Global Offshore Corrosion Protection Market on Track to Exceed US$13 billion by 2030, Safeguarding Marine Infrastructure - TMR

The global offshore corrosion protection market is expected to reach US$13 billion by 2030, growing at a CAGR of 3% during the forecast period (2022-2027), according to Transparency Market Research (TMR). 

Offshore corrosion protection involves measures to prevent or mitigate corrosion in offshore structures, such as oil platforms, pipelines, and subsea equipment. Corrosion can result in significant maintenance costs, environmental risks, and operational disruptions. Effective corrosion protection is essential to ensure the integrity and longevity of offshore assets.

The global offshore corrosion protection market has experienced significant growth due to the expansion of offshore oil and gas exploration and production, the need for asset integrity management, and environmental considerations. Corrosion protection is crucial for offshore structures and equipment, as they are exposed to harsh marine environments.

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• Market Growth

• The global offshore corrosion protection market has witnessed substantial growth and is expected to continue expanding. Key factors contributing to this growth include:

• Offshore Exploration and Production: The expansion of offshore oil and gas activities in deepwater and ultra-deepwater locations.
• Asset Integrity Management: The need for asset integrity management to prevent equipment failure and environmental incidents.
• Environmental Concerns: Growing awareness of the environmental risks associated with corrosion in offshore operations.

• Market Drivers

• Several factors are driving the growth of the offshore corrosion protection market, including:

• Offshore Expansion: The increasing offshore exploration and production activities in challenging environments.
• Asset Longevity: The focus on prolonging the service life of offshore assets to optimize returns on investment.
• Environmental Responsibility: The need to minimize the environmental impact of offshore operations through effective corrosion protection.

• Market Challenges

• The offshore corrosion protection market faces certain challenges, such as:

• Harsh Environments: The complexity of protecting offshore structures in harsh marine environments with high salinity and extreme weather conditions.
• Cost Management: Managing the costs associated with corrosion protection materials, maintenance, and inspection.
• Regulatory Compliance: Adherence to complex regulatory requirements related to environmental protection and asset integrity.

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The report covers extensive competitive intelligence which includes the following data points:

- Business Overview
- Business Model
- Financial Data
- Financial - Existing
- Financial - Funding
- Product/Service Segment Analysis and specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis

Competitor Analysis:

The significant 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, Chase Corp

Market Segmentation -

This report has explored the key segments: by Type and by Application. The lucrativeness and growth potential have been looked into by the industry experts in this report. This report also provides revenue forecast data by type and by application segments based on value for the period 2023-2030.

This Report lets you identify the opportunities in Offshore Corrosion Protection Market by means of a region:

Market Opportunities

• North America (the United States, Canada, and Mexico)
• Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

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Opportunities in the offshore corrosion protection market include:

• Innovation: Ongoing research and development to create advanced and environmentally friendly corrosion protection solutions.
• Asset Monitoring: The growth of asset integrity management services and technologies for real-time monitoring of corrosion and structural health.
• Global Expansion: Expanding corrosion protection services to emerging offshore markets and renewable energy sectors.

Recent Developments

Here are some recent developments of companies in the global offshore corrosion protection market, with the year:
• AkzoNobel (Netherlands): 2023 -AkzoNobel launches a new line of sustainable coatings that are designed to protect offshore assets from corrosion.
• PPG Industries (US): 2023 - PPG Industries announces a strategic partnership with a technology firm to develop smart corrosion protective coatings for offshore assets.
• Jotun (Norway): 2023 - Jotun launches a new Hull Performance Solution (HPS) with advanced antifouling coating systems for offshore vessels.
• Hempel (Denmark): 2022 - Hempel launches a new line of tankguard coatings that are designed to facilitate greater cargo flexibility, long-term performance, and vessel utilization for offshore tankers.

Reasons to Buy The Offshore Corrosion Protection Market Report: -

1.Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.

2.Reports provide opportunities and threats faced by suppliers in the Offshore Corrosion Protection industry around the world.

The report shows regions and sectors with the fastest growth potential.

3.A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.

4.The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.

5.This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.

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