Corrosion Inhibitors Market- Growth, Future Prospects & Competitive Analysis, 2017 - 2025, the Global Corrosion Inhibitors Market is expected to reach US$ 9.1 Bn by 2025, expanding at a CAGR of 4.2% during the forecast period 2017 - 2025.
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Market Insights
Corrosion inhibitors are expected witness growth in demand with increasing applications in various industries along with favorable regulatory support. Corrosion inhibitors have primary application in water treatment, metal treatment and lubricants, and oil and gas production. Water treatment application is the largest application of corrosion inhibitors in varied industries including power generation, manufacturing, chemicals, paper & pulp industry, metal processing, etc.
Corrosion always remain a challenge for the industries deteriorating the service life of the equipment which increases the downtime of the equipment apart from increasing maintenance cost. In power generation industry, corrosion inhibitors are used to prevent corrosion of equipment including turbines, pipelines, boilers, valves, etc. Growing energy demand with rising population and increasing urbanization driving the need for efficient power infrastructure in order to meet the demand for electricity. Power generation industry is expected to witness growth in consumption of corrosion inhibitor over the forecast period. Oil & gas industry also accounts for the significant share in global corrosion inhibitors market. Increasing exploration of matured reserves along with growing production of shale gas from unconventional reserves is anticipated to propel the demand for corrosion inhibitors over the forecast period. However, low oil prices and slowdown in demand for fossil fuel owing to growing inclination towards renewable energy sources is anticipated to restrain the demand for fossil fuel which in turn is projected to impact the demand for corrosion inhibitor over the forecast period (2017-2025).
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Competitive Insights:
Global corrosion inhibitors market is segmented on the basis of product type, application, end use industry and geography. By product type, organic corrosion inhibitors segment was the most dominant segment in global corrosion inhibitors market in 2016 and anticipated to continue its dominance over the forecast period. Increasing application in water treatment along with less toxic properties of inorganic corrosion inhibitors is projected to drive the growth of the segment during the forecast period.
Based on application, water based application segment accounted for the largest share in global corrosion inhibitors market owing its wide application of water based corrosion inhibitors in construction, power industry, oil & gas and mining. By end use industry, power generation industry segment was estimated to be the largest application segment in global corrosion inhibitors market in 2016.
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Increasing energy demand along with growing desire to increase the life expectancy of equipment is anticipated to drive the growth of segment. On the basis of geography, Asia Pacific was estimated to be the largest market for corrosion inhibitors in 2016. Rapid urbanization and development in power infrastructure especially in China and India is projected to spur the demand for corrosion inhibitors in the region during the forecast period. Major players in global corrosion inhibitors market are investing in expansion of research and development, expansion of production capacity, merger and acquisition with focus on increasing market penetration.
Overall, global corrosion inhibitors market is anticipated to register significant growth over the forecast period (2017-2025).
Key Trends:
- Merger & Acquisition
- Investment in R&D
- Expansion in emerging economies
- Investment in R&D
- Expansion in emerging economies
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