The contemporary industrial regime is witnessing an upsurge in the demand for inorganic corrosion inhibitors from the chemical, petrochemical, and oil & gas industries which is creating prospects for the vendors. The chemical industry is at the tipping point of growth because of the greater demand for various goods across industries, and the upcoming years foresee further development of the manufacturing sector in order to fulfill the industrial objectives that are part of the sustainable development goals (SDGs) by the United Nations (UN). Additionally, the oil & gas industry is proving to be a profitable inorganic corrosion inhibitors marketplace. The coeval surge in the requirement for water treatment plants in various industries due to the governmental regulations pertaining to the discharge of pollutant-free water from manufacturing plants is also expanding the scope for the sales of inorganic corrosion inhibitors.
The current growth of the inorganic corrosion inhibitors market is quite evident with the growing trade in the parent industry that includes goods ranging from oxidation inhibitors, corrosion inhibitors, and anti-knock preparations. According to the International Trade Centre (ITC), the global trade value of the entities in the parent industry of inorganic corrosion inhibitors market was evaluated at $13.17 billion in 2018. The figure had experienced a year on year growth at the rate of 6% which evinces a definite growth in the demand.
As of 2018, the inorganic corrosion inhibitors market size was assessed to be $6.45 billion. Furthermore, owing to the rising demand from the end-user industries, the market is projected to expand at a CAGR of 4.45% during the forecast period 2019-2025. The forecast period is expected to observe a few anti-corrosion and coating companies to expand in the inorganic corrosion inhibitors market segment. For instance, in February 2019, LANXESS announced capacity expansion in the segment of the corrosion inhibitor products.
North America Inorganic Corrosion Inhibitors Market & the Opportunities for the Vendors:
In 2018, North America subjugated the inorganic corrosion inhibitors market with a share of 38% in the global revenues. This is attributable to the growing demand from the booming oil & gas industry along with the growth of other end-user industries that include construction, chemicals, and others. The growth of the North America inorganic corrosion inhibitors market can be further fathomed by the growing import of entities that belong to the parent industry – a major part of which is because of the growth in the import of inorganic corrosion inhibitors across the major markets of North America.
The conspicuous rise in the import value corresponding to the parent industry is attributable to the import of inorganic corrosion inhibitors market of which is growing in North America for following reasons –
· The US Oil & Gas Boom Aiding to the Inorganic Corrosion Inhibitors Market Growth –
According to the Energy Information Administration (EIA), the US oil production attained a value of 10.04 million barrels per day (b/d) in December 2017 and the figure translated to 10.96 million b/d in July 2018. The fact that the production of oil is increasing in the US is creating more demand influx in the inorganic corrosion inhibitors market. Inorganic corrosion inhibitors are used in the pipelines of an oil & gas manufacturing plant as they are prone to oxidation and rusting. During the forecast period, the oil & gas industry in the US is going to witness further growth as the oil drilling activity is picking up impressive pace in locations such as Anadarko, Appalachia, Bakken, Niobrara, and others. The total rig weighted average for all locations (b/d) was evaluated at 720 in August 2019 and the figure increased to 767 in September 2019, as per the latest findings by EIA. The increasing oil drilling activities will bring further surge in demand for inorganic corrosion inhibitors.
· The Energy Sector in Mexico Creating a Demand Influx for the Inorganic Corrosion Inhibitors Market –
According to the International Energy Agency (IEA), total energy demand has grown by 25% between 2000 and 2018, and the consumption is grown by 50% during the period. Now, this is instilling growth in the energy sector which is an end-user industry for the inorganic inhibitors market players. This is because corrosion inhibitors are used for corrosion control in steam generating systems that are integral part of power plants.
· North America Construction Sectors Supporting the Market –
According to the World Bank, the construction industry contributes with 18.208% and 30.701% to the GDP of the US and Mexico. The burgeoning construction activities are evident in the rapid construction of skyscrapers and other real estate buildings in the US and Mexico. These construction activities are going to increase in the upcoming years as the global construction industry is going to get substantial fraction of revenues from the US. Inorganic corrosion inhibitors such as calcium nitrate are generally used as a corrosion inhibitor for reinforced concrete. The growth of the North America construction industry will create opportunities in the inorganic corrosion inhibitors market.
Inorganic Corrosion Inhibitors Market – Global Scenario & Growth Drivers:
· The Energy Sector: Key Application End-User in the Inorganic Corrosion Inhibitors Market –
· The Global Growth of the Construction Industry to Offer Opportunities in the Inorganic Corrosion Inhibitors Market –
According to a combined research by Global Construction Perspectives and Oxford Economics, the global construction market is poised to attain a valuation of $8 trillion by the end of 2030, and it will be predominantly driven by China, India, and the US. Additionally, the construction industry will undergo growth in order to fulfill the infrastructural objectives of SDGs by the UN. This expansion of the construction industry will increase the prospects for the vendors in the inorganic corrosion inhibitors market.
· The Growth of the Water Treatment Industry Propelling the Inorganic Corrosion Inhibitors Market –
There has been a considerable growth in the number of water treatment plants across the globe, and the growth of the water treatment industry can be further assessed by the growing which had a valuation of $23.5 billion as of 2017 with a projected growth at a CAGR of 7% through to 2020. The growth of the water treatment industry is because of the governmental regulations that are enforcing industries to have a water treatment facility so that the water discharged from the manufacturing units is pollutant-free. For instance, Environmental Protection Agency (EPA) enforces industries to follow the effluent guidelines which makes it compulsory for the manufacturing units to install water treatment plants. Inorganic corrosion inhibitors are used in water treatment plants to save pipelines and vessels from the oxidation and rusting.
· The Application of Inorganic Corrosion Inhibitors in the Metal Industry –
The $9.58 billion as of 2018 with a projection of an expansion at a CAGR of 1.02% through to 2025. Metals are vulnerable to corrosion and henceforth, it’s imperative for the vendors in metal works industry to use corrosion inhibitors. So, the consistently revenue-generating metal industry is a sustainable inorganic corrosion inhibitors marketplace for the players. was evaluated at
Inorganic Corrosion Inhibitors Market Companies:
The major players in the inorganic corrosion inhibitors market that are striving to capitalize on the demand influx from the end-user industries are Ashland Global Specialty Chemicals Inc., Akzo Nobel N.V., GE Water and Process Technologies, Solutia, Inc., BASF SE, Champion Technology Services, Inc., ChemTreat, Inc., Cortec Corporation, DowDuPont, Solenis, Ecolab Inc., and Suez SA.
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