Use this report to: - Analyze various types of corrosion inhibitors and understand the opportunities and highlights of the market - Identify different segments with high growth potential and to understand future application sectors within these segments. - Focus on identifying key end users and industries that will affect major market trends - Discuss the major stakeholders in each of the regional markets and explain the global drivers, current trends, challenges and regional dynamics of corrosion inhibitors market.
Highlights - The global market for corrosion inhibitors is expected to reach $8.7 billion by 2021 from $6.9 billion in 2016, rising at a compound annual growth rate (CAGR) of 4.6% from 2016 through 2021. - The water-based corrosion inhibitors market is the largest market. The market is expected to grow from $4.8 billion in 2016 to $6.0 billion in 2021 at a CAGR of 4.3% for the period 2016-2021. - The oil-based corrosion inhibitors market is expected to grow from $1.1 billion in 2016 to $1.4 billion in 2021 at a CAGR of 5.4% for the period 2016-2021.
STUDY GOALS AND OBJECTIVES The objective of the report is to identify the key trends in the global markets for corrosion inhibitors. The report quantifies the worldwide growth potential of corrosion inhibitors over the five-year period from 2016 through 2021. The study focuses on identifying key end users and industries that will affect the major market trends.
Industries such as petroleum refining, power generation, mining, pulp and paper, water treatment and others are heavily dependent on the use of corrosion inhibitors to protect their products and machinery from being damaged. Corrosion causes losses exceeding hundreds of billions of dollars worldwide. These losses are expected to increase the use of corrosion inhibitors while driving the significant growth of the market over the forecast period of 2016 through 2021.
REASONS FOR DOING THE STUDY Corrosion is a naturally occurring phenomenon that destroys metal. It is an ongoing problem that affects many industries. The economic cost of corrosion is very high; according to World Corrosion Organization, the cost of corrosion is $2.2 trillion across the globe which is around 3% of global GDP. The industries most affected by problems with corrosion are oil and gas, metals, water treatment and manufacturing. One of the major methods used to prevent corrosion is the use of corrosion inhibitors. The impact of corrosion has created tremendous demand for corrosion inhibitors across the globe.
There is increased demand for the development of nontoxic corrosion inhibitors. Governments and environmental activists have concerns regarding the toxicity of corrosion inhibitors and their harmful effects on the environment and the health of populations worldwide. Arsenic-based corrosion inhibitors have been banned in many parts of the world due to its toxic nature or either have some heavy regulations imposed due to which manufactures are looking for other alternatives such as green corrosion inhibitors to be used in consumer products. Industry research is focused on developing corrosion inhibitors that are more environmentally friendly.
The report intends to explain the key trends in the industry. It discusses the industries that are using the products and studies the motivating and restraining factors. The report will be a key decision-making tool for the intended audience.
INTENDED AUDIENCE Industries such as petroleum, cement and concrete, pulp and paper, metals, water treatment, power generation, chemical processing, mining, transportation and manufacturing, such as electronics and textiles, are covered in the report. There is also considerable demand for corrosion inhibitors in other industries such as aircraft, automobile, highway bridges, hydroelectric power, nuclear and processing. Because problems with corrosion are increasing across the globe, the demand for corrosion inhibitors has significantly increased over the years. Companies within the market for corrosion inhibitors are focused on developing improved methods to curb the menace of corrosion.
The report will be useful to all the industries listed above as well as those companies that want to enter the market. As the report also covers various geographic regions in detail, companies interested in expanding their geographic reach will also find the report useful.
SCOPE OF REPORT Corrosion inhibitors are chemical compounds that prevent or decrease the rate of corrosion of the exposed surface of metals or alloys. Corrosion inhibitors are available in solid, liquid, powder and gaseous forms. In this report, the market is segmented based on product type (water based, oil based and solvent based), end-user industry, chemical type (inorganic and organic), protection method (active and passive) and geographic region. The raw materials and key technologies used in corrosion inhibitors are also covered at length.
There is tremendous demand for corrosion inhibitors from industries such as oil and gas, concrete, refinery, water treatment process, power generation and metal. The equipment used in these industries is prone to corrosion and as a result the companies that own the equipment suffer tremendous production losses every year.
Additionally, shale gas exploration, the development of power generation plants, growth in construction and water treatment processes will provide significant opportunities within the market for corrosion inhibitors. Many industrial machines, equipment, pipelines and parts used in power generation require the application of corrosion inhibitors on a regular basis to avoid deterioration and rusting, which is a very common occurrence in these sectors. The major types of products included in the report are water, oil and solvent based.
All of the major markets were further segmented by geographic region. The major geographic regions covered in the report are North America, Europe, Asia-Pacific and the rest of the world (RoW). A country-specific breakdown of the market for corrosion inhibitors is also included in the report. Values were estimated based on the amount of corrosion inhibitors consumed by various end-user markets and revenues generated from the sale of corrosion inhibitors. The study covers the global market for corrosion inhibitors and is not limited to the countries included in this report. The selection of the countries to be included in this report was mainly based on the total revenue generated. Major countries included in the report are the U.S., Canada, Germany, the U.K., Spain, Italy, France, China, Japan and India.
The competitive landscape of the global market for corrosion inhibitors is discussed and includes profiles of the major companies and their product portfolios and recent developments.
METHODOLOGY AND INFORMATION SOURCES The information and analysis presented in the report are based on extensive first-hand interviews with primary research sources, including executives, product managers, and specialists in the market for corrosion inhibitors. Secondary information was obtained from government agencies, business and trade magazines, official websites of key manufacturers and key end users. Some of these sources include oil and gas companies, power generation, mining, water treatment, metal industries and so forth.
Annual revenues of major corrosion inhibitor companies, their annual reports and forward looking statements as well as industry end users were analyzed to derive the size of the market. Similarly, data were obtained for key applications, end-user markets, recent activities, the production of different types of corrosion inhibitors and so forth. Recent activities were tracked for the major companies involved in the corrosion inhibitor market in order to understand the market trends. The forecast market size was based on these trends. The estimation of the market was calculated using the base year 2015, with historical data provided for 2015 and forecast data provided for 2021. Market estimations and market shares are provided for each market segment for 2015 as the base year.
Estimated values used are based on manufacturers’ total revenues and forecast revenue values are in constant U.S. dollars, unadjusted for inflation. Unit volumes of corrosion inhibitors as well as revenue generated from the sale of corrosion inhibitors were tracked in order to estimate the market. A large number of manufacturers as well as end users are profiled in the report to better understand of the market.
INFORMATION SOURCES Key information was derived from various sources, which include government organizations such as government agencies in the U.S., China, India, the U.K. and Canada. International organizations were used as sources to gain raw data for the final estimations. Such organizations include the American Chemistry Council, International Organization for Chemical Science in Development, American Chemical Society, The Royal Society of Chemistry, International Council for Chemical Association, NACE International, Mining Association of Canada, Bureau of Indian Standards and the World Bank. Secondary data were also collected from official websites of manufacturers and distributors of corrosion inhibitors. Data were also collected from key end users in the markets, which include oil and gas, power generation, mining, water treatment, metals and so forth.
The information collected was utilized to derive the forecasted numbers. The data were further validated by industry participants via phone, email and Skype interviews.
ANALYST'S CREDENTIALS Mohammed Javed has a Master’s Degree in Marketing Management and more than four years of experience performing market research and consulting for industries such as chemical, biotechnology, medical devices, healthcare IT, energy, food and beverages, cloud and big data and advanced materials.
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