Corrosion Inhibitor Market-Growth Analysis & Forecast
History & Growth of Corrosion Inhibitor Market
A corrosion inhibitor can simply be said to be a chemical substance that is used to reduce the rate at which a material is degrading or corroding. This chemical compound is usually used on alloys and metals. The anti corrosion chemical has been used for many decades. Regions such as Europe and North America were among the pioneers of this technology. These regions can be said to have reached their optimum, hence the corrosion inhibitor market is said to be stagnated. The effectiveness of the degradation inhibitor will vary according to quantity and also quality. The higher the quality of the inhibitor, the more effective it will be. Proper use of reliable chemical substances that inhibit degradation will ensure that the material will last a long time. The degradation inhibitor will also maintain the material’s tensile strength.
Analysis Regarding Geographies
Corrosion inhibitors are used worldwide in different industries. The industries that use this product include oilfield chemical, construction industry, water treatment plants, oil and gas sector, and many others. However, some regions have fully reached their maximum capacity hence the corrosion inhibitor market growth remains stagnated. Such regions include Europe and North America. Asia –Pacific is among the emerging markets that show good prospects. The main industries that are driving the corrosion inhibitor market include the construction industry as well as the manufacturing sectors. The manufacturing industry uses the inhibitors to protect the boilers against acidic compounds. Nonetheless, even the emerging economies are still faced by competition from alternative materials that can be used instead of alloys and metal. Better technology is leading to creation of strong and durable materials such as ceramics and plastic.
Forecast of Corrosion Inhibitor Market (2013 - 2018)
According to the latest reports, a big portion of emerging and also under developed countries is yet to embrace the corrosion inhibitor. These regions are seen as having the best potential in terms of corrosion inhibitor market growth. As at 2010, the worldwide corrosion inhibitor market was estimated to be worth $ 4.8billion.This figure is expected to rise to $ 5.98 billion in 2015.This represents an annual growth rate of about 4.5 percent. Water based use accounted for the biggest share at 75%. This represents a value of $3.6 billion as of 2010. In the year 2015, this figure will increase to $4.54 billion, representing a corrosion inhibitor market growth of 4.8%. Oilfield chemical sectors have been forecast to grow at an annual rate of 3.6%. Asia is the leading market for corrosion inhibitor. It accounts for 36%, while Europe’s share was 31% .North America stood at 27 percent as of 2010, this represented $ 1.29 billion. North American Region is expected to grow at a rate of 3.7% thus the value in 2015 will be $ 1.55 billion. Read more about corrosion inhibitor in breif.
Conclusion
Less developed countries and Asian countries present the best prospects. The growth statistics show an exponential growth over the last few years. According to simulation and trend analysis, these regions are most viable. However, the inhibitors against corrosion will have to come in better formulations. This is driven by environmental concerns that pose a major threat to the anti-corrosion substances.
This article has been written by Govind Patel.
