Power generation remains the leading demand generating application for corrosion inhibitors with 29% market share, followed by oil & gas with 21% share, states a new report by global market research firm, MarketsandMarkets. The remaining 50% share of the corrosion inhibitors market is accounted for by other applications such as pulp & paper, metal & mining, chemical processing and desalination. The report projects the global corrosion inhibitors market to reach $5.9-bn in 2015, from $4.8-bn in 2010, at a CAGR of 4.5% from 2010 to 2015.
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The consumption of corrosion inhibitors in power generation, oil & gas and refinery applications is significantly large due to frequent occurrence of corrosion in the plants, thereby affecting the production of power, oil & gas, and refinery companies. The power generation industry is committing important resources towards corrosion inhibition; thereby eliminating or mitigating corrosion in an effort to reduce the cost of power to both the consumer and to industry.
Corrosion inhibitors market growth rides on power generation and oil & gas
Power generation remains the leading demand generating application for corrosion inhibitors with 29% market share, followed by oil & gas with 21% share, states a new report by global market research firm, MarketsandMarkets. The remaining 50% share of the corrosion inhibitors market is accounted for by other applications such as pulp & paper, metal & mining, chemical processing and desalination. The report projects the global corrosion inhibitors market to reach $5.9-bn in 2015, from $4.8-bn in 2010, at a CAGR of 4.5% from 2010 to 2015. The consumption of corrosion inhibitors in power generation, oil & gas and refinery applications is significantly large due to frequent occurrence of corrosion in the plants, thereby affecting the production of power, oil & gas, and refinery companies. The power generation industry is committing important resources towards corrosion inhibition; thereby eliminating or mitigating corrosion in an effort to reduce the cost of power to both the consumer and to industry.
The water-based corrosion inhibitors market, which was estimated to be worth $3.60-bn in 2010, accounted for the largest share of 75% of the overall corrosion inhibitor market. This segment is expected to reach $4.54-bn in 2015, at a CAGR of 4.8% for the same period. Asia has emerged as the largest market for corrosion inhibitors and accounted for 36% of the overall market in 2010, just edging out Europe at 31% and North America at 27%. The Asian water based corrosion inhibitor market is expected grow from $1,292.3-mn in 2010 to $1,681.6-mn in 2015, at a CAGR of 5.4%. End users f corrosion inhibitors are seeking more effective products, which can reduce downtime for equipment repair. Increase in the demand for corrosion inhibitors in various industries such as pulp & paper, chemical processing, oil & gas, petroleum and metals, has led to higher demand from emerging markets in particular. The corrosion inhibitors industry is entering a higher growth trajectory, fuelled by the increased demand for industrial water treatment, globally.
Preference for non-toxic products
The non-toxic corrosion inhibitors market is growing in line with the trend to reduce the adverse effects on environment and health. The non-toxic systems consist of stable, colloidal, hybrid polymeric materials that are used with selected corrosion inhibitors. Such systems consist of combinations of more than four components, and function in order to achieve the required corrosion inhibiting performance.
