Rust Preventive Oil Market: Introduction
- Rust preventive oil is used to prevent corrosive attack on iron. Rust forms on iron when it comes into contact with water or oxygen. This can lead to equipment failure and can also damage machinery such as engines. Rust can cause high financial losses to organizations.
- Rust prevention oils contain corrosion inhibitors, which form a barrier film on the metallic surface. This barrier film protects the surface from environmental oxygen, water, and other chemically active substances.
- Rust preventive oils are widely used in various industries such as automotive, paints, food & beverages, and construction
Key Drivers of Rust Preventive Oil Market
- Automobile industry is one of the major consumers of rust prevention oil. Under the Paris agreement, all countries are joining hands to reduce carbon emission and keep the increase in average global temperature to below 2°C. In line with this objective, France is expected to discontinue the sale of petrol and diesel vehicles by 2040 and shift toward electric vehicles. The Netherlands also aims to ban petrol and diesel vehicles by 2025. Majority of countries are shifting toward the production of electric vehicles. This is anticipated to boost the demand for new engines, auto components, and metallic parts in the near future. Increase in demand for these components is estimated to propel the demand for rust prevention oil.
- The manufacturing industry of India contributes 17% to the nation’s GDP. In 2019, the Finance Minister of India announced a plan to reduce the tax rate to 16% for new manufacturing plants that start production before 2023 in order to boost the industry. India’s tax rate is one of the lowest tax rate for manufacturing units across the globe. Since the announcement, foreign direct investments have been increasing for establishment of new plants. This is creating demand for more machines, tools, parts, food processing equipment, and other industrial machinery. Significant increase in demand for new machinery is estimated to boost the rust preventive oil market in India in the near future.
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Key Restraints of Rust Preventive Oil Market
- Rust prevention oil attract contaminants from air that cling to the surface of the metal, thereby accelerating the corrosion process
- Vapor corrosion inhibitors (VCI) paper and VCI poly are the substitutes of rust prevention oils. These products are environment friendly and non-toxic alternatives of rust prevention oils.
Rust Preventive Oils: Application Segment
- Based on application, the global rust preventive oil market can be divided into automotive, steel, paints, food, and construction
- Body parts and engines of automobiles are more vulnerable to rust. Modern cars come with some level of rust protection. Body parts, engines, and brakes need maintenance at a certain interval due to their metallic structure. Rust prevention oil is an efficient option in achieving this objective.
- Rust happens when there is moisture around. High level of packaging is required to stop the contact of moist air with metal body. Metal components are moved from inventory to assembly lines in the presence of moist and toxic air, making it necessary to use rust prevention oil at each and every stage.
- Structures such as bridges are more susceptible to corrosion during monsoons. Then oxidation/reduction process fastens during the monsoon season. Rain water acts as a catalyst. Therefore, rust prevention oil is mixed with paints and coated over the metallic body of structures.
- In the food & beverages industry, various machinery may come into direct contact with food and its fluids during the manufacturing process. Therefore, it is a critical task to coat rust preventive oil on inner side of food manufacturing equipment. Rust-X, a U.S.-based company, manufactures food-grade rust prevention oil with special formulations. It is not harmful and suitable for direct food contact applications.
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Key Manufacturers in Rust Preventive Oil Market
Key manufacturers operating in the global rust preventive oil market include:
- HP Lubricants
- Chemtool Incorporated
- DoALL Sawing Products
- ITW Chemin
- Houghton International Inc
- Rust Check
- Condat Group
Global Rust Preventive Oil Market: Research Scope
Global Rust Preventive Oil Market, by Type
- Water Soluble
Global Rust Preventive Oil Market, by Application
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