Asia-Pacific Corrosion Inhibitors Market to Grow with a CAGR of 5.10 % through 2028
Surging utilization in the power generation and oil & gas
refinery sector are the major driver of the Asia-Pacific Corrosion Inhibitors
Market in the forecast period 2024-2028
According to TechSci Research report, “Asia-Pacific
Corrosion Inhibitors Market - By Region, Competition, Forecast and
Opportunities, 2018-2028”, Asia-Pacific Corrosion Inhibitors Market Size is
USD 2,289.18 million in 2022 and is anticipated to increase at a CAGR of 5.10% through
2028. Corrosion represents an enduring and costly challenge across various
industries, including transportation, infrastructure, and oil and gas
production. In response to this pervasive issue, corrosion inhibitors have been
formulated as specialized chemical compounds aimed at mitigating or preventing
corrosion. These inhibitors function by disrupting the electrochemical
reactions that drive corrosion, typically by creating a protective layer on the
metal surface. This protective layer can assume either a physical form, acting
as a barrier that isolates the metal from the corrosive environment, or a
chemical form that modifies the surface chemistry to render it less susceptible
to corrosion. Corrosion inhibitors come in various types, tailored to specific
applications and environmental conditions. Anodic inhibitors thwart oxidation
reactions at the metal's anode (positively charged electrode), while cathodic
inhibitors hinder reduction reactions at the cathode (negatively charged
electrode). Mixed inhibitors are versatile compounds capable of addressing both
anodic and cathodic processes, offering comprehensive protection. Passivation
inhibitors enhance the formation of passive oxide layers on metal surfaces,
effectively shielding them from corrosion. Among the most renowned corrosion
inhibitors are chromate-based ones, which have been widely recognized for their
efficacy. However, concerns regarding their toxicity and environmental impact
have led to the development and adoption of alternative inhibitors. In recent
years, organic inhibitors, encompassing organic salts, amines, and compounds
containing heteroatoms like nitrogen and sulfur, have gained prominence due to
their reduced environmental footprint and improved safety profiles.
Furthermore, corrosion inhibitors find extensive
applications across a diverse spectrum of industries. In the transportation
sector, these inhibitors are indispensable for safeguarding vehicles and
infrastructure against rust and corrosion, thereby prolonging their operational
life and ensuring safety. The aviation industry places substantial reliance on
corrosion inhibitors to protect aircraft from the corrosive effects of
high-altitude flight and exposure to diverse environmental conditions. In the
oil and gas sector, where metal structures contend with harsh environments,
corrosion inhibitors play an essential role in preserving the integrity of
pipelines, drilling equipment, and offshore platforms. Within the construction
and infrastructure sector, corrosion inhibitors are vital for the preservation
of critical elements such as bridges and buildings, effectively reducing
maintenance costs and enhancing overall safety.
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Moreover, the mechanisms by which corrosion inhibitors
operate vary based on the inhibitor type and the specific environmental
conditions in which they are employed. For example, organic inhibitors function
by adsorbing onto the metal surface, thereby establishing a protective film
that serves as a physical barrier against corrosive agents. Conversely,
inorganic inhibitors like chromates induce passivation of the metal surface,
triggering the formation of a protective oxide layer. This layer effectively
impedes subsequent corrosion by inhibiting the electrochemical reactions
responsible for metal deterioration.
The Asia-Pacific Corrosion Inhibitors Market is segmented
into type, composition, application, country distribution, region and company
Based on the type, the water based segment is expected
to register the highest growth of 5.26% during the forecast period 2024-2028. Water-based
corrosion inhibitors present numerous advantages that position them as the
preferred option in various industries. Their environmentally friendly
characteristics result in minimal harm to ecosystems and human health in
comparison to their solvent-based counterparts. Water-based inhibitors also
align with strict environmental regulations by reducing the emission of
volatile organic compounds (VOCs). Their low toxicity and non-flammable
properties enhance workplace safety, effectively reducing the risk of
accidents.
Furthermore, water-based formulations demonstrate
versatility, as they can be readily mixed and applied, enhancing
cost-effectiveness and convenience in industrial processes. Moreover, they
excel in providing corrosion protection by establishing a robust protective
barrier on metal surfaces, resulting in extended equipment lifespan and reduced
maintenance expenses. Water-based corrosion inhibitors are especially
well-suited for systems exposed to water, including cooling systems and
pipelines, thereby promoting sustainable and responsible corrosion control
practices. In essence, these inhibitors seamlessly integrate effective
corrosion protection with environmental responsibility, making them invaluable
assets across a diverse range of industries.
Based on the composition, the organic
segment is expected to register the highest growth of 5.56% during the forecast
period 2024-2028. Organic-type corrosion inhibitors offer
numerous advantages that make them indispensable in the ongoing battle against
corrosion. To begin with, their environmentally friendly characteristics, often
characterized by biodegradability and reduced toxicity compared to other
inhibitor types, align perfectly with the growing emphasis on sustainability
and eco-friendly practices across various industries. Organic inhibitors
demonstrate exceptional versatility and compatibility with a wide range of
materials and systems, making them suitable for diverse applications, from
industrial processes to the marine and automotive sectors. Their ability to
form a protective film on metal surfaces plays a pivotal role in reducing
corrosion rates, ultimately extending the lifespan of critical equipment and
structures.
Furthermore, organic inhibitors are
renowned for their long-lasting protection, reducing the need for frequent
reapplication and, as a result, lowering maintenance costs. Additionally, they
prove effective across a broad range of temperatures and pH levels, ensuring
reliable corrosion protection even in diverse and challenging environmental
conditions. Therefore, organic-type corrosion inhibitors seamlessly combine
effectiveness, environmental responsibility, and versatility, establishing
themselves as the preferred choice for industries seeking robust and
sustainable corrosion control solutions.
Based on the application, the oil & gas refinery
segment is expected to register the highest growth of 6.25% during the forecast
period, 2024-2028. Corrosion inhibitors play a pivotal and enduring role in the
oil and gas refinery industry, where the ongoing battle against corrosion is a
constant and critical challenge. Refineries, by their very nature, are
intricate and demanding environments that subject their equipment and pipelines
to a combination of harsh factors, including aggressive chemicals, high
temperatures, and moisture levels. These conditions can accelerate the
corrosion process, posing significant risks. To counteract this formidable
adversary, both organic and inorganic corrosion inhibitors are introduced into
the refining process. Their primary function is to create protective layers on
metal surfaces, effectively acting as shields against the harmful effects of
corrosive agents.
In the context of pipelines, these inhibitors play a
vital role in mitigating the potential for internal corrosion, a concern
heightened by the corrosive nature of hydrocarbons and water content. Within
the domain of storage tanks, corrosion inhibitors prove invaluable in
preventing the deterioration of tank walls and bottoms. In doing so, they
safeguard valuable assets while minimizing the risk of leaks or spills.
Moreover, these inhibitors contribute to extending the operational lifespan of
critical refining equipment, such as heat exchangers and distillation columns,
thereby reducing downtime and curtailing maintenance costs. As the oil and gas
industry continues to undergo transformation and evolution, the use of
corrosion inhibitors remains an indispensable practice. These inhibitors are
essential in ensuring the safety, efficiency, and sustainability of refinery
operations, reinforcing their enduring significance within this vital sector.
Based on country, China will witness
fastest growth during the forecast period, 2024-2028. The demand for corrosion
inhibitors in China has been on a significant upward trajectory in recent
years, driven by the country's rapid industrialization and infrastructure
development. As China continues to expand its industrial sectors, such as oil
and gas, petrochemicals, construction, and manufacturing, there is a growing
need to protect critical equipment, structures, and pipelines from the
corrosive effects of harsh operating environments. Corrosion poses a
substantial economic burden on industries, leading to costly repairs,
maintenance, and downtime. Therefore, Chinese industries are increasingly
recognizing the value of corrosion prevention and mitigation, which has fueled
the demand for corrosion inhibitors. In particular, China's vast network of
pipelines, both for the transportation of oil and gas and for water
distribution, requires effective corrosion protection to ensure the integrity
and safety of these crucial assets. The country's expanding maritime industry,
which includes shipbuilding and offshore oil exploration, also relies heavily
on corrosion inhibitors to combat the corrosive effects of seawater.
Additionally, the construction boom in China has led to the creation of
numerous infrastructure projects, such as bridges, buildings, and
transportation systems, all of which necessitate corrosion protection to ensure
their long-term durability.
Furthermore, as environmental
regulations become more stringent in China, industries are seeking
environmentally friendly corrosion inhibitor solutions that comply with
sustainability and safety standards. The awareness of the environmental impact
of industrial processes has led to a shift towards green and sustainable
corrosion prevention practices. China's robust manufacturing sector, which
produces a wide range of goods for both domestic consumption and export,
requires corrosion protection for machinery and equipment. This sector's growth
further contributes to the demand for corrosion inhibitors.
Major companies operating in Asia-Pacific Corrosion
Inhibitors Market are:
- Johoku Chemical Co., Ltd
- Eastman Chemical (Malaysia) Sdn. Bhd.
- Dai-ichi India Pvt Ltd
- Vappro Corrosion Control Australia Pty
Ltd
- Clariant India Ltd
- Dorfketal Chemicals (I) Pvt. Ltd.
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“As industries strive for sustainability, the demand
for environmentally friendly corrosion inhibitors is on the rise. This growing
emphasis on eco-friendly practices and stringent environmental regulations
positions green inhibitors as a focal point for market growth. Furthermore, the
customization of corrosion inhibitors tailored to specific industry needs is
gaining traction, offering a promising avenue for market expansion. Industries
such as oil and gas, transportation, construction, and infrastructure rely
heavily on these inhibitors to protect critical assets and infrastructure,
fostering a steady demand creates a lucrative opportunity in the market growth,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Asia-Pacific Corrosion Inhibitors Market, By
Type (Water based, Oil/Solvent based, Vapour based), By Composition (Organic,
Inorganic), By Application (Power Generation, Oil & Gas Refinery, Metalwork
& Mining, Others), By Country, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Asia-Pacific Corrosion Inhibitors Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Asia-Pacific Corrosion Inhibitors Market.
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