New York , Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global corrosion inhibitors market size is poised to grow at a CAGR of over 5% from 2023 to 2035. The market is anticipated to garner a revenue of USD 15 billion by the end of 2035, up from a revenue of USD 8 billion in the year 2022. The growth of this market is poised to be influenced by growing demand for oil & gas. Around 96 million barrels of oil were consumed daily in the world in 2022. However, the oil and gas sectors encounter a number of issues as a result of corrosion amid refining and transportation.
Pumps, valves, sucker rods, and tubing constructed from steel and iron are extensively used in gas and oil fields. However, this is also prone to the risk of leaks. Each coal, oil, and natural gas plant is in charge of more than 39 Mt of emissions and almost 4 Mt of leaks from end-use gear. Leaks cause gas and soil loss, as well as salt and water ingress, which increases corrosion damage. Therefore, in order to tackle this issue, the use of corrosion inhibitors is set to grow in the oil & gas industries.
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Corrosion Inhibitors Market: Key Takeaways
- Market in North America region to propel the highest growth
- The volatile corrosion inhibitors to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Growing Urban Population to Boost the Growth of Global Market
Owing to various factors such as job, education, and more large number of people are shifting to urban places. Over 4.4 billion individuals, or 56% of the globe's people, reside in city. By 2050, roughly 7 out of 10 people will be located in cities, with the urban population predicted to more than double from its current level. Hence, this is increasing construction of various infrastructure. Metals are a common component of structures and buildings, either as the primary element or in structural components. Metals possess a crucial purpose as loading-bearing or decorative components. Poor corrosion protection due to improper materials or design may result in catastrophic effects on both safety and economics. Hence, the market revenue for corrosion inhibitors is rising.
Corrosion Inhibitors Industry: Regional Overview
The global corrosion inhibitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Construction of Aircraft to Drive the Market Growth in North America
The corrosion inhibitors market in North America is projected to capture the highest market share of about ~35% over the forecast period. The growth of the market in this region could be influenced by rising construction of aircraft. The general aviation fleet was estimated to have about 204,404 aircraft in the United States in 2021, a rise from the previous year. Hence, the adoption of corrosion inhibitors is growing in this region. When unprotected metal comes into contact with atmospheric oxygen, corrosion takes place. Numerous elements, such as exposure to acid and contaminants, inadequate painting preparation, and excessive moisture levels, hasten aircraft corrosion.
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Need for Water Treatment Plants to Influence the Market Growth in Asia Pacific
The Asia Pacific market for corrosion inhibitors is estimated to capture the significant amount of share of about ~24% over the coming years. This could be owing to rising need for water treatment plants on account of growing consumption of water in this region. For instance, the Chinese company Huawei utilized about 16 million metric tons of water in 2022, an enormous rise from approximately 7 metric tons in 2017. However, this water treatment plants are prone to getting corroded. Therefore, the market share is growing in this region.
Corrosion Inhibitors, Segmentation by Type
- Water Based Corrosion Inhibitors
- Oil Based Corrosion Inhibitors
- Volatile Corrosion Inhibitors
The volatile corrosion inhibitors segment is estimated to garner the highest share of about ~46% over the forecast period. The major factor driving the growth of the market is growing construction activities. In 2016, there were estimated 794,431 built-up areas (BUAs) worldwide. Approximately 849,406 people are expected to live there by 2022. Furthermore, it is anticipated that 2 million new buildings will be built by 2050.
Corrosion Inhibitors, Segmentation by End-User
- Oil & Gas
- Power Generation
- Metal & Mining
- Pulp & Paper
- Utilities
- Chemical
The power generation segment in the corrosion inhibitors market is expected to have significant growth over the forecast period. This could be owing to rising consumption of power. Over the previous 50 years, the total amount of electricity consumed worldwide has increased steadily, and in 2022, it is projected to reach about 25,499 terawatt hours.
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Corrosion Inhibitors, Segmentation by Compound
- Inorganic
- Organic
A few of the well-known market leaders in the global corrosion inhibitors market that are profiled by Research Nester are BASF SE, The Dow Chemical Company, Brad-Chem Ltd, LANXESS AG, Cortec Group, SM-Service Ltd., Baker Hughes Company, Lubrizol Corporation, Henkel Company, Ecolab, and others.
Recent Development in the Market
- A novel corrosion inhibitor for hydrostatic testing was certified to meet the requirements of ANSI/NSF Standard 61, according to a statement from Cortec Group. It was therefore safe to use in drinking water system components, which created a market for people looking to construct, install, or maintain drinking water systems that meet safety requirements for hydro testing.
- In order to increase the value of the ethanol yield sector, BASF SE teamed up with Innospec Fuel Specialties LLC. The relationship was established with a commitment to provide DCI-1 Plus ClearTrak to American ethanol producers. The DCI was a concentrated corrosion inhibitor used to keep ethanol's pHe stable and stop metal from corroding.
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