December 29, 2016
Wellesley, Mass., Dec 29, 2016 – The high demand for corrosion inhibitors across a range of end-use industries is pushing solid growth in the global market for corrosion inhibitors. BCC Research reveals in its new report one key trend is that industry is focused on developing corrosion inhibitors that are more environmentally friendly.
Corrosion inhibitors form a passivation layer to prevent the contact of corrosive materials to metal. Corrosion mostly affects the oil and gas, metals, water treatment, and manufacturing industries. Globally, the cost of corrosion is over $2.2 trillion, or about 3% of the global GDP.
The global market for corrosion inhibitors is expected to reach $8.7 billion by 2021, up from $6.9 billion in 2016, rising at a five-year compound annual growth rate (CAGR) of 4.6%.
Oil-based corrosion inhibitors, the fastest-growing product type with a five-year CAGR of 5.4%, should total $1.4 billion in 2021, up from $1.1 billion in 2016.
Water-based corrosion inhibitors, the largest market by product type, are expected to reach $4.8 billion and $6.0 billion in 2016 and 2021, reflecting a five-year CAGR of 4.3%. Tremendous demand exists for water-based corrosion inhibitors in water treatment plants and products used for storage and shipments. Their comparatively lower price, ease of use, high availability and eco-friendliness are key factors driving the high demand for water-based corrosion inhibitors.
Geographically, North America should account for the highest share of the global market. The United States accounts for the major share of this regional market chiefly because of its mature industries, such as manufacturing, oil and gas, and construction. Another driver is the high demand for corrosion inhibitors in power generation. The North American market is expected to grow from $2.5 billion in 2016 to $3.0 billion in 2021, at a CAGR of 4.2%.
Demand should be high in Asia-Pacific countries such as China, India, Japan, and other Southeast Asian countries whose economies are emerging and industries are growing. That regional market, which is expected to grow at a five-year CAGR of 5.1% through 2021, should reach $2.8 billion in the end year.
"The growing need for nontoxic corrosion inhibitors has contributed to market growth, as well," says BCC Research analyst Mohammed Javed. "Arsenic-based corrosion inhibitors are either banned in many parts of the world or are heavily regulated. As a result, manufactures seeking alternatives like green corrosion inhibitors are investing in research and development."
Corrosion Inhibitors: Global Markets (AVM137A) analyzes the inhibitors as they relate to industries including petroleum, cement and concrete, pulp & paper, metals, water treatment, power generation, chemical processing, mining, transportation and manufacturing industries such as electronics and textile. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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Corrosion Inhibitors: Global Markets( AVM137A )
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