Oil and Gas Corrosion Protection Market Size

Q: What is the key market trend for Oil and Gas Corrosion Protection Market?

Growing Use of Intelligent Coatings: Smart coatings with corrosion-protective and self-healing nanoparticles are becoming increasingly popular in industrial uses. Smart coatings provide self-healing, real-time corrosion sensing, and extended lifespan. Scientists are developing sensor-coated coatings that can sense corrosion early on, leading to cost savings and extended asset lives. Smart protective coatings of such advanced types are becoming increasingly important, particularly for deep-sea and offshore drilling operations.

Oil and Gas Corrosion Protection Market Insights

Oil and Gas Corrosion Protection Market size was valued at USD 13.4 billion in 2023 and is poised to grow from USD 13.79 billion in 2024 to USD 17.33 billion by 2032, growing at a CAGR of 2.9% during the forecast period (2025-2032).

Growing exploration and production of oil & gas, rising need for corrosion protection solutions, and environmental considerations are driving the global Oil and Gas Corrosion Protection Market growth. Increasing global oil, gas & energy projects are another prominent market growth driver. Increasing regulatory guidelines and laws imposed by the government for ensuring safety are stimulating the application of corrosion protection technology. Increasing developments in manufacturing process technologies and the adoption of digital technology and monitoring processes are poised to drive market growth.

Global energy requirements have resulted in greater oil & gas production and processing, and corrosion protection is now essential to safeguard infrastructure and equipment from failure, safety hazards, and environmental harm. Moreover, the aging infrastructure of the oil and gas sector is another impetus for market expansion. All the pipelines and offshore oil & gas infrastructure are at the point of being at the end of their design life and therefore susceptible to corrosion and other aquatic life that attack the material, requiring the application of effective corrosion protection solutions to extend their lifespan. Furthermore, rising incidents of corrosion failure in the oil & gas industry have also increased the need for effective corrosion protection solutions. For instance, 25% of failures in the oil & gas industry are corrosion failure.

The shale gas revolution is yet another major growth driver for the market. Economies such as China, Argentina, Mexico, and others with the most richly endowed shale gas reserves as shale gas is generally extremely acidic and corrosive in nature in such economies, therefore there is high demand for corrosion protection solutions so that such failures are avoided. Furthermore, increasing regulatory requirements and industry norms for safety and environmental protection are encouraging the application of corrosion protection solutions.

Key Market Attributes

Cortec Corporation is one of the most significant industry participants in the global Oil and Gas Corrosion Protection Market, offering extensive solutions and MCI and VpCI corrosion protection technology solutions. Cortec offers a diverse product line and serves diverse application industries such as metalworking, construction, electronics, packaging, and oil & gas. CPS ECO FLOW SYSTEM, VpCI for Process Industries, Biodegradable Volatile Corrosion Inhibitors, and more are some of its corrosion protection products in the oil & gas industry.

Axalta Coating Systems is a multinational company involved in coating solutions. Axalta distributes various industries including automotive, commercial vehicles, industrial, and others. The firm is present in more than 140 countries, and the product offerings include a broad portfolio of coatings, liquid coatings, powder coatings, and electrocoating. Solutions by Axalta for the oil & gas division include Electrocoat, Powder coatings, Thermoplastic coatings, Water & Solvent-borne primers, Topcoats, and Direct-to-metal.

In July 2024, TotalEnergies, one of the large energy companies, and Schlumberger NV (SLB), a leading energy technology company, entered into a 10-year partnership agreement to collaborate on developing and delivering next-generation digital technology solutions. The strategic partnership will not only enhance operational effectiveness along the green line but also foster initiatives towards sustainability and innovation in the energy industry. With advanced data analytics, artificial intelligence, and automation, this partnership is poised to spearhead technology that's maximizing exploration, production, and overall business result in oil and gas.

FAQs

Global Oil and Gas Corrosion Protection Market size was valued at USD 9.78 Billion in 2023 and is poised to grow from USD 10.01 Billion in 2024 to USD 12.11 Billion by 2032, growing at a CAGR of 2.4% in the forecast period (2025-2032).

The global oil & gas corrosion protection industry is competitive with top players placing research in technology, strategic partnerships, and product innovation at the forefront. Industry giants such as AkzoNobel, Hempel, Sherwin-Williams, PPG Industries, and Jotun are ruling the market with excessive investment in R&D and environmentally friendly coating solutions. Furthermore, mergers & acquisitions, and collaborations such as TotalEnergies and SLB's collaboration are transforming the market with improved corrosion protection technology and industry expansion. 'AkzoNobel N.V.', 'Hempel A/S', 'PPG Industries, Inc.', 'The Sherwin-Williams Company', 'Jotun A/S', 'RPM International Inc.', 'BASF SE', 'Axalta Coating Systems Ltd.', 'Kansai Paint Co., Ltd.', 'Nippon Paint Holdings Co., Ltd.', 'Cortec Corporation', '3M Company', 'Chase Corporation', 'Tnemec Company, Inc.', 'Belzona International Ltd.'

Investment in oil and gas exploration, particularly in ultra-deepwater and deepwater ventures, is picking up steam owing to a rising demand for energy resources. Technologies for protecting against corrosion are increasingly popular with old infrastructure in need of better upkeep and pipelines with longer lives. Coatings, inhibitors, and cathodic protection technologies are in high demand with government and company investment in offshore drilling and refinery operations.

Growing Use of Intelligent Coatings: Smart coatings with corrosion-protective and self-healing nanoparticles are becoming increasingly popular in industrial uses. Smart coatings provide self-healing, real-time corrosion sensing, and extended lifespan. Scientists are developing sensor-coated coatings that can sense corrosion early on, leading to cost savings and extended asset lives. Smart protective coatings of such advanced types are becoming increasingly important, particularly for deep-sea and offshore drilling operations.

Middle Eastern & African oil & gas corrosion protection industry captured the highest market share of over 32.5% in 2024. The region is home to huge oil and gas reserves in countries such as Saudi Arabia, Iraq, Kuwait, Iran, Oman and the UAE, which necessitate massive infrastructural developments and revamps at frequent intervals, e.g., pipelines, refineries, and offshore platforms, since it is imperative to protect such assets from corrosion to sustain their lifespan and functional efficiency. For instance, according to the current estimates by Organization of the Petroleum Exporting Countries (OPEC), 1,241.33 billion barrels of proved crude oil reserves worldwide are found in OPEC Member Countries. Of these, the reserves found in Middle Eastern member of OPEC account for 67.3% of the total reserves. These circumstances have generated higher demand for corrosion protection solutions that can prevent the loss of assets and equipment.