The industry has benefitted from the escalating construction sector globally. The product is extensively used in coating applications across construction materials including bolts, nuts, steel, steel bars and metal parts for protection against corrosion.
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It helps in upscaling construction material durability which increases the overall life of the structure. In addition, the overall construction spending was approximately USD 7 trillion in 2015; it is poised to cross USD 13 trillion by 2023 owing to positively influence the industry growth through the estimated timeframe.
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Corrosion Inhibitors Market size is set to surpass USD 8 billion by 2023; according to a new research report.
The product is a vital water treatment chemical feedstock. Growing water treatment chemicals industry due to decreasing clean/pure water resources on account of increasing industrialization will propel the overall corrosion inhibitors market share by 2023.
Additionally, the global water treatment chemicals business is projected to surpass USD 30 billion by 2023, it will subsequently boost the industry growth.
Corrosion inhibitors market size is strictly regulated and directed by government regulations towards product disposal and exposure to human. Chromium, phosphorous and zinc are the major materials, release of these raw materials causes adverse effects on the environment.
This is the major factor obstructing the overall industry growth in the coming years. Nevertheless, the industry participants are involved in R&D and commercialization of ecofriendly products and has created new growth avenues for the global corrosion inhibitors market size.
Organic corrosion inhibitors market share dominated the product base in 2015 and is anticipated to witness highest gains by 2023 owing to favoring government regulations towards product usage due to their low VOC emissions. In addition, growing concerns regarding inorganic products will due to associated harmful effects will subsequently boost the business growth for the product.
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In 2015, the industry was dominated by the water based applications. Increasing product applications across construction, refining, power generation and mining will boost the global corrosion inhibitors market size by 2023.
The demand for overall oil/solvent is projected to expand at over 4% CAGR over the estimated timeframe. The product based protective coatings are widely preferred in the industries die to their superior performance for long period.
In 2015, the overall corrosion inhibitors market share for power generation generated revenue roughly around USD 1.5 billion. The coating products find widespread applications across components used in the power generation industry including switch gears, pumps and gas turbines as these are in direct contact with rough climatic conditions.
This trend will boost the business growth for power generation.
North America, primarily led by the U.S., generated revenue at over USD 1.5 billion in 2015. The regional corrosion inhibitors market size is mainly driven by strong growth in the U.S.
oil & gas industry along with elevating construction business after 2008 economic downturn.
In 2015, Asia Pacific, led by China and India, was the major industry share contributor and will witness maximum growth by 2023. Robust growth in the regional construction sector is the prime factor propelling the corrosion inhibitors market size over the projected period.
Key companies in the global corrosion inhibitors market share are Ecolab, BASF, DuPont, Dow, Champion Technologies, AkzoNobel, Daubert, Eastman, Lubrizol, Dai-Ichi, Cytec, Cortec, Henkel and Halox.
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