Corrosion Inhibitors Market Size

Corrosion Inhibitors Market Size

Corrosion Inhibitors Market size for 2015 was close to USD 6 billion, and is anticipated to grow at over 4.9% CAGR. 

Robust growth in the construction industry across the globe is analyzed to be the prime factor propelling the global corrosion inhibitors market size over the forecast timeframe. The product is widely used in coating construction materials such as steel & steel bars, bolts & nuts and metal components. The product helps in increasing the product life and durability, as its application helps the material against corrosion caused by atmospheric moisture and harsh climatic conditions. Furthermore, in 2015, the global construction investment was roughly around USD 7 trillion and shall surpass USD 13 trillion over the estimated timeframe. This trend will substantially boost the business growth by 2023

The product is an essential raw material for water treatment chemicals. Increasing water treatment chemicals demand on account to depleting clean water sources due to rapid industrialization will drive the global corrosion inhibitors market size over the projected timeframe. The overall water treatment chemicals industry is forecast to exceed USD 30 billion over the projected period. This will subsequently result in industry expansion. Furthermore, rising clean water demand from industries including electronics, chemicals and medical will further complement industry growth.

The global corrosion inhibitors market size is sternly directed and regulated by environmental regulations, precisely regarding its disposal and exposure to human. For instance, increasing product usage results in disposal of harmful raw material used in the industry such as chromium, zinc and phosphorous. This is anticipated to hinder the global business growth by 2023. However, the industry players are engaged in commercialization and R&D of environment friendly products, this will create new growth prospects for the industry.