Corrosion Monitoring Market Analysis - Global Industry Size, Share, Trends and Forecast, 2018 - 2026

Introduction

Corrosion is a electrochemical process of transforming alloys and metals into hydroxides and aqueous salts. Anodic and cathodic are the two reactions that generally occur in the corrosion process. Anodic reaction involves ionization of metal atoms. The process of monitoring and preventing corrosion on metals is known as corrosion monitoring. Probes are the most important component in the corrosion monitoring process. Probes are electromechanical, electrical, or mechanical. These probes are introduced into steam process and exposed out of the process. Corrosion monitoring process helps in providing accurate measurement of metal being loosed and rate of corrosion in the various industrial applications. Weight loss coupons, microbial, electrical resistance, hydrogen penetration, galvanic current, linear polarization and electrical resistance are the most popular techniques of corrosion monitoring.

Market Dynamics

The rapidly growing end-use industries and increasing awareness towards corrosion monitoring techniques are the driving factors for the growth of corrosion monitoring market. Strict government norms regarding the safety at work place will also drive the market for corrosion monitoring in coming years. Also, old infrastructure or machinery in ancient industries which leads to the corrosion of metals is likely to drive the market for corrosion monitoring. The downstream projects in oil & gas sector make extensive use of corrosion monitoring process, thereby driving the market growth. However, huge investment required to setup corrosion monitoring equipment hampers the growth of corrosion monitoring market. Moreover, there is setback in the upstream projects of oil & gas sector which is restraining the market for corrosion monitoring. The sudden increase of corrosion monitoring techniques in chemical, energy, and power industries offers huge growth opportunity for the corrosion monitoring manufacturers over the forecast period.

Market Classification and Overview

The global corrosion monitoring market can be segmented based on type, technique, end-use industry, and region. Intrusive and non-intrusive are the two major types of corrosion monitoring process. Corrosion coupons, electrical resistance, linear polarization resistance, galvanic technique, and ultrasonic thickness measurement segment is projected to witness the highest growth rate during the forecast period owing to the ease in operations, rapid monitoring process, and accuracy. Oil & gas, chemicals, manufacturing, power generation and pulp & paper are the various end-use industries that are extensively using corrosion monitoring technique. Oil & gas industry is the largest revenue generator for the corrosion monitoring market. Oil & gas sector requires enough safety of equipment which is received by various corrosion monitoring techniques. Growing exploration & production activities drives the market for corrosion monitoring.

Regional Overview

The market for corrosion monitoring is segmented into regions such as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). The Asia-Pacific region was largest market for corrosion monitoring, in terms of value and volume. The region is also analyzed to witness highest growth during the forecast period owing to the growth in end-use industries such as oil & gas, chemicals, power generation and manufacturing. The demand for corrosion monitoring in the regions like North America is likely to increase in future years owing to the exploration of shale gas in the region. In LAMEA, the market for corrosion monitoring will grow due to rise in manufacturing and oil & gas sector in countries such as Brazil, UAE, Saudi Arabia and parts of Africa.

Report Coverage

Market	Corrosion Monitoring Market
Analysis Period	2015 – 2026
Historic Data	2015 – 2016
Base Year	2017
Forecast Data	2018 – 2026
Market Stratification	Type, Technique, End-Use Industry, Geography
Regional Scope	North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Report Coverage	Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis

Market Participants

Some of the major players involved in the manufacturing and supply of corrosion monitoring equipment include Intertek Group Plc, Permasense, Cosasco, ICORR Technologies, Pyramid Technical Services, BAC Corrosion Control, Rysco Corrosion Services, SGS SA, and Applied Corrosion Monitoring among others.

Market Segmentation

Market By Type

·         Intrusive

·         Non-intrusive

Market By Technique

·         Corrosion Coupons

·         Electrical Resistance

·         Linear Polarization Resistance

·         Galvanic Technique

·         Ultrasonic Thickness Measurement

Market By End-Use Industry

·         Oil & Gas

·         Chemicals

·         Manufacturing

·         Power Generation

·         Pulp & Paper

·         Others

Market By Geography

·         North America

o   U.S.

o   Canada

o   Mexico

·         Europe

o   UK

o   Germany

o   France

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   India

o   Australia

o   Rest of Asia-Pacific

·         Latin America

o   Brazil

o   Rest of Latin America

·         Middle East and Africa (MEA)

o   South Africa

o   Saudi Arabia

o   Rest of MEA