Corrosion Inhibitors Market Size to exceed $8.8 Billion by 2023: Global Market Insights, Inc.
Global Corrosion Inhibitors Market size was estimated at 5.12 Million tons in 2015, as per the latest research report by Global Market Insights, Inc. Growing wastewater treatment chemicals demand for owing to rapid industrialization is expected key trend to drive market growth. Unregulated discharge of industrial and domestic contaminants has increased the need for water treatment.
Corrosion inhibitors market size is forecast to hit USD 8.8 Billion in revenue, by 2023. EPA and REACH norms will play significant role in developing water treatment chemicals demand, thereby boosting product demand.
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The Safe Drinking Water Act and its amendments establish the basic framework for protecting the drinking water used by public water systems in the U.S. Organic corrosion inhibitor market generated over USD 4 Billion in revenue in 2015.
Power generation industry dominated the demand with overall consumption close to 1.5 Million tons in 2015. Rising energy requirements due to rapid industrialization in APAC & LATAM is forecast to drive demand.
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Planned and unplanned plant shutdown can result in degradation of pumps, gas turbines and switch gears used in power generation industry, where humidity & condensation can be reasons for the cause.
Key raw materials chromium, oxygen atoms, phosphorous, zinc and nitrogen, have associated health hazards and are a matter of concern for inhibitor disposal. Associated environmental hazards through inappropriate disposal along with imbalance in raw material supply could impact cost.
Increasing research focus to develop green corrosion inhibitors from natural sources like potato, onion, seeds and gelatin is underway, which may present growth opportunity for industry participants.
Key insights from the report include:
- Global corrosion inhibitors market size is predicted to grow at 4.7% CAGR and reach 7.39 Million tons by 2023.
- Water based corrosion inhibitors market size was dominant and accounted for over 77% of the total 2015 demand. Solvent/oil based applications may witness sluggish growth rates with 4% CAGR from 2016 to 2023.
- APAC, led by India and China corrosion inhibitors market size, was dominant regional industry and accounted for close to 38% of the total volume in 2015. FDI policies by governments of India and China are encouraging investors to set up metal and chemical processing plants in the region, which may boost demand.
- APAC oil & gas industry may consume approximately 700 kilo tons by 2023, with expected significant gains at 6.4% up to 2023.
- Europe metal processing industry based on the product demand was valued close to USD 180 Million in 2015 and is forecast to grow at significant rate up to 2023.
- Global corrosion inhibitors market share is fragmented, with GE, Ecolab, BASF and Ashland catering to below 50% of the total demand in 2015.
- AkzoNobel, Lubrizol, Henkel, Cytec, Champion Technologies, Cortec, Daubert and Dai-Ichi are among notable companies competing in the market.