Power generation remains the dominant sector accounting for 29.8% of the overall market for corrosion inhibitors
The GCC corrosion inhibitors market is expected to show significant growth over the next few years, owing to rising metal processing, power generation, and construction sector
The region’s corrosion inhibitors market is expected to show significant growth over the next few years, owing to rising metal processing, power generation, and construction sector.
According to the World Corrosion Organization, the annual cost of corrosion worldwide is estimated at $2.2 trillion, more than 3% of the world’s gross domestic product (GDP).
Corrosion inhibitors have been gaining popularity over the past few years, as it increases the service life of equipment by forming a protective layer on the surface. The global market for corrosion inhibitors stood at $5.99bn in 2015.
Increasing application in water treatment, power generation, refining, construction and mining industries will stimulate product demand over the next eight years.
Rapid urbanisation along with industrialisation in in the GCC will fuel construction industry, which will spur product demand over the next few years. Growing use of corrosion inhibitors as they reduce maintenance costs of the equipment will create immense potential for growth.
Power generation remains the dominant sector accounting for 29.8% of the overall market for corrosion inhibitors. Growing government investments for power generation projects to satisfy growing energy needs is expected drive demand.
Moreover, generation of energy by consuming renewable sources including wind, solar, and hydro is expected to act as a key factor for the industry expansion.
Water-based corrosion inhibitor was valued at $4.49bn in 2015 and will witness significant gains over the next eight years particularly in water treatment on account of lower volatile organic content (VOC) emissions as compared to solventbased applications.
In addition, they are economical; turn transparent on drying; can be applied using a variety of methods including brush, spray, or immersion; and can be easily removed using waterbased cleaners before subsequent operations.
The increasing requirement for industrial and domestic water in various sectors including chemicals, medical, and electronics is expected to drive industry development. Increasing product usage by water treatment plants as