Water Treatment Application to Capture The Largest Share Of The Corrosion Inhibitors Market

If you have found yourself in search of a water treatment application that would help you capture the largest share of the corrosion inhibitors market, then read this article. It is full of information on how to create a water treatment application that will get you every bit of the profit you are looking for!

What is Corrosion?

Corrosion is the breakdown of metal by chemicals, oxygen and salt water. The most common forms of corrosion are rusting and blackening which can lead to mechanical failures. Corrosion inhibitors are used in many industries to prevent corrosion. The corrosion inhibitors market is expected to grow at a CAGR of 7.5% during the forecast period 2018-2024.

The corrosion inhibitors market has been segmented on the basis of product, application and region. The product segment is further sub-segmented into acid neutralizers, alkaline earth metals protectants, azodicarbonamide (ADA) and others. The application segment is divided into transportation & infrastructure, downstream petroleum & chemical, naval & marine, food & beverage and others. The region segment includes North America, Europe, Asia Pacific (APAC), Latin America and Middle East & Africa (MEA).

The market for corrosion inhibitors was estimated at USD 5.1 billion in 2017 and is projected to grow at a CAGR of 7.5% during the forecast period 2018-2024. This growth can be attributed to the increasing awareness about the benefits of corrosion inhibitors in various industrial sectors such as transportation infrastructure

How Water Treatment Application Work

Water treatment application work by removing contaminants like metals, chemicals and other pollutants from water. By doing this, it helps improve the quality of water for human and other organism use. In particular, the water treatment application market is expected to grow at a CAGR of around 6.7% during 2019-2024. This is primarily due to the growing awareness about the importance of clean drinking water, as well as increasing concerns over the negative impact of pollutants on public health.

Types of Water Treatment Applications:

Chlorine dioxide (ClO2) is the most commonly used type of water treatment application. It works by breaking down organic pollutants into carbon dioxide and chlorinated molecules. This process is highly effective at eliminating chlorine-based odor and taste, but it has limited ability to eliminate heavy metals and other chemicals. Chlorine dioxide is mainly used in wastewater treatment applications, such as in municipal wastewater plants and industrial effluents.

In contrast, advanced oxidation processes (AOPs) use specific types of oxidants to remove contaminants from water. AOPs can be divided into two categories - contact oxidizers and non-contact oxidizers. Contact oxidizers use liquid

To know about the assumptions considered for the study download the pdf brochure

Analysis of Corrosion Inhibitors Market

Water treatment application is the largest market for corrosion inhibitors. Increasing awareness about the importance of corrosion control in water systems has led to increased demand for these products. Moreover, stringent environmental regulations are also boosting the growth of this market. The global corrosion inhibitors market is expected to reach USD XX million by 2024 from USD XX million in 2017, at a CAGR of XX%. This Report covers the present scenario and the growth prospects of the corrosion inhibitors market for various types of treatment applications. It also deals with key players in this market and their competitive strategies. The report includes a SWOT analysis and a PEST analysis.

Factors Driving the Corrosion Inhibitors Market

The corrosion inhibitors market is expected to grow at a CAGR of 7.5% during the forecast period 2017-2021. These inhibitors help in preventing the corrosion of various metallic and non-metallic structures in water pipelines and other systems. The increasing awareness about the need to protect infrastructure against corrosion is expected to drive the market growth.

Amongst the key players in this market, BASF SE is estimated to hold the largest market share with a value of USD 2.4 billion by 2021. The company’s product offerings include inhibitors for alloys, steels, copper, brass, aluminum and other alloys as well as coatings for metals and semi-conductors. Other key players in this market include 3M Company (US), Akzo Nobel NV (Netherlands), Evonik Industries AG (Germany), Saint Gobain SA (France) and Dow Chemical Company (US).

Who Is Winning The Frame Of Mind?

As the corrosion inhibitors market is predicted to grow at a CAGR of 5.0% from 2017 to 2021, who will be the major drivers and beneficiaries of this growth?

Major Players in the Corrosion Inhibitors Market:

1. BASF SE (Germany)

2. OMV AG (Austria)

3. Reckitt Benckiser Group plc (U.K.)

4. SABMiller Plc (U.K.)

5. Veolia Environnement S.A. (France)

6. Hydro Technologies Incorporated (U.S.)

7. Clariant AG (Germany)

Top 10 Companies in the Forecast Period

Water treatment has emerged as a key application area for corrosion inhibitors owing to the increasing awareness about the health threats posed by waterborne diseases. The corrosion inhibitors market is expected to grow at a CAGR of 6.8% during the forecast period, according to a report by Grand View Research, Inc. This growth is attributed to the increasing demand for these inhibitors from various industrial sectors such as chemicals, food & beverage, automotive, and infrastructure & construction.

Amongst the top companies profiled in this report are 3M Company (U.S.), BASF SE (Germany), and Lonza Group (Switzerland). These companies are expected to lead the market in terms of revenue generation during the forecast period.

Apart from water treatment, other applications for corrosion inhibitors include air conditioning, metalworking, and pharmaceuticals. These applications are expected to account for a major share of the market during the forecast period.

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COVID-19 impact on global corrosion inhibitor market

Corrosion inhibitors are used in applications, such as water treatment, process & product additives, and oil & gas production in various end-use industries, including power generation, oil & gas and refinery, metal & mining, pharmaceutical and utilities, among others. Corrosion inhibitors are used for treating harmful water, preserving the life of metals & alloys in the above-mentioned end-use industries. They control the process of corrosion by slowing it in different parts of the industries and treating toxic water. Due to the Covid-19 pandemic, the chemical industry was severely impacted throughout the world. Disruption in the supply chain, reduction in workforce, restrictions in movement, and decline in demand due to global uncertainty hindered the growth of the chemical industry.

The oil & gas industry also saw a fall in demand due to the pandemic. Decreased output affecting revenue realization put a halt to the progress of many companies in these sectors. The pandemic caused widespread concern and economic hardship for consumers, businesses, and communities across the globe. The lockdown, owing to the pandemic in various countries, affected the transportation fuel demand. Travel bans, along with the grounding of international flights, had led to a heavy reduction in the consumption of Aviation Turbine Fuel (ATF) across the globe.

However, the corrosion inhibitor market hasn’t been affected much and their demand remains in industries like oil & gas, pharmaceutical, etc.

To know about the assumptions considered for the study download the pdf brochure

The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market, in terms of value.

The region has emerging markets, such as Saudi Arabia, the UAE, Iran, Kuwait, and South Africa. The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Huge investments, rising population, growing disposable income, and integration of production activities are likely to increase output in the form of fuel and feedstock and, in turn, drive the corrosion inhibitors market.

Major players operating in the global corrosion inhibitor market include Solenis (US), Nouryon (The Netherlands), Baker Hughes Company (US), Ecolab (US), BASF SE (Germany), SUEZ Water Technologies & Solutions (France), DOW Chemical Company (US), Lubrizol Corporation (US), Lanxess (Germany), and Henkel Corporation (Germany).

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Increasing industrialization in developing economies drives the Corrosion Inhibitors Market

Infrastructural development in economies such as China, India, Brazil, and South Korea, are expected to boost industrial activities and increase the consumption of corrosion inhibitors during the forecast period. In 2018, countries such as China, the US, Australia, the UK, and France spent 5.57%, 0.52%, 1.69%, 0.92%, and 0.84% of their GDP in construction and maintenance of infrastructure, according to Statista. In 2020, China had scheduled USD 1.07 trillion as infrastructure spending, according to China Banking News.

According to the World Bank, emerging economies need to spend about 4.5% of GDP to achieve sustainable development. Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to boost the market for corrosion inhibitors in the next five years. The global spending on infrastructure is expected to reach USD 94 trillion by 2040, and an additional USD 3.4 trillion would be required to attain United Nations’ Sustainable Development Goals for electricity and water, according to Oxford Economics. Countries in APAC, including China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, will be the fastest-growing and account for nearly 50% of the global infrastructure spending by 2040, according to an Oxford Economics study. Due to the increasing consumption of industrial water in emerging economies, the opportunity is being created for manufacturers to offer a wide range of corrosion inhibitors to various specific applications in order to protect them from corrosion.

To know about the assumptions considered for the study download the pdf brochure

The global corrosion inhibitors market size is projected to reach USD 10.1 billion by 2026 at a CAGR of 4.9% from 2021. The increasing demand for corrosion protection chemicals in various end-use segments coupled with stringent regulatory and sustainability mandates concerning the environment is driving the market for corrosion inhibitors.

Water Treatment application will account for the major share of the corrosion inhibitor market, based on application in terms of value.

Water treatment accounted for 44.4% of the total corrosion inhibitor market in terms of application, in 2020. Corrosion can cause many concerns such as rusting of pipelines, equipment surfaces, and lowered efficiency of the equipment mainly in the industrial sector. Feed water use in various industries contains carbon dioxide which is corrosive to steel. If this carbon dioxide is left untreated, iron deposits on the boilers. These corrosion inhibitors are fed downstream of the deaerating equipment. It is volatilized and carried out with the steam after reacting with carbon dioxide. Corrosion inhibitors for boiler treatment include neutralizing and filming amines for condensate linings. Morpholine, cyclohexylamine, diethylethanolamine (DEAE), aminomethyl propanol, and aqua ammonia octadecylamine (ODA) are some of the common corrosion inhibitors used to protect boiler systems from corrosion.

The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market, in terms of value.

The region has emerging markets, such as Saudi Arabia, the UAE, Iran, Kuwait, and South Africa. The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Huge investments, rising population, growing disposable income, and integration of production activities are likely to increase output in the form of fuel and feedstock and, in turn, drive the corrosion inhibitors market.

Major players operating in the global corrosion inhibitor market include Solenis (US), Nouryon (The Netherlands), Baker Hughes Company (US), Ecolab (US), BASF SE (Germany), SUEZ Water Technologies & Solutions (France), DOW Chemical Company (US), Lubrizol Corporation (US), Lanxess (Germany), and Henkel Corporation (Germany).

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Reducing corrosion costs drives the Corrosion Inhibitors Market

The cost incurred on end-use industries due to corrosion is an important factor driving the demand for corrosion inhibitors. Total costs of corrosion include the design & construction or manufacturing, the cost of corrosion-related maintenance, repair & rehabilitation, and the cost of depreciation or replacement of structures damaged due to corrosion. These costs vary from industry to industry. According to NACE International (National Association of Corrosion Engineers), the annual cost of corrosion to the oil & gas industry in the US alone is estimated at USD 27 billion. The costs can be reduced by the broader application of corrosion-resistant materials and the application of corrosion-related technical practices. Corrosion inhibitors suppress or mitigate the corrosion process of metals. They protect the metals or alloys by acting as a barrier by forming an absorbing layer or by retarding the cathodic, anodic processes causing corrosion. The use of corrosion inhibitors in these industries lowers the maintenance and repair costs, extends the useful life of the equipment, and reduces the production loss from corrosion damage. This directly reduces the corrosive costs and drives the market for corrosion inhibitors.

To know about the assumptions considered for the study download the pdf brochure

The growth in the power, oil & gas, mining, and chemical industries, especially in the emerging economies, such as China, Brazil, India, Indonesia, Malaysia, Argentina, Chile, and Vietnam, drives the market for corrosion inhibitors. The exploration and development of new oil fields such as the pre-salt oil fields in Brazil, installation of new and high capacity power plants using fossil fuels, nuclear, or solar power as fuel in China and India, and the growing mining industry as a result of the increasing demand from the construction sector is expected to further drive the corrosion inhibitor market during the forecast period.

The global corrosion inhibitors market size is projected to reach USD 10.1 billion by 2026 at a CAGR of 4.9% from 2021. The increasing demand for corrosion protection chemicals in various end-use segments coupled with stringent regulatory and sustainability mandates concerning the environment is driving the market for corrosion inhibitors.

Water Treatment application will account for the major share of the corrosion inhibitor market

Water treatment accounted for 44.4% of the total corrosion inhibitor market in terms of application, in 2020. Corrosion can cause many concerns such as rusting of pipelines, equipment surfaces, and lowered efficiency of the equipment mainly in the industrial sector. Feed water use in various industries contains carbon dioxide which is corrosive to steel. If this carbon dioxide is left untreated, iron deposits on the boilers. These corrosion inhibitors are fed downstream of the deaerating equipment. It is volatilized and carried out with the steam after reacting with carbon dioxide. Corrosion inhibitors for boiler treatment include neutralizing and filming amines for condensate linings. Morpholine, cyclohexylamine, diethylethanolamine (DEAE), aminomethyl propanol, and aqua ammonia octadecylamine (ODA) are some of the common corrosion inhibitors used to protect boiler systems from corrosion.

The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market

The region has emerging markets, such as Saudi Arabia, the UAE, Iran, Kuwait, and South Africa. The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Huge investments, rising population, growing disposable income, and integration of production activities are likely to increase output in the form of fuel and feedstock and, in turn, drive the corrosion inhibitors market.

Major players operating in the global corrosion inhibitor market include Solenis (US), Nouryon (The Netherlands), Baker Hughes Company (US), Ecolab (US), BASF SE (Germany), SUEZ Water Technologies & Solutions (France), DOW Chemical Company (US), Lubrizol Corporation (US), Lanxess (Germany), and Henkel Corporation (Germany).

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Solenis LLC (US) and Baker Hughes (US) are Leading Players in the Corrosion Inhibitors Market

 The global corrosion inhibitors market size is projected to reach USD 10.1 billion by 2026 at a CAGR of 4.9% from 2021. The increasing demand for corrosion protection chemicals in various end-use segments coupled with stringent regulatory and sustainability mandates concerning the environment is driving the market for corrosion inhibitors.

The increase in demand for corrosion inhibitors and the growing industrial development in the emerging economies, such as APAC and South America, are driving the market. The key players in the corrosion inhibitors market include Nouryon (Amsterdam), Henkel (Germany), The Lubrizol (US), BASF SE (Germany), Ecolab Inc. (US), Solenis LLC (US), Baker Hughes (US), The Dow Chemical Company (US), and Suez S.A. (France). These market leaders have adopted various organic as well as inorganic growth strategies between January 2016  and March 2021 to strengthen their position in the corrosion inhibitors market. The strategy of acquisition and merger was among the major growth strategies adopted by the leading market players to enhance their regional presence and meet the growing demand for corrosion inhibitors  in emerging economies

To know about the assumptions considered for the study download the pdf brochure

Solenis, formerly known as Ashland Water Technologies, is one of the leading global producers of specialty chemicals for water-intensive industries, including pulp & paper, oil & gas, petroleum refining, chemical processing, mining, biorefining, power, and municipal. The company’s product portfolio includes a broad array of process, functional, and water treatment chemistries, corrosion inhibitors as well as state-of-the-art monitoring and control systems. The company serves its products to various end-use industries, such as biorefining, chemical processing, industrial water, mining & mineral processing, municipal, oil & gas, packaging paper & board, and power generation. The company has focused on the adoption of organic and inorganic strategies to cement its position as the market leader in the corrosion inhibitor market. This includes a merger with BASF SE for paper and wet end water chemicals merged its paper wet-end and water chemicals business The combined business is expected to operate under the Solenis name and offer increased sales, service, and production capabilities across the globe also company has inaugurated a new technology center in Brazil, which will develop new products for various end users.

Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. It is one of the leading providers of oilfield services, products, technologies, and systems used in the oil & gas industry. It also provides products and services for other businesses such as downstream chemicals and process and pipeline services. Recently, GE (US) and Baker Hughes Inc. merged their oil and gas equipment and services operations. The company offers corrosion inhibitors in the oilfield services and equipment segment. The company has a strong global presence with a wide product portfolio. The company merged its oil & gas equipment and services operations with GE. The development helped the company to expand its corrosion inhibitors product offerings in the oil & gas industry.

Solenis LLC (US), Nouryon (Amsterdam), Baker Hughes (US), BASF SE (Germany), and Ecolab Inc. (US) are the key players in the corrosion inhibitors market.

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