Published on : Dec 14, 2017
ALBANY, New York, December 14, 2017: The global oil and gas corrosion protection market is chiefly driven by a surge in the oil and gas exploration and production activities, states a new report added by ResearchMoz.us. The report is titled, “Global oil and gas Corrosion Protection Market 2017-2021.” According to the report the global oil and gas corrosion protection market will be worth US$10 bn by 2021. Access to remote locations deepwater regions and unconventional formations will further drive the oil and gas corrosion protection market. Horizontal drilling and Hydraulic fracturing have created many growth opportunities in different regions. The demand for oil and gas corrosion protection is also increasing in the oil and gas industry as it helps boost the life of pipes, equipment, semi submersible, and jack-ups. Moreover, corrosion protection helps prevent leakage of oil and gas. One of the key trends within the market is growing advancements in technology which has resulted in improved detection and protection of corrosion. On the other hand, the fluctuation in the prices of crude oil will affect the market to a certain extent.
On the basis of location, the global oil and gas corrosion protection market is segmented into onshore and offshore, of which the offshore segment has been leading in the market on account of the rising deep water and ultra deep water explorations. Additionally, rising productivity of aging offshore reserves on account of the use of offshore hydraulic fracturing will also drive the growth prospects of this segment. On the basis of geography, Europe and the Middle East and Africa have been leading in the market. Oil and gas reservoirs in the UK, Norway, and Russia will drive the oil and gas corrosion protection market in Europe.
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The Middle East and Africa market for oil and gas corrosion protection is witnessing growth on account of the growing infrastructural development in countries such as Saudi Arabia, the UAE, and Kuwait which are key producers of oil and gas. In terms of sector, the global oil and gas corrosion protection market is segmented into downstream, upstream, and midstream. The upstream segment is currently leading.
Leading players within the market are focusing on merger and acquisition activities for sustaining stiff competition. The market is fragmented extensively and also competitive. Players within the market are competing on the basis of operational cost, price, innovation, and product quality. Leading players are striving to expand their product category by extensive research and development. This is also expected to give them a competitive edge above all others.
The key players which are profiled in the report include Akzo Nobel, 3M, BASF, Hempel, Aegion, The Sherwin-Williams Company, Ashland, Metal Coatings, Belzona International, Axalta Coating Systems, Chase, Jotun, Impreglon, KANSAI PAINT, and RPM. The report also analyses the business and financial overview of the companies along with the recent accomplishments. The challenges faced by these players have also been discussed. Most importantly the business strategies adopted by leading players have been revealed in the report.
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