The global corrosion inhibitors market size is anticipated to grow beyond USD 8 billion by 2024 on account of the growing metal processing, construction, and power generation sectors. Corrosion inhibitors have gained popularity in the last few years as they provide reduced maintenance costs and enhanced equipment service life. The growing applications in power generation, water treatment, refining, mining, and construction industries are expected to augment the product demands during the forecast period (from 2016 to 2024). However, the ill-effects of conventional inhibitors on the plant, marine, and human biology coupled with the rising disposal issues are likely to hamper the industry growth.
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The global market is categorized as end-uses, products, applications, and regions. The end-use sector includes oil & gas, power generation, pulp & paper, metal processing, and chemical processing. Power generation was the dominant sector in 2015. It is further expected to grow due to the increasing government investments for various power generation projects in order to fulfill the rising energy needs. Oil & gas is estimated to become the fastest-growing sector.
The product sector of the corrosion inhibitors market involves organic and inorganic inhibitors. The organic inhibitors sector is projected to experience rapid revenue growth with a CAGR of over 6 % over the next eight years. The inorganic inhibitors sector is also said to witness increased demands on account of the favorable ecological regulations on these inhibitors in the United States, United Kingdom, and Germany.
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The applications sector comprises oil-based and water-based applications. The water-based sector is anticipated to experience fast growth, specifically in water treatment sector, as a result of lower emissions of Volatile Organic Content (VOC) as compared to the solvent-based applications. The oil-based applications are likely to witness slow growth due to their limited application base, safety hazards, and high flammability. However, steady performance of oil-based inhibitors is projected to boost the demands in the near future.
The North American market will have lucrative growth with a CAGR of over 5 % from 2016 to 2024. The Middle East & Africa is anticipated to grow significantly due to the factors such as the presence of various oil & gas reserves and growing infrastructural development in different countries including Saudi Arabia, South Africa, etc.
Some of the major companies in the corrosion inhibitors market are Ashland Inc.; Cortec Corp.; and Ecolab Inc.
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