Corrosion Inhibitors Market Analysis

Corrosion Inhibitors Market Analysis

In 2015, organic corrosion inhibitors market size dominated the global industry and shall also further to witness maximum growth over the projected timeframe. Organic amines, benzotriazole, phosphonates, tolyltriazole and mercaptobenzothiazole are the major organic products used in the industry owing to their superior characteristics including stability. Furthermore, rising concerns regarding inorganic product owing to its associated adverse effects on the environment will consequently contribute to the segment growth by 2023.
 

Inorganic corrosion inhibitors market size is analyzed to witness moderate gains more than 3% CAGR over the projected timeframe. The inorganic industry can be segregated as anodic and cathodic products based on its action mechanism on metals such as magnesium, zinc and nickel. The product is widely used owing to its higher stability in harsh climatic conditions.
 

Corrosion inhibitors market size for water based dominated the global industry in 2015. The industry growth for the segment is primarily driven by growing water treatment chemicals need. Furthermore, growing industries including refining, construction, mining and power generation is likely to positively influence the global industry growth over the projected timeframe.
 

The corrosion inhibitors market size for overall oil/solvent is forecast to observe growth more than 4% by 2023. The oil/solvent based applications involve copper, steel, zinc, aluminum cast iron, and alloys. Oil/solvent based coatings provide reliable performance over the prolonged duration owing to boost industry growth by 2023. However, the application has limited spectrum while operating across closed systems as it possesses higher flammability characteristics, which may negatively influence demand.
 

The global corrosion inhibitors market size for power generation was valued close to USD 1.5 billion in 2015. The product is extensively used across equipment used in power generation such as gas turbines, switch gears, pumps and electronics components. Growing population across the globe results in the increasing energy demand. This trend will boost the overall industry for power generation end-use.
 

The overall corrosion inhibitors market size for oil & gas is forecast to witness gains more than 5.5% CAGR over the projected timeframe. Escalating oil & gas industry will subsequently drive the global industry growth by 2023. The product finds widespread application the industry as it components used in the oil & gas exploration are exposed to extreme climatic conditions and requires protection against corrosion. Furthermore, shale gas exploration in the U.S. and Russia will complement business growth by 2023.
 

In 2015, North America, led by the U.S. corrosion inhibitors market size was valued roughly around USD 1.5 billion. Positive outlook from the regional construction industry post 2008 economic turmoil is one among the major factor contributing business growth. Furthermore, robust oil & gas industry in the U.S. will propel product demand by 2023.
 

Asia Pacific, led by India and China, dominated the global corrosion inhibitors market size in 2015 and shall witness highest gains over the projected timeframe. The regional growth is particularly attributed to increasing construction spending for commercial and residential projects. In addition, increasing government investment towards improving their public infrastructure will further complement regional business growth by 2023.