Global Market Insights Inc. has announced the release of a new study on global Corrosion Inhibitors Market trends. The market size is forecast to witness significant growth and exceed 5,100-kilo tons from 2015 to 2023, at a growing CAGR of 4% CAGR. In terms of revenue, the market is anticipated to surpass USD 8.8 billion in next few years.
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Global water treatment chemicals market is poised to hit USD 31 billion revenue soon. Growing application in power generation, water treatment, mining and refining and construction industries is likely to leverage product demand over the projected time frame. Rapid industrialization and urbanization in APAC are expected to promote product demand and open new growth avenues over the forecast period.
Increasing disposal issues and toxic effects of traditional inhibitors on plant and marine biology and human are projected to restrain the market expansion in the next few years. However, constant development and commercialization of products for manufacturing various plant and herb extracts as green corrosion inhibitors are forecast to impact the market development positively.
According to the news from industry sources, the Worshipful Company of Armourers and Brasiers has awarded the Materials Science Venture Prize to a team from Swansea University led by Professor Geraint Williams for developing a smart and safe way to tackle corrosion.
The key drivers for the corrosion inhibitor market include
• Rising demand for clean and pure water in various industrial sectors
• Increasing scope of applications
• Growth in the end-user industries
• Growth in APAC with strong infrastructure spending
• Focus on constant product innovations to produce safe and efficient inhibitor
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Major challenges for the industry are as follows
• Environmental concerns
• Regulatory issues
• Rising cost of raw materials
The U.S. corrosion inhibitors market size is set to foresee growth over 4% over the projected time frame. Europe industry demand is expected to register 1,900-kilo tons by 2023. APAC, led by China and India, is likely to be worth USD 3 billion during the predicted period. LATAM and MEA market growth is forecast to witness substantial growth by 2023.
The report covers competitive analysis with a focus on market environment factors, industry structure, company market share evaluations. The moderately consolidated global corrosion inhibitors market is dominated by key players including GE, Ecolab, BASF, and Ashland. Other noteworthy names in the industry are DuPont, Dow, Lubrizol, Champion Technologies, Cytec, AkzoNobel, Eastman, Halox, Dai-Ichi, Daubert, Cortec, and Henkel.
Browse key industry insights spread across 95 pages with 78 market data tables & 14 figures from the report, “Corrosion Inhibitors Market Size By Application (Water Based, Oil/Solvent Based), By Product (Inorganic, Organic), By End-Use (Metal Processing, Power Generation, Pulp & Paper, Chemical Processing, Oil & Gas), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/corrosion-inhibitors-market
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