The corrosion inhibitors market is poised for robust growth in the wake of burgeoning construction activities commenced worldwide. Corrosion of construction materials like steel can significantly affect the service life of concrete structures. The use of corrosion inhibitors is one of the most appropriate methods to safeguard construction materials like steel, bolts, steel bars, metal parts, and nuts from corrosion.
The products play a pivotal role in enhancing construction material durability which further increases the overall life of structures. With the global construction sector expected to exceed USD 13 trillion by 2023, the corrosion inhibitors market is anticipated to record substantial proceeds over the estimated period.
Apart from the construction sector, corrosion inhibitors are extensively used across mining, power generation, and water treatment industries as well. Corrosion inhibitors based coatings are widely used in industries due to their overall long term performance.
With wide-spread applications across numerous sectors, Global Market Insights, Inc., predicts that the corrosion inhibitors market is anticipated to exceed USD 8 billion by 2023.
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Corrosion inhibitors market has gained increased traction across water-based applications. The product is a crucial water treatment chemical feedstock. The product plays a pivotal role in the water treatment plant of industries.
Burgeoning water treatment chemical industry would further improve corrosion inhibitors market outlook. Studies suggest that global water treatment chemicals business is expected to exceed USD 30 billion by 2023, predominantly generating revenue growth opportunities for industry participants.
As power generation products like pumps, gears, and gas turbines are operated in harsh climatic conditions, corrosion inhibitors are increasingly being used for coating purposes. This trend would significantly boost product penetration in the power generation sector. As per 2015 reports, the global corrosion inhibitors market recorded around USD 1.5 billion in revenue from the power generation sector.
However, the corrosion inhibitors market is strictly directed and regulated by government regulations that focus on product disposal and its exposure to humans. The release of raw materials like Chromium, Phosphorous, and Zinc could cause adverse effects on the environment. These factors could majorly restrain overall corrosion inhibitors industry growth. Nevertheless, companies are getting involved in R&D activities and commercialization of eco-friendly products which could create new growth avenues in corrosion inhibitors market.
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In terms of geographical distribution, North America corrosion inhibitors market, led by the United States, recorded USD 1.5 billion revenue in 2015. The growing construction and oil & gas sector of U.S. is fueling regional market growth.
Meanwhile, Asia Pacific, led by India and China, is expected to offer lucrative growth opportunities to the corrosion inhibitors market. Exceptional growth in the construction sector is the key factor accelerating corrosion inhibitors market size in APAC.
Growing number of acquisitions and mergers between industry participants may propel global corrosion market forecast. Currently, Dow, DuPont, BASF, Daubert, Dai-Ichi, Henkel, Ecolab, Champion Technologies, AkzoNobel, Eastman, Lubrizol, Cytec, Cortec, and Halox are the key industry players operating in this lucrative industry.
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