Corrosion Inhibitors Market to Grow in Leaps and Bounds. APAC Region to Domineer Corrosion Inhibitors Market. Constant Product Innovation to Catalyze Corrosion Inhibitors Market
Corrosion Inhibitors Market Analysis:
The global corrosion inhibitors market is touted to touch USD 7,619.9 Million at a stellar 4.26% CAGR over the assessment period (2018-2023). Corrosion inhibitors simply put are chemical products, that as added to water or other process fluids will reduce the corrosion rate. They are available in 4 types namely anodic inhibitors, cathodic inhibitors, mixed inhibitors and volatile corrosion inhibitors (VCI). The presence of brine, high oxygen levels, acidic gases, acids and water provide the ideal environment for corrosion. Such corrosive environment is complicated further by pressure changes, operating temperatures and flow conditions. The corrosion inhibitors are the surfactants that offer them properties enabling them to partition amid water phase and oil.
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The corrosion inhibitor’s effectiveness will rest on a couple of factors namely the flow regime, quantity of water, and the fluid composition. These chemicals are widely used in a good number of industrial setups for allowing smooth workflow. Some of these industries include transportation, mining, chemical processing, power generation, water treatment, metals, pulp and paper, cement and concrete, petroleum, nuclear and processing, hydroelectric power, highway bridges, automobile, aircraft and much more.
There are several factors that is propelling the growth of the corrosion inhibitors market. These factors according to MRFR (Market Research Future) report include increasing use of corrosion inhibitors in mining industries, construction, refining, power generation and water treatment, rapid industrialization and urbanization in different countries, constant product innovation to manufacture plant extracts and herb as green corrosion inhibitors, ability to cut down the equipment’s maintenance cost and rising production efforts especially in the oil & gas industry. On the contrary, factors such as increasing price of raw materials, environmental concerns, regulatory issues, increasing disposable issues, toxic effects on marine biology, plants and humans and rising use of thermoplastics may impede corrosion inhibitors market growth.
Market Segmentation:
Market Research Future report offers a comprehensive segmental analysis of the corrosion inhibitors market on the basis of product, application and end-use industry.
Based on product, it is segmented into inorganic and organic corrosion inhibitors. Of these, organic corrosion inhibitors is expected to have the largest share in the corrosion inhibitors market over the assessment period owing to its numerous benefits namely minimal chances of blistering, water resistance and extreme resistance to chemicals.
Based on application, the corrosion inhibitors market is segmented into solvent/oil-based corrosion inhibitors and water-based corrosion inhibitors. Of these, the water-based corrosion inhibitors will lead the market as it contains minimal amounts of volatile organic compounds, making it environmentally more viable.
Based on end-use, it is segmented into chemical processing, oil and gas, metal processing, power generation and others. Of these, power generation will have the maximum share in the market.
Regional Analysis:
Based on region, the corrosion inhibitors market covers growth opportunities and latest trends across North America, Latin America, Europe, the Middle East and Africa and Asia Pacific. Of these, APAC will domineer the corrosion inhibitors market over the assessment period owing to the growing oil and gas market especially in India and China. Besides, the power sector too has witnessed a noteworthy growth. The corrosion inhibitors market in Europe can gain enough from the growing need for sustainable goods. The regional regulations forced both industries and manufacturers to adopt methods which will confirm less carbon footprint. Here the market is availing the perks of new product launch and innovation. North America is contributing significantly to the corrosion inhibitors market. The healthy industrial infrastructure is guaranteeing the market’s prospect.
Key Players:
Leading players profiled in the corrosion inhibitors market include ICL/Advanced Additives (U.S.), Henkel AG & CO. KGaA (Germany), Cortec Corporation (U.S.), AkzoNobel NV (The Netherlands), Ganesh Benzoplast Limited (India), Air Products and Chemicals Inc. (U.S.), Acuro Organics Limited (India), Ashland (U.S.), Dow Dupont (U.S.), Chemtex Specialty Limited (India), Ecolab (U.S.), and Solvay (Belgium).
Feb 2019 – Lanxess AG has completed its debottlenecking project successfully leading to about 15% rise of its Additin RC 4000 series corrosion inhibition additives global production capacity.
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Market Dynamics:
4.2 Introduction 26
4.3 Drivers 27
4.3.1 Increasing Demand For Corrosion Inhibitors In Water Treatment 27
4.3.2 Growing Demand In Major Industries 27
4.3.3 Drivers Impact Analysis 28
4.4 Restraints 28
4.4.1 Use Of Thermoplastics In Flow Pipelines 28
4.4.2 Restraints Impact Analysis 29
4.5 Opportunities And Trends 29
4.5.1 Rapid Industrialization In Emerging Economies 29
4.5.2 Increasing Emphasis On Green Corrosion Inhibitors And Nanomaterials 30
Market Factor Analysis:
5.1 Supply Chain Analysis 32
5.1.1 Raw Material Suppliers 32
5.1.2 Corrosion Inhibitor Manufacturers 32
5.1.3 Distribution Channel 32
5.1.4 End-Use Industries 33
5.2 Porter’s Five Forces Model 33
5.2.1 Threat Of New Entrants 34
5.2.2 Threat Of Rivalry 34
5.2.3 Threat Of Substitutes 34
5.2.4 Bargaining Power Of Suppliers 34
5.2.5 Bargaining Power Of Buyers 34
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