Global corrosion inhibitors market is expected to reach USD 7.55 billion by 2020, according to a new study by Grand View Research, Inc. Corrosion inhibitors form an important part of the water treatment chemicals market and growing regulatory pressure for water treatment is expected to boost market demand. Corrosion inhibitors are also used in construction industry as part of preventive maintenance for metallic structures. Mexico, China, Brazil and India are expected to witness exponential rise in infrastructure and construction which is expected to augment demand for corrosion inhibitors.
Power generation was the largest end-use industry for corrosion inhibitors, with market demand of 1,366.5 kilo tons in 2013. Increasing power generation in China, India and Middle East coupled with growing instances of corrosion in cooling towers, steam and hydropower turbines is expected to augment demand. Oil and gas industry is also expected to witness significant rise in corrosion inhibitor demand growing at a CAGR of 5.6% from 2014 to 2020.
Global Corrosion Inhibitors Market Volume, by Product, 2012-2020 (Kilo Tons)
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Further key findings from the study suggest:
- Global corrosion inhibitors market demand was 4,659.8 kilo tons in 2013 and is expected to reach 6,340.7 kilo tons by 2020, growing at a CAGR of 4.5% from 2014 to 2020.
- Water-based corrosion inhibitors dominated the market in 2013 accounting for over 70% of global demand. These applications are preferred over their solvent based counterparts as they have lower VOC emissions which make them environmentally beneficial.
- Organic corrosion inhibitors were the most widely used product with demand exceeding 3,300 kilo tons in 2013. They are preferred over inorganic inhibitors as they are non toxic making them feasible for use in water treatment and paint and coating industry.
- Asia Pacific was the largest market for corrosion inhibitors, accounting for 38.78% of market volume in 2013. Industrial growth in automobile, chemicals and oil & gas sector is expected to boost the demand for corrosion inhibitor in the region.
- The global corrosion inhibitors market is fragmented with the top four companies accounting for less than 40% of global market in 2013. Key companies include BASF, Ashland, Ecolab, GE Water, DuPont, Dow Chemicals Company, Champion Technologies, Cytec, and Lubrizol Corporation.
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