New research suggests that the global oil and gas corrosion protection market accounted for US$8.54 billion in 2016. Stratistics MRC expects the market to reach US$11.61 billion by 2022, growing at a CAGR of 5.2% between 2016 and 2022.
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Increasing demand for energy, concerns regarding the high cost burden of oil and gas leakages, and monetary losses of pipeline corrosion are key factors driving the market. The oil and gas industry’s increasing adoption of advanced technologies that allow for inspection of interior corrosion of oil and gas pipelines remotely has emerged as a key trend in the global market.
The Middle East is one of the key markets for oil and gas pipeline corrosion prevention activities. North America has also had a significant share in the overall global market. It is anticipated that North America will also provide significant growth opportunities for the market in the next few years. The Asia Pacific market is fuelled by increasing demand for oil and gas due to the rapidly escalating population and positive rate of industrialisation in the region.
Key players in the market include The Sherwin-Williams Company, RPM International, Inc., Kansai Paints Co. Ltd., Jotun A/S, Hempel A/S, BASF SE, Axalta Coating System Ltd., Ashland Inc., AkzoNobel N.V, Aegion Corporation and 3M Company.
Stratistics MRC’s global market outlook offers: market share assessments for both the regional and country level segments and of the top industry players; strategic recommendations for the new entrants; market forecasts for a minimum of six years of all the mentioned segments, sub segments and the regional markets; market trends (drivers, constraints, opportunities, threats, challenges, investment opportunities, and recommendations); strategic recommendations in key business segments based on the market estimations; competitive landscaping mapping the key common trends; company profiling with detailed strategies, financials and recent developments; and supply chain trends, mapping the latest technological advancements.
Read the article online at: https://www.worldpipelines.com/business-news/05052017/oil-and-gas-corrosion-protection-market-excepted-to-grow/