Growing economy, and increasing rate of urbanization and industrialization are the major factor influencing market growth.
The globalCorrosion Inhibitor Marketis expected to reach USD 10.09 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the increasing need to effectively reduce the corrosion rate of a metal exposed to any environment.
The industry has benefitted from the growth of construction sectors across the world. The product is mainly used in coating applications on construction materials including nuts, bolts, steel bars steel, and metal parts for protection against corrosion. It helps in the improvement of construction material durability increasing the overall life of the structure. Moreover, the overall construction spending was accounted approximately USD 8.2 trillion in 2016; and is expected to cross USD 16.3 trillion by 2026.
North America, primarily due to U.S., alone generated revenue at over USD 1.51 billion in 2018. The corrosion inhibitors market size in North America is mainly driven by the strong growth in the oil gas industry in the region along with increasing investments in the construction business after the 2008 economic downturn.
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Top Companies:Air Products and Chemicals Inc., Akzo Nobel NV , Ashland Inc., Anticorrosion Protective Systems LLC, BASF SE, Champion Technologies Inc., Chemtreat Inc., Cytec Industries Inc., Cortec Corporation, Daubert Cromwell LLC, DOW Chemical, Halox Inc., Henkel AG Co., and Kurita Water Industries Ltd, among others.
Further key findings from the report suggest:
The green corrosion inhabitants are expected to witness the highest growth, with a CAGR of 7.0%, by 2026, due to the innovation majorly focuses on the use of eco-friendly and sustainable compounds such as plant extracts, containing many organic compounds.
The market size for water based inhibitors dominates the globally in 2018, and is expected to have a higher growth, with a CAGR of 4.7%, due to the increasing need for water treatment chemicals due to its lower volatile organic content (VOC) emissions.
The market size for organic inhibitors dominates globally in 2018, is expected to have a higher growth, with a CAGR of 4.5% during the forecast period, mainly due to its superior characteristics including stability, and wide usage in manufacturing applications.
Power generation dominates the sector in 2018, growing at a CAGR of 4.3%. Growing government investments for power generation projects to satisfy growing energy needs is expected to drive the demand.
Asia Pacific dominates the market size in 2018 and shall witness highest gains over the projected timeframe, particularly in India and China, followed by Europe. Increasing growth in the construction sector of the region is the major factor driving the Biological corrosions market size over the forecast period.
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Market Segmentation:
Corrosive agent type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
- Oxygen
- Hydrogen Sulfide
- Carbon Dioxide
Corrosion type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
- Uniform or general corrosion
- Atmospheric corrosion
- High-temperature corrosion
- Liquid-metal corrosion
- Biological corrosion
- Stray-current corrosion
- Galvanic corrosion
- Localized corrosion
- Crevice corrosion
- Filiform corrosion
- Pitting corrosion
- Intergranular corrosion
- Stress corrosion cracking (SCC)
- Erosion corrosion
Inhibitor typeOutlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
- Passivating Inhibitors
- Volatile Inhibitors
- Cathodic Inhibitors
- Anodic Inhibitors
- Mixed Inhibitors
- Synergistic Inhibitors
- Precipitation Inhibitors
- Green Biological corrosions
- Adsorption Action Inhibitors
- Chemisorption
- Physical Adsorption
Types Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
- Water-Based
- Oil-Based/Solvent
Product type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
- Organic
- Benzotriazole
- Tolyltriazole
- Mercaptobenzothiazole
- Amines
- Phosphonates
- Inorganic
- Nitrites nitrates
- Chromates, DI chromates borates
- Molybdates
- Zinc sulfate other salts
- Silicates
- Polyphosphates
- ApplicationsOutlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
- Power Generation
- Oil Gas Refinery
- Pulp Paper
- Metal Mining
- Chemical Processing
- Desalination Plant
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Corrosion Inhibitor Market report:
- What is the expected market size of the global Corrosion Inhibitor Market during the forecast period?
- What factors are expected to hamper global Corrosion Inhibitor Market growth over the forecast period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porters Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Corrosion Inhibitor Market?
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