Growing economy, and increasing rate of urbanization and industrialization are the major factor influencing market growth.
Market Size – USD 7.2 Billion in 2018, Market Growth – CAGR of 3.6%, Market Trends –Increasing investments in construction sector.
The global Corrosion Inhibitor Market is expected to reach USD 9.6 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the increasing need to effectively reduce the corrosion rate of a metal exposed to any environment.
The industry has benefitted from the growth of construction sectors across the world. The product is mainly used in coating applications on construction materials including nuts, bolts, steel bars steel, and metal parts for protection against corrosion. It helps in the improvement of construction material durability increasing the overall life of the structure. Moreover, the overall construction spending was accounted approximately USD 8.2 trillion in 2016; and is expected to cross USD 16.3 trillion by 2026.
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Top Leaders Operating in the Market are:
- Air Products and Chemicals Inc.,
- Akzo Nobel NV ,
- Ashland Inc.,
- Anticorrosion Protective Systems LLC,
- BASF SE,
- Champion Technologies Inc.,
- Chemtreat Inc.,
- Cytec Industries Inc.,
- Cortec Corporation,
- Daubert Cromwell LLC,
- DOW Chemical,
- Halox Inc.,
- Henkel AG & Co.,
- and Kurita Water Industries Ltd,
- among others.
Further key findings from the report suggest
- The green corrosion inhabitants are expected to witness the highest growth, with a CAGR of 7.0%, by 2026, due to the innovation majorly focuses on the use of eco-friendly and sustainable compounds such as plant extracts, containing many organic compounds.
- The market size for water based inhibitors dominates the globally in 2018, and is expected to have a higher growth, with a CAGR of 4.7%, due to the increasing need for water treatment chemicals due to its lower volatile organic content (VOC) emissions.
- The market size for organic inhibitors dominates globally in 2018, is expected to have a higher growth, with a CAGR of 4.5% during the forecast period, mainly due to its superior characteristics including stability, and wide usage in manufacturing applications.
- Power generation dominates the sector in 2018, growing at a CAGR of 4.3%. Growing government investments for power generation projects to satisfy growing energy needs is expected to drive the demand.
- Asia Pacific dominates the market size in 2018 and shall witness highest gains over the projected timeframe, particularly in India and China, followed by Europe. Increasing growth in the construction sector of the region is the major factor driving the corrosion inhibitors market size over the forecast period.
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Corrosion Inhibitor Market Segmentation:
Based on Product Type:
- Hydrogen Sulfide
- Carbon Dioxide
Based on Application:
- Power Generation
- Oil & Gas Refinery
- Pulp & Paper
- Metal & Mining
- Chemical Processing
- Desalination Plant
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The report talks about the key competitors with regard to their market size, product portfolio, manufacturing and production capacity, profit margins, revenue generation, regional spread, and research and development activities. The report also discusses in detail the mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, corporate deals, and licensing agreements, and more. The report provides a comprehensive overview of the competitive landscape and regional spread.
The regional analysis offers a complete overview of the regional spread of the market along with production and consumption patterns, import/export, supply and demand dynamics, revenue contribution, trends and demands, and presence of prominent players in each region.
Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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