“Corrosion Inhibitors Market (Organic and Inorganic) for Water Based and Oil/Solvent Based Applications in Power Generation, Metal Processing, Pulp and Paper, Oil and Gas and Chemical Processing – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” the global corrosion inhibitors demand was valued at USD 5.20 billion in 2012 and is expected to reach USD 7.14 billion in 2019, growing at a CAGR of 4.7% from 2013 to 2019. In terms of volume, global consumption was 4,425.9 kilo tons in 2012 and is expected grow at a CAGR of 4.4% from 2013 to 2019.
Corrosion inhibitors play a critical role in the water treatment chemicals market. Growth of the water treatment chemicals market on account of increasing demand for clean water is expected to be one of the primary factors driving the demand for corrosion inhibitors. In addition, rising construction activities within the forecast period and increasing awareness of the adverse impact of corrosion is expected to boost the demand for corrosion inhibitors. However, various environmental issues associated with the raw materials used in corrosion inhibitors are expected to hamper the growth of the market. Development of green inhibitors and application of nanotechnology in corrosion inhibitors is expected to open opportunities for the growth of the market over the next few years.
Organic corrosion inhibitors were the largest product segment of the market and are also expected to be the fastest growing segment due to the increasing preference of consumers for non-toxic inhibitors, at an estimated CAGR of over 4.5% from 2013 to 2019. Increasing demand for organic corrosion inhibitors is expected to hamper the demand for inorganic inhibitors.
Water-based corrosion inhibitors were the largest application segment of the corrosion inhibitors market, accounting for over 75% of the market in 2012. Demand for oil/solvent-based inhibitors is expected to reach 1,332.1 kilo tons by 2019.
The power generation sector dominated the demand for corrosion inhibitors and accounted for over 25% of the demand in 2012, followed by the oil & gas sector. Oil & gas is also expected to be the fastest growing end-use industry for this market on account of the rising demand from various industries and as a fuel. Corrosion inhibitor demand from metal processing is expected to reach 683.7 kilo tons by 2019. Chemicals processing is expected to show noticeable growth from a small base within the forecast period.
Asia Pacific led the demand for corrosion inhibitors and accounted for over 35% of the total share in 2012. Increasing industrial activities and rising awareness regarding losses occurring due to corrosion is expected to drive the demand for corrosion inhibitors over the forecast period. Asia Pacific is expected to show fastest growth in market over the next few years.