Corrosion under insulation monitoring Market

Corrosion Under Insulation Monitoring Market Report, By Component (Hardware, Software, and Services), By End- User (Oil & Gas, Marine, Chemical & Petrochemical, Energy & Power, Food Processing, and Others) and Regions 2024-2032

Market Overview:

"The global corrosion under insulation monitoring market size reached US$ 97.7 million in 2023. Looking forward, Reports and Insights expects the market to reach US$ 254.0 million in 2032, exhibiting a growth rate (CAGR) of 11.2% during 2024-2032."


Corrosion Under Insulation (CUI) refers to a type of corrosion that can happen in thermally insulated pipelines or vessels with inadequate coating. It occurs between the insulation material and the outer surface of the equipment. CUI is a prevalent issue that can affect various types of thermal insulation, such as Rockwool, foam rubber, polyurethane, calcium silicate, and fiberglass.

The oil and gas production industries play a significant role in driving the demand for corrosion monitoring, particularly in the Corrosion under Insulation Monitoring Market. This monitoring method is crucial in preventing premature degradation, ensuring safety, and addressing environmental concerns.

Corrosion-related issues can lead to substantial financial losses due to production interruptions, repair expenses, and unexpected equipment replacements. As awareness about corrosion under insulation monitoring and its importance in preventing failures increases, the market is expected to witness further growth in the coming years.

In addition to the oil and gas sector, the pipeline industry and refineries also contribute significantly to the expansion of the corrosion under insulation monitoring market. These key sectors recognize the value of proactive monitoring to safeguard their infrastructure and prevent costly consequences associated with corrosion-related problems.

Corrosion Under Insulation Monitoring Market Report Overview:

The global corrosion under insulation monitoring market research report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use.

Revenues and market share are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based. Revenue growth rates and differences, as well as comparisons and relatable data are provided to further support all findings. Data points are provided for each year – from historical to end of forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others. Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, research & development, strategies, product launches, agreements, expansion, mergers & acquisitions, and others. 

The global corrosion under insulation monitoring market research report is segmented on basis of component, end-user, and regions and countries. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of MEA).

Corrosion Under Insulation Monitoring Market Trends and Drivers:

Prevalence of Humid and Tropical Climates: The increasing demand for corrosion under insulation monitoring is driven by the growing economic presence of several countries with humid and tropical climates year-round. In such environments, metals are prone to corrode at a faster rate due to the reaction between oxygen and electrons on the metal's surface in the presence of moisture-saturated air. Metal components are particularly susceptible to rapid corrosion when exposed to prolonged periods of humid air. This type of corrosion is prevalent in regions where the moisture content in the air reaches critical humidity, the point at which water no longer evaporates or gets absorbed from the atmosphere. As a result, there is a rising need for effective corrosion monitoring and prevention methods, such as corrosion under insulation monitoring, to mitigate the detrimental effects of corrosion in these challenging climatic conditions.

Increasing Need for Efficient Processes and Longer Life of The Equipment: The growing demand for efficient processes and extended equipment lifespan has led to the widespread use of corrosion protection coatings, including CUI (Corrosion Under Insulation) and SOI (Splash Zone & Offshore Immersion) coatings. These protective coatings are essential for safeguarding pipelines, equipment, reactors, and storage tanks in industries such as oil & gas and various industrial sectors. Given the nature of operations in these industries, which involve handling hazardous and corrosive chemicals, as well as processes with high temperatures and heat, the equipment is highly susceptible to corrosion and damage. Additionally, the exposure to diverse climatic conditions further impacts the surfaces of reactors and other equipment.

Growing Focus on Asset Integrity: As the importance of safety and dependability in industrial sectors like oil and gas, chemical, and petrochemical is put more and more focus on these factors, there is a growing need for corrosion monitoring solutions that can assure the integrity and lifetime of crucial assets.

Avoiding Expensive Repairs and Downtime: Corrosion-related problems can result in expensive equipment and pipeline downtime, repairs, and replacements. through utilising CUI monitoring technologies, unplanned shutdowns and operational disturbances are prevented through the early detection and prevention of corrosion.

What Factors Are Restraining Growth of Corrosion Under Insulation Monitoring Market?

Risk of CUI in Cold Service Insulation: Unlike most insulation systems designed to retain heat, cold service insulation (CSI) presents challenges as it may not effectively protect against heat loss. Without remote monitoring in Corrosion under insulation, there is a risk of heat loss and potential corrosion on assets exposed to high humidity environments. This distinction between hot and cold insulated systems poses a significant factor hindering the market's growth during the forecast period.

Lack of Sufficient Regulatory Mandates: One of the key hindrances to market growth is the absence of comprehensive regulatory mandates in many markets. The lack of sufficient requirements and guidelines may result in slower adoption of CUI monitoring systems. Additionally, a shortage of skilled personnel and technical expertise further limits the widespread implementation and maintenance of these monitoring solutions.

Limited Awareness and Understanding: The lack of awareness and understanding of the risks associated with corrosion under insulation can deter industries from embracing CUI monitoring solutions. As a result, the market growth may be constrained due to the slower adoption rate among end-use industries.

High Installation and Repair Costs: The initial costs involved in installing CUI monitoring systems, as well as potential repair expenses, can be significant. The higher investment required may dissuade some companies from adopting these solutions, thereby impacting market demand.

What are the Opportunities for Leading Corrosion Under Insulation Monitoring Providers?

Growing Demand for High-Efficiency, High-Performance CUI & SOI Coatings: The rising demand for high-efficiency and high-performance Corrosion Under Insulation (CUI) & Surface Operating Integrity (SOI) coatings is driven by changing operating conditions in various end-use industries, such as oil & gas and marine. These industries require coatings that possess superior properties and efficiency to withstand challenging environments. For instance, the adoption of enhanced oil recovery (EOR) methods in the oil & gas sector necessitates coatings that can endure high temperatures and pressures while providing long-term protection to structures.

Growing Demand from the Oil and Gas Sector: One of the key sectors for corrosion monitoring is the oil and gas production sector. The market for corrosion under insulation monitoring systems is anticipated to be driven by the requirement to prevent corrosion-related failures and guarantee the safety and dependability of pipelines and equipment in this industry.

Growth of the Industrial and Manufacturing Sectors: Thermal insulation is widely used in the industrial and manufacturing sectors, which renders them vulnerable to corrosion under insulation. The use of corrosion monitoring technologies is essential in these sectors as they concentrate on increasing operational effectiveness and reducing downtime to avoid expensive fines and unforeseen equipment replacements.

Asset Integrity Management: Asset integrity management is in high demand as industries realise its importance in extending the operational life and performance of essential assets. Asset integrity management programmes benefit greatly from corrosion under insulation monitoring, which opens up possibilities for its application in many different industrial sectors.

What are the factors driving the corrosion under insulation monitoring market in North America region?

The Corrosion under Insulation Monitoring Market in the North America is expected to dominate from 2022 to 2031. A 2020 report published by Rust Bullet highlights North America's oil & gas sector as a prominent end-user of CUI monitoring solutions. With the US housing the world's largest refining capacity and accounting for more than 23% of global petroleum production through 163 refineries, corrosion incurs an annual direct cost of approximately US$ 3.7 billion in the region.

What are the factors driving the growth of Asia Pacific corrosion under insulation monitoring market?

In Asia Pacific, the Corrosion under Insulation Monitoring Market is expected to experience substantial growth at a CAGR of 12% from 2022 to 2031. India, specifically, boasts a robust chemical & petrochemical industry, witnessing increasing investments from both regional and international players. In terms of global trade, India ranks 6th and 9th in imports and exports, respectively, contributing approximately 12.8% in total imports and 12.9% in total exports in 2021. The growth of the industry is attributed to a rise in per capita consumption across the country.

Does Europe account for a prominent corrosion under insulation monitoring market share?

Europe is expected to be a prominent market for corrosion under insulation monitoring due to the presence of well-established industries such as oil & gas, petrochemicals, and manufacturing. These industries extensively use thermal insulation for their pipelines, equipment, and storage tanks, making them susceptible to corrosion under insulation. The region's strict regulations regarding safety and environmental concerns also drive the demand for corrosion monitoring systems. Additionally, the growing emphasis on asset integrity management and preventive maintenance further supports the adoption of corrosion under insulation monitoring solutions in Europe.

Why Middle East & Africa region is characterized by a diverse market landscape?

The Middle East & Africa region is likely to witness significant growth in the corrosion under insulation monitoring market. The presence of extensive oil and gas production facilities and large-scale industrial projects in the region creates a substantial demand for corrosion monitoring systems. The harsh climatic conditions in certain parts of the region, such as high temperatures and humidity, increase the risk of corrosion under insulation. As a result, industries are increasingly recognizing the importance of implementing corrosion monitoring solutions to ensure the safety and reliability of their assets.

What is the outlook on corrosion under insulation monitoring sales in Latin America?

Latin America is anticipated to experience steady growth in the corrosion under insulation monitoring market. The region's expanding industrial and infrastructure sectors, particularly in the oil & gas and petrochemical industries, drive the demand for corrosion protection solutions. With a focus on enhancing operational efficiency and safety, industries in Latin America are adopting corrosion under insulation monitoring technologies to identify potential corrosion issues and implement timely maintenance measures. Moreover, the region's growing awareness of the benefits of corrosion monitoring for long-term asset integrity and cost savings is likely to propel the market's growth in the forecast period.

Leading Corrosion under insulation monitoring Manufacturers & Competitive Landscape:

The landscape in the global corrosion under insulation monitoring market is characterized by presence of several key players, thus adding to the level of competitiveness. These companies focus on technological advancements, product innovation, and strategic collaborations to gain a competitive edge. Market competition is driven by factors such as pricing, product performance, customer service, and global market reach, leading to a dynamic and evolving competitive environment.

Company List:

  • 3-Sci Limited
  • Kaefer Group
  • MISTRAS Group
  • Cosasco
  • MAXWELL NDT
  • Akzo Nobel N.V
  • Alabama Specialty Products Inc.
  • Eddyfi Technologies
  • iSensPro
  • QSA Global Inc.

Research Scope

Report Metric

Report Details

Market size available for the years   

2021-2032

Base Year

2023

Forecast Period       

2024-2032

Compound Annual Growth Rate (CAGR)

11.2%

Segment covered 

Component, End-User, and Regions

Regions Covered

North America:  The U.S. & Canada

Latin America: Brazil, Mexico, Argentina, & Rest of Latin America

Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific

Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe

The Middle East & Africa:  Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA 

Fastest Growing Country in Europe

Germany

Largest Market in Asia Pacific

China

Key Players

3-Sci Limited, Kaefer Group, MISTRAS Group, Cosasco, MAXWELL NDT, Akzo Nobel N.V, Alabama Specialty Products Inc., Eddyfi Technologies, iSensPro, QSA Global Inc.

Market Segmentation:

By Component:

  • Hardware
  • Software
  • Services

By End-User:

  • Oil & Gas
  • Marine
  • Chemical & Petrochemical
  • Energy & Power
  • Food Processing
  • Others

Segmentation By Region:

North America:

  • United States
  • Canada

Europe:

  • Germany
  • The U.K.
  • France
  • Spain
  • Italy
  • Russia
  • Poland
  • BENELUX
  • NORDIC
  • Rest of Europe

Asia Pacific:

  • China
  • Japan
  • India
  • South Korea
  • ASEAN
  • Australia & New Zealand
  • Rest of Asia Pacific

Latin America:

  • Brazil
  • Mexico
  • Argentina

Middle East & Africa:

  • Saudi Arabia
  • South Africa
  • United Arab Emirates
  • Israel


Frequently Asked Question

What are some key trends driving revenue growth of the global corrosion under insulation monitoring market?

Some key trends driving market revenue growth include prevalence of humid and tropical climates, increasing need for efficient processes and longer life of the equipment, growing focus on asset integrity and avoiding expensive repairs and downtime. Positive changes in these Corrosion under insulation monitoring market trends are expected to propel market growth.


Which industries are the primary consumers of corrosion under insulation monitoring?

The primary industries consuming corrosion under insulation monitoring Oil & Gas, Marine, Chemical & Petrochemical, Energy & Power, and Food Processing.


What are some factors impacting the competitive landscape of the global corrosion under insulation monitoring market?

The competitive landscape is influenced by factors such as technological advancements, product innovation, pricing strategies, customer service, global market reach, and strategic collaborations among key players.


What is the expected growth rate of the global corrosion under insulation monitoring market?

The expected growth rate of the global corrosion under insulation monitoring market is projected to be 11.2 % during the forecast period.


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