According to our latest market study on "Corrosion Under Insulation Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component and End User," the market is expected to grow from US$ 94.74 million in 2022 to US$ 193.72 million by 2028; it is estimated to grow at a CAGR of 12.7% from 2022 to 2028.
Corrosion is the gradual breakdown of a substance due to its exposure to various conditions in its surroundings; the process is more common in metallic alloys. It is a commonly associated event with the processing of petroleum and natural gas. Losses in economic cycles caused by corrosion that impact the environment are expected to take a toll on the production and consumption of materials for industrial development. Metallic pipelines or storage and handling equipment undergo corrosion when their surfaces come in contact with water or humidity. It can happen anywhere on the susceptible components, but the degradation process typically initiates in the area where water penetration occurs and come into metal contact creating a corrosion cell. The presence of corrosion products such as copper and lead, which are partially soluble in water in their ionic forms, is harmful to consumers. The extent of corrosion depends on metal type, ionic makeup, and pH.
The wear and corrosion of metal underneath a corroded deposit or in its immediate vicinity in pipes, ducts, tanks, preheaters, boilers, and other metal structures in insulated heat exchange systems is one of the most frequent challenges faced by various industries. Although metal anti-corrosion products and different protective coatings are available to protect the metals from corrosion, users find it particularly difficult to detect and protect the inner surfaces of metallic components or equipment due to multiple layers or external jacketing systems. When the insulation loses insulating properties, glass fiber or asbestos coatings are employed in these situations. Different types of coatings, including insulation coatings, are susceptible to corrosion damage. It is difficult to choose the type of insulation when weighing a huge number of benefits and drawbacks related to installation, operation, cost, and corrosion protection. Thus, such high losses caused by corrosion are one of the key factors boosting the demand for corrosion under insulation monitoring market solutions.
According to the corrosion under insulation monitoring market research study, Asia Pacific (APAC) is expected to witness the highest CAGR during the forecast period. Based on geography, the APAC corrosion under insulation monitoring market share is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. Due to the growing demand for energy across APAC, the regional government bodies have undertaken various policies to make themselves self-sufficient in the petrochemical sector. The rapid adoption of modernization, growing population, and rising demand for energy across the residential sector are the major factors contributing to the rapid growth of the APAC petrochemical industry. India, for instance, is investing heavily in its petrochemical industry. The demand for oil and gas has experienced a tremendous increase over the last four decades. Moreover, as per the International Energy Agency (IEA), the demand for oil is expected from 6.5 mmbpd to increase by 9 mmbpd by 2040. The agency also expects a rise in oil refinery projects across the region by 60% by 2050. This rise in investment in the oil & gas sector is presented to positively impact the demand for CUI monitoring devices in market share across the region. These factors are promoting corrosion under insulation monitoring market growth in APAC, and are expected to boost the corrosion under insulation monitoring market during the forecast period.
The corrosion under insulation monitoring market size is bifurcated into component and end user. Based on components, the corrosion under insulation monitoring market is segmented into hardware, software, and services. Based on end user, the corrosion under insulation monitoring market is categorized into oil & gas, marine, chemical & petrochemical, energy & power, food processing industries, and others.
Corrosion Under Insulation Monitoring Market — by Region, 2022
Corrosion Under Insulation Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services) and End User (Oil & Gas, Marine, Chemical & Petrochemical, Energy & Power, Food Processing Industries, and Others)
Corrosion Under Insulation Monitoring Market Analysis by 2028
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Impact of COVID-19 Pandemic on APAC Corrosion Under Insulation Monitoring Market Players
Various economies in APAC witnessed a sharp decline in their GDP in 2020 due to the sudden onset of the COVID-19 pandemic. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major countries such as China, India, Japan, and Australia, which are also experiencing inflation. India is the worst-hit country by the pandemic in the region. The limitations imposed by governments of APAC countries to control the spread of SARS-CoV-2 during the early stages of the outbreak affected the production process due to limited workforce restrictions. Further, the oil & gas industry experienced a significant decline in production across the region. These factors hampered the corrosion under insulation monitoring market growth across the region in 2020. However, as the economies reopened and industries resumed their operations, the demand for CUI monitoring devices from various end user industries started to grow gradually, thereby supporting the corrosion under insulation monitoring market players.
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