Press release
What's driving the Corrosion Inhibitors Market Growth? Key Players are Ashland, AkzoNobel, BASF, Cytec Solvay Group, Ecolab, GE Water & Process Technologies, Henkel, Eastman Chemical Company, The Lubrizol Corporation, Cortec Corporation
Corrosion Inhibitors Market
Corrosion inhibitors are important raw materials for water treatment chemicals. Rise in demand for water treatment chemicals on account of decreasing clean and fresh water resources owing to rapid industrialization and urbanization may stimulate further market growth. High demand of clean water from chemical, electronics and medical industries will boost product demand.
Increase in usage of product results in dumping of harmful raw materials used in industry such as zinc, chromium and phosphorus. Strict environmental regulations regarding disposal of corrosion inhibitors and its exposure to human may hinder market growth.
Growth drivers
• Increasing application scope for water treatment chemicals
• Strong APAC construction spending
• Green corrosion inhibitors R&D
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Organic corrosion inhibitors market share dominated the product base in 2015 and is anticipated to witness highest gains by 2023 owing to favoring government regulations towards product usage due to their low VOC emissions. In addition, growing concerns regarding inorganic products will due to associated harmful effects will subsequently boost the business growth for the product.
In 2015, the industry was dominated by the water based applications. Increasing product applications across construction, refining, power generation and mining will boost the global corrosion inhibitors market size by 2023. The demand for overall oil/solvent is projected to expand at over 4% CAGR over the estimated timeframe. The product based protective coatings are widely preferred in the industries die to their superior performance for long period.
In 2015, the overall corrosion inhibitors market share for power generation generated revenue roughly around USD 1.5 billion. The coating products find widespread applications across components used in the power generation industry including switch gears, pumps and gas turbines as these are in direct contact with rough climatic conditions. This trend will boost the business growth for power generation.
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North America, primarily led by the U.S., generated revenue at over USD 1.5 billion in 2015. The regional corrosion inhibitors market size is mainly driven by strong growth in the U.S. oil & gas industry along with elevating construction business after 2008 economic downturn.
In 2015, Asia Pacific, led by China and India, was the major industry share contributor and will witness maximum growth by 2023. Robust growth in the regional construction sector is the prime factor propelling the corrosion inhibitors market size over the projected period.
Key companies in the global corrosion inhibitors market share are Ecolab, BASF, DuPont, Dow, Champion Technologies, AkzoNobel, Daubert, Eastman, Lubrizol, Dai-Ichi, Cytec, Cortec, Henkel and Halox.
Corrosion inhibitors market by application
• Water based
• Oil/solvent based
Corrosion inhibitors market by end-use
• Power Generation
• Oil & Gas
• Pulp & paper
• Metals processing
• Chemicals
• Others
Browse key industry insights spread across 95 pages with 78 market data tables & 14 figures & charts from the report, “Corrosion Inhibitors Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/corrosion-inhibitors-market-report
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