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How will the Growth Unfold for Ballast Tank Corrosion Inhibitors Market Leaders: Cortec Corporation, Akzo Nobel N.V., Wilh. Wilhelmsen Holding ASA, Aquamarine Chemicals, Marine Chemical, Performance Chemicals Limited, Amtec Limited.

05-30-2019 11:40 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

How will the Growth Unfold for Ballast Tank Corrosion Inhibitors

Global Ballast Tank Corrosion Inhibitors Market: Introduction

With the rising menace of corrosion of steel and other material-made tanks in the water bodies, there has been swift rise in the demand for ballast tank corrosion inhibitors for ships, submarines, boats and others. A ballast tank is a compartment inside a vessel that holds water and helps to improve the stability of the ships by increasing or decreasing the water level. They are also known as trim tanks. Long service life and low requirement of maintenance are the major cause of concern for the ballast tank manufacturers. Ballast tank corrosion inhibitor coatings are applied to protect the vessel from rusting, pitting or any other structural damage. The parts of ballast tanks are classified as upper, middle and lower parts, which are prone to distinct type of corrosion depending on its exposure to air and water and hence are applied specific coatings. The ballast tank corrosion inhibitors are made chromate free and are totally miscible in seawater if accidently leaked. The use of ballast tank corrosion inhibitors has led to significant reduction in the maintenance and service costs. They are generally available in liquid form for the ease of application. The ballast tank corrosion inhibitors not only provide protection from corrosion but also play a crucial role in safety, ventilation, and condensation, among others.

Global Ballast Tank Corrosion Inhibitors Market: Key Participants - Examples of some of the key participants identified across the value chain of global ballast tank corrosion inhibitors market are: Cortec Corporation, Akzo Nobel N.V., Wilh. Wilhelmsen Holding ASA, Aquamarine Chemicals, Marine Chemical, Performance Chemicals Limited, Amtec Limited,Daubert Chemical Company, Falchem International, VapCor Inc.

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Global Ballast Tank Corrosion Inhibitors Market: Dynamics

Drivers

With the increasing cost of maintenance for ballast tanks made of steel and other materials, there has been rise in concern for the application of corrosion inhibitors over the water surface. The use of such coatings has led to significant reduction in the maintenance and service costs.

Another major factor driving the demand for ballast tank corrosion inhibitors is stringent regulations and standards for ballast tank coatings in order to avoid introduction of invasive species which causes corrosion and also pollution in water bodies, where they are introduced through ballast tanks.

Restraints

One of the major factors restraining the growth of ballast tank corrosion inhibitors is the initial capital investments for the expensive coatings. Another major factor hindering the demand for ballast tank corrosion inhibitors market is the stringent regulations for chemical composition, which could otherwise cause water pollution.

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Trends

The stringent regulations pertaining to the environment safety and control of pollution have drived the concern of the manufacturers on the development of environmental-friendly ballast tank corrosion inhibitors. Conventionally, chromate load organic coatings were being used, however due to their toxicity and other environmental concerns, the use of such corrosion inhibitors has been regulated instead the manufacturers are developing pollution free and efficient corrosion inhibitors or coating materials. For instance, chromate-free corrosion-inhibiting nanoparticle additive has been developed that works on the triggered mechanism, thus it reduces leaching out of the coating into the surroundings and thereby also improves the life cycle of the coating. These ballast tank corrosion inhibitors are formulated to cause reduced pollution if accidently there is leakage into the water body.

Global Ballast Tank Corrosion Inhibitors Market: Segmentation

The global ballast tank corrosion inhibitors market can be segmented on the basis of vessel type, type of corrosion, material type and region.

On the basis of vessel type, the global ballast tank corrosion inhibitors market can be segmented as:

Ships
Submarines
Boats
Others

On the basis of type of corrosion, the global ballast tank corrosion inhibitors market can be segmented as:

Salt contamination
Rust scale
Pitting corrosion
Others

On the basis of material type, the global ballast tank corrosion inhibitors market can be segmented

Ferrous
Non ferrous

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Global Ballast Tank Corrosion Inhibitors Market: Regional Outlook

The global ballast tank corrosion inhibitors market is expected to be dominated by Asia Pacific region, particularly China, with the rising demand for marine vessels. There has been a rise in trade and other marine activities, which has created positive traction in the global ballast tank corrosion inhibitors market. Europe and North America are projected to hold significant share in the global ballast tank corrosion inhibitors market owing to the stringent regulations for vessel maintenance and safety and to reduce growing expenditure on the corrosion. Japan is forecasted to witness relatively sluggish growth over the forecast period. Other regions such as Latin America and Middle East and Africa are projected to be low volume–high growth regions and are projected to witness relatively high growth rate over the forecast period.

About Us
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.

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