Growing investigation and production ventures are driving market growth.
New York, USA, Jan. 06, 2025 (GLOBE NEWSWIRE) — Market Details
The global oil and gas corrosion protection market size was USD 9.96 billion in 2024, estimated at USD 10.19 billion in 2025, and is expected to reach around USD 12.54 billion by 2034, expanding at a CAGR of 2.3% from 2025 to 2034.
What is Oil and Gas Corrosion Protection?
Crude oil and natural gas accommodate carbon dioxide, hydrogen sulfide, and liberated water, which are intrinsically corrosive. The ongoing removal of CO2, H2S, and liberated water through oil and gas constituents and the lines and the ingredient installation may experience substance mortification, causing the absence of mechanical attributes when it is perceived that prevailing substances of construction and determined possible substances to befit the particular requirement. Stainless steel encompasses a broad gamut of alloys, each with a specific amalgamation of corrosion-proof and mechanical attributes.
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Key Takeaways from the Report
- The market is expected to exhibit a CAGR of 2.3%
- The market for oil and gas corrosion protection is expanding due to the requirement for stringent security of ecological directives
- The oil and gas corrosion protection market analysis are primarily based on type, location, sector, and region
- Based on type, the coating segment dominated the market in 2024
- In 2024, the Middle East & Africa dominated the market with the largest share and is anticipated to continue its dominance during the forecast period
Oil and Gas Corrosion Protection Market Dynamics
Growth Drivers
Growing Gas and Energy Projects: The oil and gas corrosion protection market size is expanding due to the growing aggregate of gas and energy projects. This arises from the International Trade Administration, in 2021, Qatar Energy’s North Field Expansion Project targeted to augment Qatar’s LNG storage tank production. The project concentrated on structuring contemporary offshore platforms, pipelines, and processing spaces in an excessively corrosive marine ambiance.
Escalating Government Directives: Government directives and security standards are pushing alterations in the oil and gas industry. These directives establish thorough estimates to diminish probabilities linked with leaks, spills, and structural foundering, such as those encapsulated in the US Pipeline and Hazardous Materials Safety Administration (PHMSA) or the EU’s Offshore Safety Directive.
Trends and Opportunities
Aging Infrastructure: The maturing framework and the requirement for sustenance in prevailing spaces additionally push the market augmentation. Orbital O2 tidal energy turbine, armed with two 1 megawatt turbines, utilizes robust tidal currents to create 2 megawatts of clean energy sufficient to power about 2000 homes. In April 2021, Hempel granted elevated performance anti-corrosion coatings and biofueling proof solutions to O2 for the project which suggests that the oil and gas corrosion protection market demand is expanding.
Growing Funding: The market is observing notable funding from prominent contenders targeting to invent and augment their commodity portfolios sanctioning durable justifiability and functional productivity in the oil and gas industry.
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Competitive Analysis
The aggressive topography of the market is portrayed by an assortment of global leaders and regional contenders contesting for market share through inventions, tactical associations, and geographical augmentation. Prominent firms in the sector, such as 3M, Cortec Corporation, and others, use their strong R&D potential and substantial dissemination frameworks to offer progressive corrosion safeguarding solutions customized to application in upstream, midstream, and downstream functionalities.
Major players operating in oil and gas corrosion protection market are:
- PPG Industries, Inc.
- SLB
- NTIC
- Cortec Corporation
- Maxwell Additives Pvt. Ltd.
- Imperial Oilfield Chemicals Pvt. Ltd.
- Hexigone Inhibitors Ltd.
- Axalta Coating Systems, LLC
- Teknos Group
- 3M
Regional Insights
Middle East & Africa: The region’s sizeable oil and gas reserves situated in countries such as Saudi Arabia, Iraq, Kuwait, Iran, Oman, and the UAE have caused the development of the market in this region. Additionally, the Middle East & Africa oil and gas corrosion protection market is further strengthened by sanctioning the functional productivity of this crucial framework is important.
North America: Growing survey and production ventures throughout the region are expected to drive North America’s oil and gas corrosion protection market with the highest CAGR during the forecast period.
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Oil and Gas Corrosion Protection Market Segmentation
By Type Outlook
- Coating
- Paints
- Corrosion Inhibitors
- Others
By Location Outlook
- Offshore
- Onshore
By Sector Outlook
- Upstream
- Midstream
- Downstream
By Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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