|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
2,289.18 Million
|
|
CAGR
(2023-2028)
|
5.10%
|
|
Fastest
Growing Segment
|
Oil & Gas Refinery
|
|
Largest
Market
|
China
|
Market Overview
The Asia-Pacific Corrosion
Inhibitors Market was valued at USD 2,289.18 Million in 2022 and is anticipated
to project robust growth in the forecast period with a CAGR of 5.10% through
2028. Corrosion inhibitors play a pivotal role in protecting metals and alloys
from the adverse effects of corrosion, a natural process that leads to the
deterioration of materials due to chemical interactions with their
surroundings. Corrosion is a persistent and costly challenge affecting various
industries, including transportation, infrastructure, and the oil and gas
sector. Corrosion inhibitors are specifically formulated chemical compounds
designed to mitigate or entirely prevent this widespread issue. These compounds
operate by disrupting the electrochemical reactions that initiate corrosion,
often by creating a protective barrier on the metal's surface. This barrier can
manifest as a physical film that isolates the metal from the corrosive
environment or as a chemical alteration of the surface, rendering it less
susceptible to corrosion. These combined factors are significant drivers behind
the expected growth of the Asia-Pacific Corrosion Inhibitors Market in the
forecast period.
Key Market Drivers
Raising
Demand of Corrosion Inhibitors in the Power Generation Sector
The power generation
sector is the backbone of modern society, providing the essential energy
required to power homes, industries, and economies. Within this critical
industry, the battle against corrosion is an ongoing challenge. Corrosion, the
gradual deterioration of materials due to chemical reactions with the
environment, presents formidable obstacles to power generation infrastructure.
To combat this threat and ensure the reliability and safety of power generation
facilities, there has been a significant increase in the demand for corrosion
inhibitors. One primary application of corrosion inhibitors in the power
generation sector is the protection of boilers and heat exchangers. These
crucial components endure harsh conditions, including high temperatures and
pressures, making them susceptible to corrosion. Corrosion inhibitors, often
introduced into feedwater or steam, create a protective layer on metal
surfaces, thus preventing corrosive reactions. This fortifies the structural
integrity of boilers and heat exchangers, prolonging their operational lifespan
and reducing costly downtime.
Furthermore, power
generation facilities heavily rely on cooling water systems to dissipate excess
heat generated during the energy production process. These systems, including
cooling towers and condensers, face corrosion risks due to constant exposure to
water and air. Corrosion inhibitors are introduced into cooling water systems
to counteract scale formation and corrosion, ensuring efficient heat transfer
and optimal performance of these critical components. Steam turbines, crucial
in power generation, convert thermal energy into mechanical energy. Operating
within high-temperature, high-pressure environments, the blades, and components
of steam turbines are susceptible to corrosion. Corrosion inhibitors are used
to safeguard these essential elements, ensuring their durability and dependable
operation. Without effective corrosion protection, steam turbine efficiency
would decline, resulting in reduced power output and increased maintenance
costs.
Moreover, in power
generation, the storage and delivery systems for fuels play a fundamental role
in the energy production process. Corrosion inhibitors are employed to shield
these systems, which may be vulnerable to corrosion caused by moisture or chemical
reactions. Effective corrosion prevention ensures a continuous fuel supply to
power plants, preventing disruptions and sustaining energy production. Power
generation facilities also rely heavily on electrical infrastructure to
facilitate efficient energy transmission. Electrical components and wiring are
prone to corrosion, especially in harsh environmental conditions. Corrosion
inhibitors are used to protect these critical elements, ensuring the
reliability and safety of electrical systems. Without corrosion protection,
electrical failures can lead to power outages and safety hazards. In nuclear
power plants, which generate energy through controlled nuclear reactions,
stringent safety requirements are imposed. Corrosion inhibitors are
indispensable in these facilities to prevent corrosion-related failures in
critical components. The consequences of corrosion in nuclear power plants can
be catastrophic, highlighting the crucial need for effective corrosion
prevention measures. Hydropower, a renewable energy source dependent on water
flow for electricity generation, includes components such as dams, turbines,
and underwater infrastructure, all exposed to water and susceptible to
corrosion. Corrosion inhibitors are deployed to protect these components, ensuring
uninterrupted generation of clean and sustainable energy. Consequently, the
increasing demand for corrosion inhibitors in power generation from various
sources is contributing to the growth of the Asia-Pacific Corrosion Inhibitors
Market.
Growing
Demand from Oil & Gas Industry
The oil and gas industry,
which serves as the backbone of the global economy, is responsible for
supplying the essential energy resources required for a wide range of
applications, including transportation and electricity generation. However, the
processes involved in extracting, producing, and transporting oil and gas are
fraught with inherent challenges, with one of the most persistent being the
issue of corrosion. Within the oil and gas sector, corrosion poses substantial
risks, including equipment failures, leaks, and environmental hazards, which in
turn endanger both human safety and the environment. To address these risks and
ensure the reliable performance of operations, there has been a remarkable
surge in the demand for corrosion inhibitors in this pivotal industry. The
journey of oil and gas begins beneath the Earth's surface, within the wellbore,
where drilling and production operations are conducted. The harsh and corrosive
subterranean environment can rapidly degrade wellbore equipment and
infrastructure.
Corrosion inhibitors are introduced into the wellbore to
safeguard crucial components such as tubing, casings, and downhole tools. These
inhibitors establish a protective film on metal surfaces, thereby preventing
corrosive interactions with the surrounding fluids. By upholding the integrity
of wellbore equipment, corrosion inhibitors facilitate the efficient extraction
of hydrocarbons and extend the lifespan of oil and gas wells. Following
extraction, oil and gas must traverse lengthy distances via pipelines to reach
processing facilities and end-users. Pipelines are susceptible to corrosion due
to their constant exposure to moisture, gases, and contaminants. Corrosion
inhibitors are employed in pipeline coatings and as additives to the
transported product to counteract both internal and external corrosion. These
inhibitors inhibit the formation of corrosion cells and safeguard the
structural soundness of pipelines, thereby minimizing the risk of leaks and
ensuring the secure and efficient conveyance of oil and gas.
Furthermore, refineries
represent the heart of the oil and gas industry, where crude oil undergoes
processing to yield valuable products such as gasoline, diesel, and
petrochemicals. Refineries houses intricate and interconnected equipment that
operates under harsh conditions, making corrosion a persistent threat.
Throughout the refining process, corrosion inhibitors are deployed to protect
vital components, including heat exchangers, distillation columns, and storage
tanks. These inhibitors extend the operational life of equipment, reduce
maintenance expenses, and guarantee uninterrupted refinery operations.
Additionally, oil and gas
storage tanks fulfill a critical role within the industry, serving as a buffer to
accommodate fluctuations in production and demand. These tanks are exposed to a
range of environmental conditions, including temperature fluctuations and
moisture. Corrosion inhibitors are employed to safeguard the inner surfaces of
storage tanks, preventing the formation of rust and ensuring the quality and
integrity of stored products. This corrosion prevention is particularly crucial
for tanks containing valuable or hazardous materials.
Moreover, enhanced oil
recovery (EOR) techniques, such as water flooding and chemical injection, are
employed to maximize oil production from mature reservoirs. Corrosion
inhibitors play an integral role in EOR operations, shielding injection and
production wells from corrosion induced by injected fluids and chemical agents.
Effective corrosion management is pivotal for the success of EOR projects, as
it prolongs the productive life of oilfields. Consequently, the numerous
advantages of corrosion inhibitors are expected to fuel the demand for the
Asia-Pacific Corrosion Inhibitors Market in the forecast period.
Rising
Demand in the Metalwork and Mining Sectors
In the constantly evolving
fields of metalwork and mining, industries that encompass the extraction,
processing, and shaping of materials critical for global advancement, the
importance of corrosion management cannot be overstated. Corrosion stands as a
persistent adversary, quietly eroding vital equipment, machinery, and
structures, leading to expensive repairs, downtime, and environmental risks. To
confront this formidable challenge, there has been a noticeable increase in the
demand for corrosion inhibitors in the metalwork and mining sectors,
underscoring their indispensable role in protecting the heart of industrial
operations. Mining operations inherently present challenges, subjecting
equipment to harsh conditions, abrasive materials, and moisture. Corrosion
inhibitors play a pivotal role in safeguarding the essential components of
mining machinery, including crushers, conveyors, and drill rigs.
These inhibitors
create a protective barrier on metal surfaces, shielding them from the
corrosive effects of abrasive materials and exposure to water. By extending the
operational lifespan of equipment and reducing maintenance-related downtime,
corrosion inhibitors contribute to increased efficiency and cost-effectiveness
in mining operations. The transportation of mined materials from remote mining
sites to processing facilities or distribution centers often involves the use
of pipelines. These pipelines are susceptible to corrosion due to the abrasive
nature of their contents, which can include ores, slurries, or chemicals.
Corrosion inhibitors are employed to counteract the deterioration of pipeline
integrity, reducing the risk of leaks and ensuring the safe and efficient
conveyance of valuable resources. In the realm of mining operations, where
material transportation frequently covers extensive distances, the role of
corrosion inhibitors in preserving pipeline integrity proves pivotal.
Furthermore, milling and
smelting are foundational processes within the mining industry, involving the
crushing, grinding, and refining of ore to extract valuable metals. The
machinery and infrastructure central to these processes are exposed to
aggressive chemicals and high-temperature conditions, rendering them
susceptible to corrosion. Corrosion inhibitors are deployed to safeguard
critical components, such as crushers, ball mills, and smelting furnaces. By
preventing corrosion-related failures and optimizing operational uptime, these
inhibitors contribute to the efficient processing of raw materials. Mining
activities generate significant volumes of waste materials, known as tailings,
requiring containment and management. Tailings storage facilities (TSFs) are substantial
structures designed to securely store these waste materials. Corrosion
inhibitors play a pivotal role in preserving the structural integrity of TSFs
by preventing corrosion within the containment liners and structures. Effective
corrosion control ensures the stability and environmental safety of TSFs,
mitigating the risk of catastrophic failures and the resulting environmental
consequences. Consequently, these factors are poised to exert a significant
influence on the growth of the Asia-Pacific Corrosion Inhibitors Market in the
forecast period.
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Key Market
Challenges
Safety
Concerns and Cost Pressure
The secure storage, proper
handling, and responsible disposal of corrosion inhibitors are of utmost importance,
given that these compounds may contain chemicals that can pose potential risks
to human health and safety if mishandled. Additionally, there is a growing
demand for corrosion inhibitors with improved safety profiles, ensuring the
well-being of both workers and the environment. Effectively addressing safety
concerns is crucial for the market's expansion. Alongside safety
considerations, the current economic environment exerts significant pressure on
industries to manage costs while sustaining optimal performance levels.
Corrosion inhibitors face the challenge of striking a delicate balance between
effectiveness and cost-efficiency. This challenge underscores the essential
need to develop cost-effective formulations capable of meeting stringent corrosion
protection requirements across various sectors, ranging from oil and gas to
infrastructure.
Technological
Complexity
The field of corrosion
inhibition is characterized by its complex technological nature. As industries
continue to evolve, there is an increasing demand for corrosion inhibitors that
incorporate advanced features such as intelligent monitoring and solutions
based on nanotechnology. To remain competitive, manufacturers must allocate
resources to research and development to ensure that their products stay in
line with these technological advancements.
Furthermore, different
industries face unique corrosion-related challenges, leading to a rising need
for customized corrosion inhibitors tailored to their specific requirements.
This growing demand for application-specific corrosion inhibitors necessitates
manufacturers to invest in research and development efforts focused on creating
solutions that address the distinct needs of various sectors. Customization
introduces additional complexities into product development and marketing
strategies.
Moreover, continuous
investments in research and development aimed at developing new applications
and improving product performance have a significant impact on the production
costs of corrosion inhibitors. Additionally, due to the potentially hazardous
nature of these products, adherence to stringent safety measures, including the
use of specialized equipment and safety protocols, is crucial during the
production process. These safety-related expenditures contribute to the overall
increase in production costs. Furthermore, the involvement of skilled labor in
product manufacturing adds to production expenses. Skilled workers are
essential for maintaining precise chemical concentrations in solutions, resulting
in products with exceptional resistance to localized corrosion or pitting
attacks. These factors collectively contribute to the rising production costs,
which, in turn, can hinder market growth.
Key Market Trends
Green
and Sustainable Solutions
One prominent trend in the
corrosion inhibitors market is the increasing focus on environmentally friendly
and sustainable solutions. The implementation of stringent environmental
regulations and corporate sustainability initiatives has driven industries to
actively seek more eco-friendly alternatives. As a result, manufacturers are
now dedicating their efforts to developing corrosion inhibitors that not only
demonstrate high efficacy but also possess environmentally friendly
characteristics. Green inhibitors are gaining significant traction due to their
reduced environmental impact and alignment with stringent regulatory
requirements.
Furthermore,
nanotechnology is revolutionizing the corrosion inhibitors landscape. By
harnessing the unique properties of nanoparticles, researchers and
manufacturers are creating highly effective inhibitors that offer superior
protection against corrosion. These advanced nanomaterials can penetrate
microcracks and provide enhanced coverage, making them especially suitable for
challenging applications in industries such as oil and gas and marine. The
integration of IoT (Internet of Things) technology and sensors has ushered in
the era of smart corrosion monitoring. Real-time tracking of corrosion rates
enables proactive maintenance and targeted application of corrosion inhibitors.
This emerging trend not only enhances the overall efficiency of corrosion
prevention measures but also reduces costs associated with reactive maintenance
procedures.
Growing
Infrastructure Investments
On a large scale, there
has been a noticeable increase in infrastructure development, encompassing
projects such as bridges, pipelines, and buildings. This surge in construction
activities is a significant driver for the corrosion inhibitors market. With
both governments and private entities directing investments into infrastructure
upgrades, there is a growing need for highly effective corrosion protection
solutions to extend the lifespan of these critical assets.
Furthermore, the maritime
industry faces unique challenges due to the corrosive nature of seawater. As
the shipping sector continues to expand, and regulations governing vessel
emissions become more stringent, the demand for corrosion inhibitors to
safeguard ship components, tanks, and offshore structures is steadily
increasing. The industry is actively seeking corrosion inhibitors capable of
withstanding the harsh marine environment, making them highly sought after. Innovation
remains a cornerstone of the corrosion inhibitors market. Companies are making
substantial investments in research and development to create innovative
formulations and technologies. This includes exploring novel materials,
conducting rigorous testing of advanced coatings, and fine-tuning inhibitor
formulations tailored for specific applications.
Segmental
Insights
Type Insights
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.
Firstly, 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.
Composition Insights
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.
Application Insights
Based on the application, the oil & gas
refinery segment is expected to register the fastest 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.
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Country Insights
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.
Recent Developments
- In April
2023, Dai-ichi Karkaria Limited developed and manufactured
high-performance specialty chemicals for various applications.
- In
September 2019, Vappro Corrosion Control announced the launch of our first
long term coating impregnated with a Vapour Corrosion Inhibitor (VCI).
Key Market Players
- 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.
|
By Type
|
By
Composition
|
By
Application
|
By
Country
|
- Water based
- Oil/Solvent based
- Vapour based
|
|
- Power
Generation
- Oil
& Gas Refinery
- Metalwork
& Mining
- Others
|
- China
- India
- Japan
- South
Korea
- Australia
- Thailand
- Indonesia
- Vietnam
- Malaysia
- Singapore
|
Report
Scope:
In this report, the Asia-Pacific
Corrosion Inhibitors Market has been segmented into the following categories,
in addition to the industry trends which have also been detailed below:
- Asia-Pacific Corrosion Inhibitors Market, By Type:
o Water
based
o Oil/Solvent
based
o Vapour
based
- Asia-Pacific Corrosion Inhibitors Market, By Composition:
o Organic
o Inorganic
- Asia-Pacific Corrosion Inhibitors Market, By Application:
o
Power Generation
o
Oil & Gas
Refinery
o
Metalwork &
Mining
o
Others
- Asia-Pacific Corrosion Inhibitors Market, By Country:
o China
o India
o Japan
o South
Korea
o Australia
o Thailand
o Indonesia
o Vietnam
o Malaysia
o Singapore
Competitive
Landscape
Company
Profiles: Detailed analysis of the major companies present in
the Asia-Pacific Corrosion Inhibitors Market.
Available
Customizations:
The Asia-Pacific Corrosion
Inhibitors Market report with the given market data, TechSci Research
offers customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed
analysis and profiling of additional market players (up to five).
Asia-Pacific Corrosion Inhibitors Market is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]