"Growing inclination towards corrosion-loss reduction, driving the market growth"
The rising demand from the oil & gas industry to lower the losses incurred due to corrosion is driving the global cathodic protection market. Cathodic protection is a technique to control the corrosion of a metal surface by making it a cathode of an electrochemical cell. Corrosion can destroy the integrity of infrastructure and regular patching of the damaged area may be simple but is found to be less effective in the long run. Eventual repairing of the infrastructure may add-up to the cost of repairing. Further, cyclical repairs weaken the structure and may lead to a total replacement of infrastructure. Thereby, adding the burden of replacement and increase in repair time which results in loss of revenue to the companies.
Moreover, the NACE study on the “International Measures of Prevention, Application, and Economics of Corrosion Technologies” highlighted that the global cost of corrosion estimated to be US$ 2.5 trillion, which equals 3.4% of the global GDP of 2013. Therefore, to reduce this loss, industries are deploying cathodic protection systems. Major industries such as oil & gas, marine, construction, and energy & power are at the forefront of deploying this system. Rising oil & gas demand and increasing construction activities across the developing region of the world are driving global demand.
Besides, stringent government regulations for corrosion protection has furthered the adoption of a cathodic protection system across the industry. For instance, U.S. PHMSA Cathodic Protection Regulations, and India’s Petroleum & Natural Gas Regulatory Board (PNGRB)’s Notification dated February 2016, further stressed on regular implementation of cathodic protection. Overall, the global cathodic protection market was US$ 4,265.1 Mn in 2018 and expected to reach US$ 7,063.5 Mn by 2027, growing at a CAGR of 5.8% from 2019 to 2027.
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"Pipelines segment dominating the market"
Based on the application, pipeline segment captured the highest share of the global cathodic protection market in 2018. The growing network of pipelines across the regions due to rising demand for oil & gas and petroleum products are driving the segment growth in 2018. Further, there is the continuous use of these pipelines throughout their operational life has made it crucial to keep its safety at the top level. Industries working in oil & gas sector are hugely investing in decreasing their losses in pipeline repairing; thereby, there is a hike in demand for cathodic protection system in the pipeline segment.
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"North America dominating the global market by region"
Based on the region, the global cathodic protection market was dominated by North America, accounting for more than 35% of the market share in the year 2018. In North America, the U.S. captured the major share of the regional market, pertaining to the high demand for oil & gas. Further, technological advancement in extracting shale oil & gas in the U.S. pushes the oil demand to a new high. With the growing investment from the strong corporate sector of the U.S., there is a high demand for pipelines and storage tanks construction across the region.
Moreover, stringent government regulations concerning the safety of pipelines and other corroding infrastructures present in the industry like PHMSA cathodic protection regulations have further made it stricter to follow safety check-ups and regular surveying for installing cathodic protection systems wherever required. Altogether, this has positively impacted the regional cathodic protection market.
In addition to the above, the Asia Pacific region is expected to show strong growth during the forecast period. The regional countries such as China, India, and ASEAN countries are swiftly going through the infrastructure and other developmental activities. The region is experiencing growth in the construction, manufacturing, and transportation industries. This, in the future, expected to be the driving factors for the Asia Pacific cathodic protection market.
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"Technological advancement is keeping the market competitive"
The global cathodic protection market is competitive. Prominent players operating in the cathodic protection market are adopting strategies such as a partnership with other companies, acquisition of smaller players to increase their production capacity and geographical reach. Following is the list of players included in the published reports.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
ATTRIBUTE | DETAILS |
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Research Period | 2017-2027 |
Base Year | 2018 |
Forecast Period | 2019-2027 |
Historical Year | 2017 |
Unit | USD Billion |
Segmentation |
Protection Type Segment (2017-2027; US$ Bn) |
Solution Segment (2017-2027; US$ Bn) |
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Application Segment (2017-2027; US$ Bn) |
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Industry Vertical Segment (2017-2027; US$ Bn) |
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Geography Segment (2016–2026; US$ Bn) |
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the global cathodic protection market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.