This research report titled ‘Global Corrosion Inhibitors Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global corrosion inhibitors market into five end-user segments, of which the top three are discussed in detail below. They are:
- Power generation
- Oil and gas
- Pulp and paper
- Metal processing
- Water treatment and others
Global corrosion inhibitors market for power generation segment
The need for power is growing significantly due to rapid industrialization and urbanization, especially in APAC and ROW. The generation, transmission, and distribution of power are dependent on turbines, generators, piping, valves, pumps, and speed changers, which produce electricity. These devices are exposed to moisture and other corrosive environmental agents. Therefore, they must be protected against corrosion to achieve efficient transmission of electricity.
“The increase in the need for power generation will increase the demand for corrosion inhibitors in the power generation segment during the forecast period. For instance, the government of Africa under the National Development Plan intends to supply at least 21,000 MW of electricity from renewable sources to address the need for additional 29,000 MW of electricity by 2030,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for paints, coatings, and pigments research.
Global corrosion inhibitors market for oil and gas segment
The equipment used in the oil and gas industry is made of metal and is usually subjected to corrosive agents. The exposure to these agents results in the alteration of mechanical properties, such as durability, hardness, and elasticity of the metal. This results in significant costs in terms of maintenance and replacement of such equipment. It is estimated that the annual cost incurred by the oil and gas industry globally due to corrosion accounts for USD 1.41 billion every year.
“Effective corrosion management will help to reduce leakage and maintenance costs. It will also be instrumental in preventing environmental pollution. The rising demand for oil and gas is expected to drive the market for corrosion inhibitors,” says Shakeel.
Global corrosion inhibitors market for pulp and paper segment
In recent years, the pulp and paper industry has shifted from open water systems to closed water systems to reduce the consumption of water. The processed water contains Kraft liquor, which is highly acidic and corrodes the metal when the Kraft process flow halts.
North America is a major region in the paper and pulp industry. The paper and pulp industry in Europe is the largest contributor to the corrosion inhibitors market in the region. This industry is expected to post a steady growth in the future due to significant growth in the packaging and printing industries.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- General Electric
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