According to a recent study of Future Market Insights (FMI), the cathodic protection market will witness a robust expansion at nearly 6% CAGR through 2028. According to the National Association of Corrosion Engineers’ (NACE) ‘International Measures of Prevention, Application and Economics of Corrosion Technology (IMPACT)’ study, the global cost of corrosion was over US$ 2,500 Bn in 2013.
However, by using the currently available corrosion control practices, only around 15% to 35% of the total cost of corrosion can be saved, which is between US$375 Bn–US$875 Bn.
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Increasing global cost of corrosion has resulted in a significant rise in the need for technologies related to its prevention, which is creating a demand for solutions such as cathodic protection. Essentiality of corrosion protection and control in industrial sectors, for the prevention of any catastrophic events, is a key factor underpinning growth of the cathodic protection market.
Cathodic protection is a globally used technique to control the corrosion of a metal surface in a harsh environment. Owing to the efficient and reliable corrosion protection technology, the cathodic protection market is estimated to grow at a significant rate during the forecast period, supported by the increasing demand for corrosion prevention technologies to minimize the direct cost of corrosion.
Cathodic Protection Market Key Research Findings
- Cathodic protection market surpassed revenues worth US$ 4,000 Mn in 2017.
- The cathodic protection market is expected to record a steady CAGR of nearly 6.0% through 2028, to exceed revenues worth US$ 7,000 Mn.
- Regulatory framework continues to play an important role in the growth of cathodic protection market –
- Government bodies such as the Environment Protection Agency, European Environment Agency (EEA), and United States Code of Federal Regulations (CFR), have imposed stringent regulations related to corrosion protection in industries.
- According to the study of the National Association of Corrosion Engineers (NACE), titled ‘International Measures of Prevention, Application and Economics of Corrosion Technology (IMPACT),’ the costs associated with corrosion protection worldwide surpassed US$ 2,500 Bn in 2013, which was equivalent to 3.4% of the world’s GDP.
- Some note that using currently available corrosion control practices, only around 15% to 35% of this total global cost of corrosion can be reduced, which is between only US$375 Bn to US$875 Bn. This will significantly affect the growth of the cathodic protection market.
- Asia Pacific is projected to lead the global cathodic protection market, underpinned by the requirement for corrosion protection systems and services entailed by construction and infrastructure development activities, along with the maintenance activities associated with old structures.
- Cathodic protection market will also witness significant growth opportunities in the Middle East & Africa, owing to surging demand from the industrial sectors, particularly in the oil & gas industry.
- Cathodic protection through impressed current remains preferred among end-users. Revenues from the impressed current-based cathodic protection accounted for bulk shares of the market in 2018. Demand for impressed current cathodic protection remains undergird by increasing demand for corrosion protection for underground pipelines and sub-sea pipelines in suburban areas.
Global Cathodic Protection Market: Structure Analysis
Fragmented nature of the global cathodic protection market is expected to prevail. However, leading players in the cathodic protection market continue to hold over 30-40% revenue share.
- As a part of their business growth strategies, established players in the cathodic protection market have been focusing on expanding their presence in North America and Europe, as these two regions hold potential opportunities for infrastructure and corrosion protection services.
- Key players in the cathodic protection market have also been eyeing expansion in the Middle East & Africa, and Asia Pacific, sensing the opportunities entailed by growth in production facilities, transportation, and energy infrastructure.
- As a differentiating strategy, cathodic protection market participants are focusing on cost reduction in their services, and the development of new techniques used for cathodic protection.
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Cathodic Protection Market Analysis by Solution
By solution, the cathodic protection market has been categorized into products and services. The products segment can be further divided into anodes, power supplies, junction boxes, test stations, remote monitors, coatings, instrumentation, and others.
Services include inspection, design & construction, and maintenance. Leading players in the market provide almost all the products and services for cathodic protection to various end users.
Cathodic Protection Market Analysis by Type
By type, the cathodic protection market is segmented into galvanic (sacrificial anodes) and impressed current. The impressed current-based cathodic protection continues to hold bulk shares of the market, nearly 80%.
Demand for cathodic protection based on impressed current remains influenced by the high cost of alternative methods available for cathodic protection current.
Cathodic Protection Market Analysis by Application
By application, the cathodic protection market has been categorized into pipelines, storage facilities, processing plants, water & wastewater, transportation, building, and others.
Government regulations related to the corrosion protection of industrial infrastructures continue to influence growth of the cathodic protection market.
The more regulations are imposed, the more cathodic protection is required, and more accurate the testing and records need to be. This is expected to significantly boost growth of the cathodic protection market soon.
Cathodic Protection Market Analysis by Region
From a regional perspective, North America is a projected to be a prominent market, owing to significant pipeline integration in the oil & gas industry. Europe is projected to hold over one-fourth share of cathodic protection market.
The market in Asia Pacific is expected to expand to a relatively higher CAGR, owing to the increasing investments in the infrastructure development, and increased spending on the maintenance of existing infrastructure. China is expected to be the most lucrative market for cathodic protection, with sales projected to grow at a CAGR of over 7% during through 2028.
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Cathodic Protection Market: Vendor Insights
Key players operating in the cathodic protection market include Aegion Corporation, BAC Corrosion Control Ltd., Cathodic Protection Company, Cathodic Protection Management, Inc., Corrosion Protection Specialist Private Limited, Farwest Corrosion Control Company, Imenco AS, Matcor, Inc, MG Duff International Ltd, Perma-Pipe Inc., SAE Inc., Southern Cathodic Protection, Tecnoseal Group, The Nippon Corrosion Engineering Co., Ltd., and Nakabohtec Corrosion Protecting Co., Ltd.