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.
In depth research report
on Corrosion Inhibitors Market
Further key findings from
the report 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.
Grand View Research has segmented the global corrosion inhibitors market
on the basis of product, application, end-use and region:
Product Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Organic
•
Inorganic
Application Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Water based
•
Oil based
End-Use Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Power generation
•
Oil & gas
•
Pulp & paper
•
Metal processing
•
Chemical processing
•
Others
Regional Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
North America
o
U.S.
•
Europe
o
Germany
•
Asia Pacific
o
China
•
Latin America
o
Brazil
•
MEA
o
Saudi Arabia
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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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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