The global corrosion inhibitors market is expected to reach USD 9.59 billion by 2024, according to a new report by Grand View Research, Inc. Rising spending on the construction sector in various countries including China, U.S., Mexico, Qatar, UAE, India, Singapore, and Vietnam is anticipated to augment corrosion inhibitors demand over the forecast period. Growing usage in reinforced concrete as they increase the service life of structures, preserve architectural aspects, protect against possible concrete damage, and reduce future maintenance costs is expected to drive growth over the next eight years.
Increasing power generation through nuclear sources in various countries including China, UK, South Korea, and India will drive product demand over the forecast period. Increasing usage in automobiles as they improve structural integrity and appearance of the vehicle underbody parts is expected to promote industry development in the near future.
The introduction of environmentally friendly nanocomposites as corrosion inhibitors will open new opportunities for growth over the forecast period. Major industry participants are involved in the research and development of high-performance, bio-based inhibitors to satisfy environmental regulations while meeting industry requirements.
Metal processing will witness significant revenue growth at a CAGR of 5.7% from 2016 to 2024. Growing mining and metal processing industries in China, Australia, Taiwan, Indonesia, and India will be a key factor for market development. In addition, rising corrosion inhibitors demand in metal processing equipment as they protect them from high-temperature and corrosive environments during heat treatment and finishing of metals, will propel market growth over the forecast period.
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Further key findings from the study suggest:
- Organic inhibitors are expected to witness rapid revenue growth at a CAGR of 5.7% from 2016 to 2014 in light of its increasing usage in oil & gas sector as they form a protective film over the metal surface when mixed with media having a high hydrocarbon content. In addition, rising usage in crude oil transportation pipelines as they improve the oil wettability of steel and reduce corrosion rate will propel market expansion over the forecast period.
- North America will witness profitable growth at a CAGR of 4.7% in terms of revenue from 2016 to 2024 on account of growing hydropower generation in the electric power sector along with utility-scale solar capacity additions in California, Nevada, North Carolina, Texas, and Georgia. Moreover, rising government spending in petrochemical & refinery industry will stimulate demand over the forecast period.
- MEA was valued at USD 250.9 million in 2015 and is expected to witness a significant rise in light of the presence of several oil & gas reserves along with increasing infrastructural development in various countries including South Africa, Saudi Arabia, Egypt and UAE.
- The global corrosion inhibitors industry was highly fragmented and dynamic in nature and characterized by mergers & acquisitions by major companies to increase overall presence. Major players include Ecolab, Ashland, BASF, Lubrizol Corporation, DuPont and GE Water. In March 2015, Dorf Ketal launched high TAN crude corrosion inhibitor TANSCIENT and possess superior thermal stability and oil solubility and reduces the risk of phosphorus fouling.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.