The use of corrosion inhibitors is expanding rapidly across the world as more plants, refineries and drilling sites come online.

In a report published earlier this month, Grandview Research disclosed that the global anti-corrosion market reached $5.25 billion in 2012. Researchers expect significant growth, especially in Asian countries, to $7.55 billion by 2020.

Fueling the anticipated growth of the anti-corrosion industry is the expansion of major economies that include India, Mexico, China and Russia. Their needs include new equipment and — along with other economies such as the United States and Great Britain — lowering maintenance costs to reach and support a competitive advantage.

These nations are expanding their mining, oil, gas, manufacturing and construction industries — all of which are important market segments for the anti-corrosion industry. In addition, there is increasing pressure in these and other countries for better control on water pollution and improvements in how drinking water and wastewater treatment occurs. These are also prime markets for anti-corrosion technology and products.

As more industry needs for anti-corrosion products take place, new construction is simultaneously placing demands on the anti-corrosion industry in diverse markets from Latin America to the Asia-Pacific region. More metal-framed skyscrapers and tall buildings are joining the architectural landscape. The anticipation is that these construction hotspots create a high demand for added metal processing undertakings that will cause more development in the corrosion inhibitors marketplace.

Since some of the chemicals used in making anti-corrosive coatings are hazardous, industry watchers also see increased spending in research and development as companies begin focusing on bio-based products that are far more friendly to the environment.

In 2012, more than 70 percent of organic inhibitors used chemicals including;

  • Mercaptobenzothiazole
  • Tolyltriazole
  • Organic amines
  • Phosphonates

The reason these chemicals are so popular is that they do not contain metal, and therefore cut the possibility of unwanted reaction. Nevertheless, most Western countries are looking for nontoxic products to replace these.

According to the report, more than three-quarters of the global market revenue was in sales of water-based applications of rust inhibitors. A key subapplication of the market is water treatment, and this sector will continue its path of high growth through 2020.

A critical factor in the growth of water-based products is continuing low cost expected through 2020. Water-based corrosion-resistant products are popular in industries such as:

  • Power generation industry
  • Construction
  • Mining
  • Petroleum refining

As well depths become deeper for oil and gas exploration, petroleum-based corrosion protection products fail due to high temperatures. This leads to increased demand for water-based products that can stand up to high temperatures.

Here are some other findings suggested by the study:

  • The global corrosion-inhibitor market will grow by 50 percent between now and 2020 with an annual growth in kilotons growing a CAGR of 4.5 percent. In real numbers, the market will grow from 4,660 kilotons in 2013 and will about 6,340 kilotons by 2020.
  • Organic corrosion-inhibitor demand in 2013 was more than 3,300 kilotons as customers prefer them over inorganics.
  • Growth in the chemical, automobile and oil and gas sectors in Asia-Pacific made it the largest corrosion-inhibitor market in 2013. With more than a third of the market already, further market growth should continue.
  • In the global market there is fragmentation as the four largest players accounted for less than 40 percent of the market in 2013.