Key Market Insights

"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$ 5,007.2 Mn in 2021 and is expected to reach US$ 8,292.5 Mn by 2030, growing at a CAGR of 5.8% from 2023 to 2030.

Application Segment Analysis

"Pipelines segment dominating the market"

Based on the application, the pipeline segment captured the highest share of the global cathodic protection market in 2021. 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 systems in the pipeline segment.

Regional Analysis

"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 2021. 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 factor for the Asia Pacific cathodic protection market.

"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:

Aegion Corporation, Perma-Pipe, BAC Corrosion Control Ltd., Cathodic Protection Company, Cathodic Protection Management, Inc., Corrosion Protection Specialist Pvt. Ltd., Farwest Corrosion Control Company, Imenco AS, MATCOR, Inc., SAE Inc., Southern Cathodic Protection, Tecnoseal Marine Anodes USA Inc., Nippon Corrosion Engineering Co., Ltd., SunRui Marine Environment Engineering Company Ltd. (CSIC), PureHM (Xylem Inc.), STORK, C M BEASY Ltd. And Other Notable Players.

Key Industry Development:

• In January 2020, C M BEASY Ltd. presented its paper on the corrosion data management system combined with digital twin simulation. With this simulation, data engineers can manage and visualize 3D CP survey data that will help to predict more accurate decisions for the protection of CP structure and the status of anodes in the CP system. With the incorporation of technologies, the cathodic protection timing can be predicted in a much better manner. 
• In December 2019, PureHM announced its partnership with the Commonrow Consulting, working in AC mitigation design and engineering house. With this partnership, PureHM has added AC mitigation solutions to their cathodic protection solutions. This partnership will able to provide turnkey AC mitigation solutions to pipeline operators, providing personal safety and pipeline integrity solutions throughout the pipeline networks.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cathodic Protection market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Cathodic Protection market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Cathodic Protection market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Cathodic Protection market?
• Which is the largest regional market for Cathodic Protection market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Cathodic Protection market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Cathodic Protection market worldwide?