The global corrosion Inhibitor market is anticipated to grow at a considerable CAGR during the forecast period (2020-2026). Corrosion Inhibitors are substance or a chemical compound which decreases the corrosion rate of the metal or alloy chich comes in contact with air or fluid. The market growth is mainly attributed to the increase in industrialization across the globe where there is the growth of industries such as construction industries, water treatment, metal, and oil & gas industries.
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Furthermore, environment-friendly and innoxious materials are boosting the growth of the market along with huge investment by the government policies. In addition to this, the equipment such as turbines, switch gears, and pumps require maintenance in a regular period to avoid corrosion and reduce the losses so that the efficiency does not decrease for any type of power generation. However, the high cost of corrosion inhibitors can be a hindrance to market growth. The growing use of plastics and ceramics can be an alternative to steel and can further hinder the growth of the market. Though, the countries such as Taiwan, Morocco, South Korea, and India are taking initiatives to avoid excessive use of plastics which enables companies to aim for steel in most of their equipment.
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North America is one of the dominating regions in the global corrosion inhibitor market owing to the rapidly growing construction and oil and gas industry which utilizes more prevention of corrosion. The region is particularly led by the US and is expected to grow significantly in the forecast period due to the advancement in technologies. However, the Asia-Pacific region is estimated to have the highest growth during the forecast period which will have contributions from developing countries such as China and India.
Global Corrosion Inhibitor Market Report Segment
By Type
- Oil/Solvent-based Corrosion Inhibitor
- Water-based Corrosion Inhibitor
By Product
- Organic Corrosion Inhibitor
- Inorganic Corrosion Inhibitor
By End-User
- Oil & Gas Corrosion Inhibitor
- Metal Processing Corrosion Inhibitor
- Power Generation
- Chemical Processing Corrosion Inhibitor
- Other Corrosion Inhibitor
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