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:
Global Corrosion Inhibitors Market
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