SAN FRANCISCO, June 9, 2016 /PRNewswire/ -- The global corrosion inhibitors market is expected to reach USD 9.59 billion by 2024, according to a new report by Grand View Research, Inc. Rising spending on the construction sector in various countries including China, U.S., Mexico, Qatar, UAE, India, Singapore, and Vietnam is anticipated to augment corrosion inhibitors demand over the forecast period. Growing usage in reinforced concrete as they increase the service life of structures, preserve architectural aspects, protect against possible concrete damage, and reduce future maintenance costs is expected to drive growth over the next eight years.
Increasing power generation through nuclear sources in various countries including China, UK, South Korea, and India will drive product demand over the forecast period. Increasing usage in automobiles as they improve structural integrity and appearance of the vehicle underbody parts is expected to promote industry development in the near future.
The introduction of environmentally friendly nanocomposites as corrosion inhibitors will open new opportunities for growth over the forecast period. Major industry participants are involved in the research and development of high-performance, bio-based inhibitors to satisfy environmental regulations while meeting industry requirements.
Metal processing will witness significant revenue growth at a CAGR of 5.7% from 2016 to 2024. Growing mining and metal processing industries in China, Australia, Taiwan, Indonesia, and India will be a key factor for market development. In addition, rising corrosion inhibitors demand in metal processing equipment as they protect them from high-temperature and corrosive environments during heat treatment and finishing of metals, will propel market growth over the forecast period.
Access full research report at: http://www.grandviewresearch.com/industry-analysis/corrosion-inhibitors-market
Organic inhibitors are expected to witness rapid revenue growth at a CAGR of 5.7% from 2016 to 2014 in light of its increasing usage in oil & gas sector as they form a protective film over the metal surface when mixed with media having a high hydrocarbon content.
Market Segmentation:
- Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Organic
- Inorganic
- Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Water based
- Oil based
- End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Power generation
- Oil & gas
- Pulp & paper
- Metal processing
- Chemical processing
- Others
- Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Europe
- Germany
- Asia Pacific
- China
- Latin America
- Brazil
- MEA
- Saudi Arabia
- North America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: www.grandviewresearch.com
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SOURCE Grand View Research, Inc.
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