April 20, 2020
According to the research report titled ‘Global Cathodic Protection Market Size study, by Type (Galvanic (Sacrificial Anodes), Impressed Current), Application (Pipelines, Storage Facilities, Processing Plants, Water & Wastewater, Transportation, Building, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global cathodic protection market was worth USD 4450 million in 2018 and is expected to register a 6.2% growth rate during 2019-2026.
For the record, cathodic protection technique is used to prevent metal surface from corrosion by introducing the latter as a cathode in an electrochemical cell. Factors such as increasing infrastructural developments, surging construction of commercial and residential spaces, favorable federal reforms pertaining to corrosion protection, and swift urbanization are driving the cathodic protection market. The technique is widely used in construction sector as it helps in preventing the construction materials from corrosion. However, popularity of alternatives and fragmented industry scenario may act as a restraining factor to the overall market growth.
As per the regional analysis, North America holds a significant share in global cathodic protection market and is presumed to expand continuously in the forthcoming years, owing to increasing usage of technique across amplifying power sector.
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Meanwhile, Asia-Pacific cathodic protection market is expected to grow significantly through 2026. Increasing number of commercial and residential projects coupled with rapid industrialization in India and China are favoring the market outlook in Asia-Pacific.
The prominent companies operating in worldwide cathodic protection market are Corrosion Protection Specialist, SAE, Imenco, The Nippon Corrosion Engineering, Perma-Pipe, Nakabohtec Corrosion Protecting Co. Ltd., BAC Corrosion Control Ltd., Matcor Inc. and Aegion Corporation among others.