Corrosion Inhibiting Additives Market: Overview
Corrosion inhibiting additives are chemical compounds which decrease the corrosion rate of a metal or alloy when added to liquid or gas. These additives form a protective hydrophobic barrier film and adhere to the metal surface, thereby providing good corrosion inhibition properties. They are widely used in various end-use industries such as petroleum refining, oil and gas exploration and production, chemical manufacturing, water treatment, heavy manufacturing, construction, and product additive. These additives are widely used in boilers, turbines, tanks, heat exchangers, steam or condensate pipelines, gear boxes, oil tanks, and fuel tanks.
Corrosion of reinforcing steel in concrete is a common problem found in concrete structures subjected to high levels of chlorides and sulfate environments such as marine or car parks. Corrosion inhibiting additives prevent corrosion and provide prolong the life of the reinforced concrete structure. Solvent-based corrosion inhibiting additives can contain high levels of volatile hydrocarbons which when emitted, can pose threat to the environment. Rise in research activities in the field of water-based corrosion inhibiting additives with low or zero volatile organic compounds (VOCs), long shelf life, and high self-healing films capacity are expected to create lucrative opportunities for manufacturers operating in the global corrosion inhibiting additives market.
Corrosion Inhibiting Additives Market: Key Segments
The global corrosion inhibiting additives market can be segmented in terms of chemistry, type, end-use industry, and region. Based on chemistry, the market can be segregated into carboxylates, sulfonates, and carboxylic acid derivatives. In terms of type, the corrosion inhibiting additives market can be divided into mineral-based, solvent-based, water emulsion-based, and water soluble-based. Water-based corrosion inhibiting additives are gaining momentum in the market, as it provides a thick permanent barrier film and contains low zero volatile organic compounds (VOCs). Based on end-use industry, the market can be classified into water treatment, cement & concrete, petroleum refining, oil & gas production, metals, and utilities.
Corrosion Inhibiting Additives Market: Regional Outlook
In terms of region, the global corrosion inhibiting additives market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a leading consumer of corrosion inhibiting additives, followed by Europe and North America. Rapid urbanization and industrialization in developing economies such as China, India, Thailand, Indonesia, and Vietnam in the region is expected to propel the demand for corrosion inhibiting additives significantly during the forecast period. Additionally, growth in the steel manufacturing sector and increase in construction spending in India, China, Indonesia, and South Korea are likely to further boost the corrosion inhibiting additives market during the forecast period. Rise in the number of power generation plants in countries such as the U.K., Poland, Sweden, and Germany is expected to drive the demand for corrosion inhibiting additives in the Europe. Rising demand for corrosion inhibiting additives in oil & gas pipelines, especially in the U.S. is expected to fuel the market in North America. In 2018, Cortec Corp., a leading manufacturer of corrosion inhibiting additives in the U.S., signed a distribution agreement with A. S. Paterson Company for the distribution of Cortec Corp.’s additives in Canada. The corrosion inhibiting additives market in Latin America and Middle East & Africa is projected to expand at a moderate pace during the forecast period. Economic recovery and improvements in trade activities in Mexico and GCC are anticipated to boost the market in both these regions.
Corrosion Inhibiting Additives Market: Key Players
Key players operating in the global corrosion inhibiting additives market include Daubert Chemical Company, BYK Additives & Instruments, Croda Industrial Chemicals, and Lockhart Chemical Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.