Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- Global Corrosion Inhibitors Market was valued at USD 7,350.6 million in 2017 and is expected to rise to a valuation of USD 9,388.4 million by 2023, according to the report. The Global Corrosion Inhibitors Market is expected to rise at a CAGR of 4.26% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR).
Corrosion Inhibitors are vital components of any application where rusting and corrosion can result to significant financial losses. As a result, they have become a vital part of industries such as power generation, mining, oil and gas, and others. Corrosion inhibitors can be of various types, but fulfill the simple role of keeping the materials in question away from environmental contaminants such as oxygen as carbon dioxide. Most Corrosion Inhibitors fulfill this function by simply physically keeping the material protected from environmental contact. Corrosion Inhibitors are highly unreactive and, specifically, do not react with oxygen and other common corrosive radicals readily.
Competitive Analysis
The Global Corrosion Inhibitors Market is home to players such as DowDuPont, Ecolab, Solvay, ICL/Advanced Additives, Henkel AG & Co. KGaA, Ashland, Acuro Organics Limited, Air Products and Chemicals Inc., Cortec Corporation, Chemtex Specialty Limited, AkzoNobel NV, and Ganesh Benzoplast Limited.
Industry Updates
In March 2019, a new chromate-free corrosion inhibitor was developed by Hexigone, a startup formed by researchers and students at Swansea University. The new substance was developed following the EU’s ban on hexavalent chromate. The product delivers up to ten times stronger corrosion inhibition than non-chromate products.
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The growing metalworking sector in the world is likely to be the major driver for the Global Corrosion Inhibitors Market over the forecast period. The metalworking industry has itself grown steadily over the last few years due to the growing applications of metals in various avenues. In addition, the growing use of metals in other industrial processes such as pipelines and engines is also likely to be a major driver for the Corrosion Inhibitors Market over the forecast period. Metals are a highly sought after item in industrial processes due to their high mechanical strength and durability. This has resulted in growing uptake of Corrosion Inhibitors from a number of end-use industries where metals play a key role in keeping the respective materials from spilling or deforming. The widespread use of metals in engines and other industrial components is likely to be a major driver for the Global Corrosion Inhibitors Market over the forecast period.
The growing oil and gas industry is likely to be a major driver for the Global Corrosion Inhibitors Market over the forecast period. Oil and gas operations use metals in a number of ways, the most important of them being in pipelines to transport the drilled oil to onshore refineries and on to downstream customers. This leaves them open to considerable damage in case corrosion hits any single pipeline, as a considerable volume of oil may be lost before retrieval missions can be sent, notwithstanding the damage caused by the entry of sea water and other minerals into the pipelines. This has led to a growing demand for Corrosion Inhibitors from the oil and gas industry in the last few years. The growing demand for offshore and unconventional oil retrieval is likely to drive the Global Corrosion Inhibitors Market over the forecast period.
Regional Analysis
The Global Corrosion Inhibitors Market is segmented by region into Asia Pacific, North America, Europe, and rest of the world.
Asia Pacific is likely to dominate the Global Corrosion Inhibitors Market over the forecast period due to the growing industrialization in the region, which has driven the demand from the power generation as well as other end-use industries in the region. The growing metalworking and chemical industries in emerging Asia Pacific nations such as China and India are also likely to contribute heavily to the Global Corrosion Inhibitors Market over the forecast period.
Browse the market data and information spread across 122 pages with 139 data tables and 16 figures of the report “Corrosion Inhibitors Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/corrosion-inhibitors-market-6950
Power Generation Industry – The Biggest Revenue Generator of the Market
The Global Corrosion Inhibitors Market is segmented on the basis of Product Type, Application, End Use, and Region.
The product segmentation of the Global Corrosion Inhibitors Market includes organic and inorganic corrosion inhibitors.
By Application, the Global Corrosion Inhibitors Market is segmented into water-based and solvent/oil-based Corrosion Inhibitors. Water-based corrosion inhibitors are likely to dominate the Global Corrosion Inhibitors Market over the forecast period due to their lower VOC content, which makes them more environmentally viable than solvent-based Corrosion Inhibitors.
Based on End Use, the Corrosion Inhibitors Market is segmented into power generation, metal processing, oil and gas, chemical processing, and others. The power generation industry holds the largest share in the Global Corrosion Inhibitors Market by application and is likely to remain the leading market segment over the forecast period due to the growing efforts being taken by governments of emerging countries to boost domestic power generation figures.
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