Growth of the water treatment market is expected to boost demand for corrosion inhibitors. In addition, increasing use of corrosion inhibitors for various steel and iron equipments which mainly used in the construction industry is expected to contribute to the growth of the market. However, several environmental issues associated with raw materials used in corrosion inhibitors are expected to hamper the growth of the market. Advanced technology which has resulted in the increasing use of green inhibitors and application of nanotechnology in corrosion inhibitors is expected to open new opportunities for the growth of the market over the next few years.
Organic inhibitors was the largest product segment present within the corrosion inhibitors market and accounted for over 70% of the market in 2012. Absence of metals in organic corrosion inhibitors results in prevention of unwanted chemical reactions. The increasing use of organic inhibitors in oil & gas and construction sector is expected to drive the demand for this product segment. Organic inhibitors are expected to be the fastest growing segment within the forecast period due to the growing preference of consumers. Inorganic inhibitors such as molybdates are widely used in water treatment.
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Water-based corrosion inhibitors dominated the market for corrosion inhibitors accounting for over 75% in 2012. Rising awareness regarding the harmful effects of volatile organic compound (VOC) emissions on human life coupled with low or negligible VOC emissions from water-based corrosion inhibitors is expected to the drive the demand for this application segment over the next few years. In addition, the growing demand for water-based corrosion inhibitors in high temperature applications such as oil extraction and refining is expected to be another factor contributing to the growth of the market. Oil/solvent based corrosion inhibitors are used in applications which require constant performance over long durations of time and continuous film thickness which provides uniform protection. They are used in applications such as automobiles and electronics.
Demand for corrosion inhibitors was highest from power generation sector in 2012 accounting for over 25% of the market in 2012. Oil & gas was the second largest end-use segment of corrosion inhibitors accounting for 19.4% of the market in 2012. Oil & gas is expected to be the fastest growing segment within the market due to the rising awareness of the losses caused due to corrosion. In addition, rise in industrial activities across various developed and developing countries is expected to drive the demand for oil & gas which in turn is expected to boost the corrosion inhibitors market.
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Asia Pacific accounted for the highest demand for corrosion inhibitors accounting for over 35% of the market in 2012. Europe and North America together accounted for over 50% of the market in 2012. Increasing industrial activities coupled with rising awareness regarding the adverse impact of corrosion in Asia Pacific is expected to boost their demand over the next few years. Moreover, industrial development in countries such as Brazil and South Africa has led to a growth in construction activities which in turn is expected to contribute significantly to the growth of the market within the forecast period.
The corrosion inhibitors market is fragmented in nature with the top four companies accounting for less than 40% of the market share in 2012. Ecolab was the largest manufacturer of corrosion inhibitors and accounted for over 15% of the market in 2012. GE Water, Ashland and BASF are other leading manufacturers. Some other prominent corrosion inhibitor manufacturers include AkzoNobel, Champion Technologies, Cytec, Cortec, Dow, DuPont and Lubrizol among others. Certain companies such as Dow, DuPont and BASF are integrated across the entire value chain of corrosion inhibitors market.
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