Pune, India, Jan 2030 /MRFR Press Release/- Market Research Future (MRFR) has announced a new research report on the Global Corrosion Inhibitors Market.
Producers of electrical items use corrosion inhibitors to prevent the corrosion of production conduits and/or completion systems.
Corrosion inhibitors can get into these things and systems in various ways. They can either be squished into a matrix or routinely injected through a downhole injection hole. Other fluids will combine with these inhibitors. Corrosion inhibitors are often used in business by numerous organizations across numerous industries. These sectors include paper, mining, petrochemicals, oil & gas, power, and environmental protection firms.
The water treatment sector contributes the largest corrosion inhibitors market share. The industry for corrosion inhibitors has been growing rapidly due to the tremendous expansion of the water treatment sector. Water sources that are both pure and fresh are getting harder to find worldwide. Corrosion inhibitors market trends are expanding at a phenomenal rate due to factors like these and government regulations that are getting more stringent about how businesses can dispose of their effluent.
If corrosion inhibitors are employed to treat the interior of municipal pipes, many water treatment plant managers discover that these pipes don't corrode as much. Many businesses in the oil & gas sector can reuse wastewater from other industries with corrosion inhibitors.
According to the corrosion inhibitors market forecast, of all the regions in the world, the Asia-Pacific region held the biggest market share for corrosion inhibitors. At that time, this region's market was worth USD 3,142.1 million. In most Asian countries, the oil & gas industry is expanding. Most businesses and governments in this area are investing significantly in this sector. For the period covered by this study, the market growth rate for corrosion inhibitors is anticipated to be 5.3%.
Until 2025, the European Union is anticipated to register at a 2.7% CAGR. The increasing number of national restrictions against wastewater discharge is fueling growth in this area. Due to this, many businesses now recycle and reuse wastewater using reverse osmosis membranes and other techniques.
For the period that the report covers, a CAGR of 3% are anticipated for the North American region. 80.6% of the whole North American market's revenue for the world's corrosion inhibitors sector came from just the American market. The sharp rise in shale gas extraction in North America has explained this. A lot of water is needed to do this.
The remainder of the world, the Middle East, North Africa, and Latin America, are quickly urbanizing and developing. This explains the 5% CAGR for the period covered by this report. Market Segmentation
The global corrosion inhibitors market can be divided into organic and inorganic sub-segments based on compound. Three years ago, the organic sub-segment dominated the corrosion inhibitors market share. At that time, the market value for corrosion inhibitors in this subsegment was 4,975.5 million. For the period covered by this analysis, a CAGR of 4.13% is predicted for the organic sub-segment.
Because of their superior quality, organic corrosion inhibitors are increasingly widely used in industry. They offer more corrosion and flash rust protection than other corrosion inhibitors. Organic corrosion inhibitors are more resistant to chemicals, prevent water damage, and lessen metal blistering. For this time frame, a 4.5% annual growth rate is predicted for the market for inorganic corrosion inhibitors.
According to application, the market can be divided into sub-segments like water-based and oil-based.
A larger market share belongs to the water-based subsegment. In 2018, it was worth USD 4,900.1 million. Chemicals for water purification are needed in all sectors. Its expansion has primarily been attributable to this. These sectors include oil and gas production, metalworking, and electricity generation. This study's CAGR is predicted to be 3.6% for the period that this study covers.
Based on end-user industries, the market can be divided into sub-segments: power generation, oil and gas, chemical processing, metal processing, and others.
Three years ago, the power category dominated the corrosion inhibitors industry for the period this study covers. Its CAGR is predicted to be 5.1%. Power plants rely significantly on corrosion inhibitors since they need much-treated water to run efficiently. These make sure that the plants run efficiently and effectively. Key Players
However, the companies that are contributing to the market and keeping up with the corrosion inhibitors market trends are:
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- BASF SE (Germany)
- 3M (US)
- Covestro AG (Germany)
- Dow (US)
- Huntsman International LLC
- Henkel AG & Co. KGaA
- Toray Industries Inc.
- Sika AG (Switzerland)
- Johns Manville (US)
- Bayer AG (Germany)
- Owens Corning (US)