Organic Corrosion Inhibitors Market Size Forecast to Reach $4.5 Billion by 2027
Research Reports
Feb 22, 2022
Organic Corrosion Inhibitors Market is forecast to reach US$4.5 billion by 2027, after growing at a CAGR of 4.8% during 2022-2027, owing to the wide application of organic corrosion inhibitors in various end-use industries such as building & construction, oil & gas, power generation, and more. These compounds can form a protective layer over metal surfaces by adsorbing corrosive elements, thereby reducing corrosion the metal disintegration. The most organic compound which is used to prevent corrosion is Organic Amines that contains many sulfuric acid solutions such as quaternary ammonium salt, urea and others. Aldehydes become more protective as unsaturation increases. The rapid growth of the construction industry has increased the demand for organic corrosion inhibitors; thereby, fueling the market growth. Furthermore, the flourishing oil & gas industry is also expected to drive the organic corrosion inhibitors market substantially during the forecast period. According to the facts published by U.S. Energy Information Administration, U.S. crude oil production will reach 14.0 million barrels per day (b/d) by 2022. According to the International Trade Administration, the investments in Indonesia’s oil and gas industry reached around USD 12.3 billion and USD 12 billion respectively in 2018 and 2019.
COVID-19 Impact
As a result of the sudden outbreak of the COVID-19 pandemic, countries across the world implemented lockdown regulations, disrupting import and export of Organic Corrosion Inhibitors. There are fewer consumers willing to purchase goods and services at the global level due to the COVID-19 pandemic, which has harmed the organic corrosion inhibitors industry heavily. Many people and countries have been restricted from traveling to slow down the spread of the virus. Travel restrictions and lockdown have impacted the industry tremendously and made it hard to distribute the product globally. The COVID-19 pandemic makes economists believe that it could cause a worldwide recession comparable to that of the Great Depression. Lastly, the crisis could come to an end with all restrictions are lifted as of now. With the high rate of recovery, the global economy could experience a sharp rebound. This kind of economic recovery is subject to many variables – for example, a reduction of supply to meet lower demand could result in shortages and price increases in the long run.
Organic Corrosion Inhibitors Market: By Product Type
The Amines segment is accounted for 28% of the market share in 2021 and is estimated to grow significantly during the forecast period. Amines offers various advantages such as environmentally friendly, non-toxic, biodegradable, and relatively cheap, and more. The amine-based organic corrosion inhibitor help to prevent corrosion in water systems, power plants, boilers, metalworking fluids, refineries, and more. To make organic corrosion, companies are moving towards for more environmentally friendly substances. The Benzotriazoles segment is expected to grow significantly during the forecast period. Benzotriazoles are used for three main purposes: corrosion inhibitor, ultraviolet light stabilizer for plastics, and antifogging in photography. In the vast majority of cases, benzotriazoles are used in large amounts as corrosion inhibitors and as a result, become an environmental contaminant. They are used as corrosion inhibitors and fire retardants in antifreeze at concentrations of 0.01-2.0%.
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Organic Corrosion Inhibitors Market: By Application
The oil & gas segment held the largest share in the organic corrosion inhibitors market in 2021 and is growing at a CAGR of 3.6%, owing to the increasing usage of corrosion inhibitors in the oil & gas industry. Oil and gas pipelines are normally subject to corrosion. Due to their function as a means of transporting oil and gas from the well heads to the processing facilities, pipelines are constantly exposed to corrosion risks, from the date of commissioning until decommissioning. According to U.S. Energy Information Administration, During the first half of 2021, global oil inventories averaged 1.8 million barrels per day (b/d). By 2021, it is estimated that the global average consumption of petroleum and liquid fuels of 97.4 million barrels per day, a 5.0-million-barrel increase over 2020, and an additional 3.6 million barrels per day in 2022.
Organic Corrosion Inhibitors Market: By Geography
Asia Pacific region held the largest share in the organic corrosion inhibitors market in 2021 up to 35%, owing to the escalating oil & gas industries in the region. The increasing infrastructural developments and urbanization is increasing the oil & gas industry in the region. According to the International Association of Oil & Gas Producers (IOGP), Asia Pacific produced 7.6 million barrels of oil per day in 2018, 8 percent of the total worldwide. China is the largest producer in the region, accounting for half of its oil. Other important Asia Pacific producers were India and Indonesia with a share of 11% each, Malaysia with 9%, Thailand with 6%, Australia with 5%, and Vietnam with 4%. Japan, China, and South Korea were the largest importers. Thus, with the escalating oil & gas industry, there will be an upsurge in the demand for organic corrosion inhibitors, which is anticipated to drive the organic corrosion inhibitors market in the Asia Pacific region.
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Organic Corrosion Inhibitors Market Key Drivers
Growing demand from Power Generation and Oil & Gas Sector:
In the US alone, the annual cost of corrosion to the oil & gas industry is estimated at USD 27 billion, according to NACE International (National Association of Corrosion Engineers). Using corrosion-resistant materials more widely and applying corrosion-related methods can reduce costs. Metal corrosion can be reduced or suppressed with corrosion inhibitors. Metals and alloys are protected by insulating them or by retarding corrosion caused by cathodic and anodic processes. The use of corrosion inhibitors in these industries lowers maintenance and repair costs, extends the useful life of equipment, and reduces production loss from corrosion. Corrosion inhibitors are therefore a necessary component to reduce corrosion costs. In February 2019, the progress of the National Strategic Project Development, namely the Cirebon Power Unit 2, with a capacity of 1×1000 MW, has now reached 39 percent and is targeted to operate in February 2022. With the increasing oil & gas, and power generation projects the demand for organic corrosion inhibitors will also substantially increase. Thus, the expanding oil & gas, power generation projects act as a driver for the organic corrosion inhibitors market during the forecast period.
Organic Corrosion Inhibitors Market Constraints
Toxic effects to the man and the environment:
Salts of heavy metals and inorganic salts have traditionally been used as corrosion inhibitors. For coatings and paints, chromates, between 2- and 5-zinc phosphates, polyphosphates, and orthophosphates are the most common and cost-effective. Due to the findings that these materials are toxic to man and the environment, their widespread use is now restricted. Various regulations have followed, for instance, the Emergency Planning and Community Right to Know Act of 1986, regulations adopted by OSHA (US Occupational Safety and Health Administration) in 19938, and the CHARM (Chemical Hazard Assessment and Risk Management) model adopted by the UK and other European countries. This has led to a large number of publications regarding less toxic corrosion inhibitors in the past 10-15 years.
Organic Corrosion Inhibitors Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the organic corrosion inhibitors market. Major players in the organic corrosion inhibitors market include
BengKuang Marine Limited
Cortec Corporation
ChemTreat Inc.
ArtecoN.V.
Afton chemical Limited
CIMCOOL Fluid Technology, LLC,
BASF
CRC Industries Inc.
Angus Chemical Company
Australian Organic Coolants
Akzonobel N.V.
Other Companies
Acquisitions/Technology Launches
In April 2019, In India, Nouryon completed an expansion of EUR 4 million, which increased the company’s organic peroxide production capacity at the site by 80%. The increased capacity has supported increasing customer demand for organic peroxides in India and the Middle East, which are essential for the production of polymer-based products such as athletic shoe soles, wind turbines, and PVC pipes.
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Key Takeaways
Asia Pacific dominates the organic corrosion inhibitors market, owing to the flourishing oil & gas industry in the region. For instance, projects such as Oil and Natural Gas Corporation’s 78,000 b/d KG-D5 Deepwater oil and natural gas development project starting in 2021 will flourish the oil & gas industry in APAC.
Corrosion inhibition is the most effective way to protect the internal corrosion of metals, which provides temporary protection when an inhibitor is added in small concentrations.
This organic corrosion inhibitor property is projected to increase growth in the market.
Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as oil & gas are disruptively stopped, which is hampering the organic corrosion inhibitors market growth.
Related Reports:
A. Inorganic Corrosion Inhibitors Market
https://www.industryarc.com/Report/18245/inorganic-corrosion-inhibitors-market-research-report-analysis.html
B. Corrosion Inhibitors Market
https://www.industryarc.com/Research/Corrosion-Inhibitors-Market-Research-510942
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