The corrosion inhibitors market was worth USD 5, 230 million in 2012. It is anticipated to be around USD 7.6 billion by 2020. This can be credited to widespread industrialization in emerging economies like India, Mexico, and China.
Emerging regions aim to reduce maintenance costs to sustain competitive advantage. This also fuels the market. Stringent regulations pertaining to water pollution facilitate the adoption of corrosion inhibitors in the industries of manufacturing, mining, oil & gas, construction, etc.
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Construction is an important end-user of the corrosion inhibitors market. High infrastructural spending in Latin America and Asia Pacific should prove lucrative in the coming years. While corrosion inhibitors are not hazardous, raw materials like amines and benzene can be the same. This could restrain market demand. Players of the market remain busy in developing bio-based products.
The corrosion inhibitors market is categorized into products, applications, end-users, and regions. Products comprise organic and inorganic. Organic corrosion inhibitors accounted for 69% of the total volumes in 2012. Their non-toxicity is highly advantageous. They are broadly used in petroleum refining and manufacturing.
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Applications segments are water based and oil/solvent based. Water based was the dominant segment in 2013. They have lower emissions and prices as compared to oil/solvent based applications. However, the latter offer consistency & long-term protection.
End-users of the corrosion inhibitors market include pulp & paper, power generation, metal processing, oil & gas, chemicals processing, and others. Power generation produced maximum demand (1, 370 kilo tons) in 2013. Power projects in India, China, & the Middle East and higher corrosion rates in steam, cooling towers, & hydropower turbines should drive this end-user in the future. Oil & gas, with a CAGR of 5.5% from 2014 to 2020, would remain the fastest-growing segment.
Asia Pacific, North America, Europe, and Rest of the World (RoW) are the regions. Asia Pacific led the market in 2013. Its dominance was credited to industrial expansion in India and China, booming automobile industry, and novel products. North America and Europe are adversely affected by stiff ecological regulations.
The global corrosion inhibitors market is highly fragmented. Its notable participants comprise Ecolab Inc., DuPont, BASF SE, and Ashland Inc. The market is marked by numerous mergers & acquisitions.
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