According to study, “Corrosion
Inhibitors Market Research Report: by Product (Organic, Inorganic), by
Application (Water-based Corrosion Inhibitors, Oil/Solvent Corrosion
Inhibitors), by End-use Industry (Power Generation, Oil & Gas, Mining,
Metal Processing, Chemical Processing, Others) and Region - Forecast to 2023”
the key companies operating in the corrosion inhibitors market are Ashland,
DowDupont, Air Products and Chemicals Inc., Acuro Organics Limited, Ganesh
Benzoplast Limited, Solvay, Chemtex Specialty Limited, Ecolab Inc., Grace (WR)
& Company, GCP Applied Technologies Inc., ICC Industries Inc., Henkel AG &
Company KGAA, Freeport McMoran Inc., Innospec Inc., King Industries Inc., PQ
Corp., Lanxess AG.
Corrosion is an oxidation reaction with an
environment that results in dissolution of metal surface. Corrosion causes
deterioration of metal. Corrosion inhibitors are substance or chemicals which
form barrier between the environment and metal surface therefore preventing the
corrosion. It is used to control & prevent corrosion in the production
completion or conduit system. It is used extensively in the oil & gas and
metal processing industries to decrease the rate of corrosion on metal surfaces
by forming a protective film.
Based on product type, corrosion inhibitors market
is segmented into organic inhibitors and inorganic inhibitors. Organic
inhibitors include Benzotriazole, Organic Amines, Tolyltriazole, Phosphonates,
and Mercaptobenzothiazole. Based on application, market is segmented into
oil/solvent corrosion inhibitors and water based corrosion inhibitors.
Water-based corrosion inhibitors segment holds largest share in market owing to
lower volatile organic content (VOC) emissions as compared to solvent-based
corrosion inhibitors. In addition, they are economical, turn transparent on
drying, can be applied using various methods such as spray, brush, or
immersion; and can be easily removed with water-based cleaners before
subsequent operations. The oil-based segment is anticipated to witness higher
growth rate due to its limited application scope, high flammability, and safety
hazards during the forecast period. Additionally, based on end-use industry,
market is segmented into power generation, metal processing, oil & gas,
chemical processing and others. Power generation sector dominates the market as
a result of growth in government investments for power generation projects and
rise in generation of energy by consuming renewable sources for instance wind,
solar, and hydro. Oil & gas sector is projected to be the fastest growing
end-user segment on account of surge in product demand in pipelines as they decrease
the losses incurred during refinement processes during the anticipated period.
The corrosion inhibitors market is driven by
increase in demand for corrosion inhibitors in water treatment, followed by
rise in demand for power generation, growth in regulations against wastewater
discharge, surge in automotive sector and growth in construction sector.
However, rise in use of thermoplastics in flow pipelines may impact the market.
Moreover, growth in emphasis on green corrosion inhibitors &nano-materials
and rapid industrialization in emerging economies are key opportunities for
market.
Based on geography, the Asian-Pacific region holds
major share in corrosion inhibitors market, followed by European region owing
to rise in investment in oil & gas production and growth in demand for
petroleum products, energy and fuel, in numerous applications in the region.
The North-American region is projected to witness higher growth rate because of
increase in shale gas extraction using hydraulic fracturing technology over the
forecast period.
For more information on the research
report, refer to below link:
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