The global cathodic protection market size is set to be valued at US$ 4,605.0 Mn in 2022 and is estimated to grow at a CAGR of 5.2% from 2022-2032. The market is likely to reach a valuation of US$ 4,680.2 Mn by 2032. Cathodic protection is used by small to heavy industries to control and mitigate the effects of corrosion. Therefore, the oil & gas, water & wastewater, and processing plants among others are key consumers of protection products and services.
East Asia holds a sizable portion of the world market for cathodic protection, which is dominated by China. More than US$ 9 trillion worth of industry value is accounted for in the region. Over the course of the forecast period, the region is expected to increase by 160 basis points.
According to FMI, the gross national product (GNP) of industrialised countries is between 3% and 5% affected by corrosion damage. A better selection of corrosion prevention techniques, such as cathodic protection, is expected to reduce the annual cost of metal corrosion in the typical economy by one-third, which amounts to US$300 billion.
Furthermore, with increasing global cost of corrosion, the need for technologies related to its prevention is rising at a significant rate. Corrosion control is necessary to avoid any disastrous industrial events.
The U.S. is set to account for around 79.8% of the North America cathodic protection market share in 2022. As per the report, it would cost about US$ 2.1 trillion to replace over a million miles of deteriorated water and sewerage pipes all at once in the country.
Improved design, operation, and corrosion avoidance may have prevented 35 to 50 percent of this expenditure. Effective corrosion control procedures must be implemented and maintained to provide a long service life to pipe assets.
China is expected to create an incremental opportunity of more than US$ 581.9 Mn in the coming decade. The country has experienced one of the fastest economic growths in recent years, which has been significantly aided by advancements in heavy industries.
Corrosion problems are getting worse in these industries as a result of the widespread aging of existing engineering structures and the quick adoption of new materials. Therefore, establishing a more sustainable and energy-efficient economy in future will depend on increasing corrosion awareness and adequate corrosion control.
- Aegion Corporation
- BAC Corrosion Control Ltd
- Cathodic Protection Co Ltd
- CMP Europe
- Farwest Corrosion Control Company
- Imenco AS
- James Fisher
- MATCOR, Inc
- Nakabohtec Corrosion Protecting Co
- The Nippon Corrosion Engineering Co