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.
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