Corrosion Inhibitors Market Size to Exceed $8.8 Billion by 2023: Global Market Insights, Inc.

Global Corrosion Inhibitors Market size was estimated at 5.12 Million tons in 2015, as per the latest research report by Global Market Insights, Inc. Growing wastewater treatment chemicals demand for owing to rapid industrialization is expected key trend to drive market growth. Unregulated discharge of industrial and domestic contaminants has increased the need for water treatment.

Corrosion inhibitors market size is forecast to hit USD 8.8 Billion in revenue, by 2023. EPA and REACH norms will play significant role in developing water treatment chemicals demand, thereby boosting product demand.

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The Safe Drinking Water Act and its amendments establish the basic framework for protecting the drinking water used by public water systems in the U.S. Organic corrosion inhibitor market generated over USD 4 Billion in revenue in 2015.

Power generation industry dominated the demand with overall consumption close to 1.5 Million tons in 2015. Rising energy requirements due to rapid industrialization in APAC & LATAM is forecast to drive demand.

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Planned and unplanned plant shutdown can result in degradation of pumps, gas turbines and switch gears used in power generation industry, where humidity & condensation can be reasons for the cause.

Key raw materials chromium, oxygen atoms, phosphorous, zinc and nitrogen, have associated health hazards and are a matter of concern for inhibitor disposal. Associated environmental hazards through inappropriate disposal along with imbalance in raw material supply could impact cost.

Increasing research focus to develop green corrosion inhibitors from natural sources like potato, onion, seeds and gelatin is underway, which may present growth opportunity for industry...