Expo CESVIheld in Mexico. These new products provide ease of application and accuratecolor matching. On June 4, 2019, HempelA/S launched Globic 7000, a newantifouling coating with enhanced operational flexibility for all types ofvessels. The newly developed product leads to significant fuel cost savings andreduction in associated emissions for owners and operators.
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CompetitionLandscape of Offshore Corrosion Protection Market
The globaloffshore corrosion protection market is moderately fragmented. Variousinternational and local players operate in the global offshore corrosionprotection market. Prominent players operating in the global offshore corrosionprotection market are About Us
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