Global Corrosion Inhibitors Market 2017-2021
About Corrosion Inhibitors
Corrosion inhibitors are chemicals that are added in low concentrations to reduce the corrosion rate of metals or alloys. They significantly reduce the deterioration of the material and enhance the lifespan of the structures or components made of metals. Corrosion inhibitors can be classified into precipitation inhibitors, passivity inhibitors, and others (cathodic inhibitors and volatile corrosion inhibitors) based on the type. Corrosion inhibitors can be categorized into organic and inorganic corrosion inhibitors. Amines, cyclic amines, quaternary amidoamines, benzotriazoles, phosphonates, diethyl amines, imidazolines, fatty acids, and nitrates are classified under organic inhibitors.
Technavio’s analysts forecast the global Corrosion Inhibitors market to grow at a CAGR of 4.87% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global corrosion inhibitors market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Corrosion Inhibitors Market 2017-2021
Technavio recognizes the following companies as the key players in the global corrosion inhibitors market: Ashland, BASF, DuPont, General Electric, and Ecolab.
Other Prominent Vendors in the market are: Afton Chemical, ChemTreat, CRC Industries, Eastman Chemical Company, ICL, and Schlumberger.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is changing preference toward environment-friendly corrosion inhibitors. Organic and inorganic corrosion inhibitors, which contain phosphate, chromate, and other heavy metals is reducing year-over-year owing to their high toxicity. This led to the increased usage of environment-friendly, biodegradable, cost-effective, and non-toxic inhibitors extracted from biological sources. These green inhibitors contain natural active ingredients that possess corrosion inhibition properties.”
According to the report, one of the major drivers for this market is increasing urbanization and industrialization in APAC. The increasing demand for corrosion inhibitors from developing economies of India, China, and South Korea is fostering the market growth in the region. Growing disposable incomes and increasing purchasing power of individuals in the developing countries of APAC are prompting significant investments in the oil and gas and power generation industries. In addition, government initiatives and benefits for foreign direct investments and MNCs in the developing countries for industrialization certainly lead to the growth of corrosion inhibitors market in APAC.
Further, the report states that one of the major factors hindering the growth of this market is smart coatings replacing corrosion inhibitors. Smart coatings are coatings that have the ability to modify properties of the coated surface dynamically from the external environment. These coatings sense the external environment and respond accordingly. In addition to anti-corrosion properties, these coatings also offer other properties, such as self-healing, super-hydrophobicity, self-stratifying, soundproofing, and vibration damping. The US Army Smart Coating Material program has aimed to investigate coatings to reduce cost, equipment down time, and maintenance burdens. The wider application will pose a challenge to the market growth.
Ashland, BASF, DuPont, General Electric, Ecolab, Afton Chemical, ChemTreat, CRC Industries, Eastman Chemical Company, ICL, and Schlumberger.