Regional Outlook

Global Hydrogen generator market share to surpass USD 1.32 billion by 2024

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The vivid growth of industrial hydrogen applications across sectors such as chemical processing, fuel cells, refinery, and petroleum is soon going to result in hydrogen generator turning into a billion-dollar market. According to Global Market Insights, Inc., “The Hydrogen Generator market worth USD 800 million in 2015, is estimated to surpass a revenue of USD 1.32 billion by 2024.” Hydrogen generators are primarily the units installed to produce hydrogen. Depending on the requirements of the industrial process, the hydrogen generator deployment is mainly done either as an onsite generator or a portable generator.

The government initiatives towards a sustainable environment by reducing fuel emissions and dependency on non-renewable energy resources also play a vital role in increasing the hydrogen generator market size. The rising trend of green fuel use across the industrial, commercial, and residential sectors will also heavily boost the industry share. Hydrogen generator offers high operational reliability and is considered to be a convenient and secure hydrogen storage and delivery source free from the hassles of cylinder handling.

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

The expanding automotive industry will bring enormous growth prospects for the overall market. Increasing adoption of electric vehicles is encouraging the growth of hydrogen fuel stations in turn stimulating the market growth. The government is also encouraging the use of electric vehicles over the conventional means of transport owing to the eco-friendliness, reduced fossil fuel dependency, and operational cost-effectiveness of the former. Key automobile manufacturers such as Ford Motors, Nissan, GM, Mercedes-Benz, Honda, Toyota, and Tesla Motors are also significantly sharing the electric vehicle business space. It is estimated that the global electric vehicle sale will surpass 7 million units by 2024. This will in turn result in a comprehensive increase in the fuel cell demand. Hydrogen generator application in the fuel cell market is anticipated to grow at a CAGR of 6% over the period of 2016-2024.

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The refinery industry is another major growth prospect for the hydrogen generator market. It is estimated that the hydrogen consumption in refineries accounts for 12 billion standard cubic feet per day. The demand for hydrogen in the processing of crude oil into refined fuel such as gasoline and diesel and removing the impurities from these fuels are expected to catalyze the application growth. Hydrogen generator application in refineries is forecast to surpass USD 120 million by 2024. The food and beverage industry is also supporting the hydrogen demand owing to its application in removing contaminants such as bacteria and viruses from the food items.

The refinery, oil & gas, and chemical processing industries usually adopt the onsite installation method, which is predicted to dominate the industry with a CAGR of 5% over the timeframe of 2016-2024. Portable hydrogen generators are popular amongst the transportation and construction industries and are estimated to record an annual growth rate of 5.8% over the coming eight years.

“Global hydrogen generator market is anticipated to grow at a CAGR of 5% over the period of 2016-2024.” North America market accounted for USD 300 million in 2015, and is estimated to witness substantial gains over the coming period. The growth can be attributed to the rising demand across power generating plants & refueling stations and growing trend of green fuel across this region. The U.S. and Canada will be the major revenue pockets for the North America hydrogen generator market.

Asia Pacific, primarily led by South Korea and Japan, will also grow significantly over the coming years owing to rising demand across the refinery sector, growth in the petroleum industry, and stringent government regulations across this region. The Asia Pacific market is estimated to register a CAGR of 6% over the period of 2016-2024.

Some of the major players in this market are Linde AG, Air Products & Chemicals, Inc., Hydrogenics Corporation, Air Liquide SA, McPhy Energy, Airgas Inc., Praxair Inc., and Idro Energy.

                                                     Author NameShikha Sinha

Polymer industry to contribute towards the major Carbon Nanotubes(CNT) market share over 2016-2024

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The carbon Nanotubes market has become a billion-value industry due to the high demand for these materials across various end use industries. Carbon nanotubes are allotropes of carbon having a cylindrical nanostructure and possess excellent properties, making it popular across electronics, optics, nanotechnology, and material science industries. Properties like high tensile strength and light- weight of these materials make them used widely across defense, aerospace, and electronics sectors.

As per a research report on Carbon Nanotubes Market by Global Market Insights Inc., “the global carbon nanotubes market worth USD 1.35 billion in 2015, is estimated to grow at a CAGR of 22.1 % over the period of 2016-2024, hitting USD 8.1 billion by 2024.” Wide applications of these materials across energy, electrical & electronics, and polymers industries are likely to drive the market growth over the forecast timeframe, says the report.

U.S. Carbon Nanotubes Market size, by application, 2013-2024 (USD Million)

U.S. Carbon Nanotubes Market size, by application, 2013-2024 (USD Million)

 

CNTs exhibit exceptional tensile strength which is approximately 20 times higher than that of steel. Moreover, these materials are five times lighter than steel. For instance, CNT can be used in turbine wind blades to reduce the mechanical stress and impart higher strength, thereby increasing the overall efficiency. In addition, surging demand for light weight products in polymers and electronics industry will also favor the carbon nanotubes market share over the coming years.

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The basic raw materials used in the manufacturing of CNTs are ethylene, methane, and acetylene. Prolonged exposure to nanoparticles may result in chronic disorders, which may hamper the industry growth over the coming years. Moreover, high production and operational cost will also restrain the market share over the forecast timeframe.

CNT market will significantly expand owing to its applications in the polymer industry. The polymer industry contributed towards 50% of the overall CNT market share in 2015, and is expected to be the dominant application segment over the coming years.

Electrical & Electronics will be another major industry supporting the growth of CNT market over the next eight years. The industry will demand for high use of CNTs in a wide set of applications like forming p-n diode by chemical doping and polymer coating, building electronic devices like field effect transistors, and dispersing heat from computer chips owing to their incredible thermal transmission properties. Electrical & Electronics application segment is pegged to grow at a CAGR of 20% over the period of 2016-2024.

Carbon Nanotubes are mainly used in the form of either SWCNT (Single Wall Carbon Nanotubes) or MWCNT (Multi Wall Carbon Nanotubes). SWCNTs accounted only for a small portion of the overall carbon nanotubes market. These are mainly used in electrical applications owing to the high electrical conductivity exhibited by these materials.

MWCNTs accounted for 90% of the overall market share in 2015, and is expected to register a CAGR of 22% over the period of 2016-2024. The high growth is attributed to the excellent electrical, thermal, and mechanical properties possessed by these materials which makes them extensively used as polymers additives, catalysts, electron field emitters, gas-discharge tubes in telecom networks, lithium-battery anodes, nanotube composites, nanoelectrodes, etc.

The U.S. CNT market worth USD 340 million in 2015, is set to witness noticeable growth over the coming years, primarily driven by government investments in nanotechnology and growth in the polymer industry across this region.

The Asia Pacific CNT market is estimated to register the highest CAGR of 23% over the next eight years. Expansion of polymer and electronics industry in this region will be primarily driving the industry share. China, Japan, and India are set to be the major revenue pockets for the CNT market in APAC.
The industry is quite fragmented with a blend of large and small market players. Key industry players like Hanwha Nanotech Corporation and Arkema SA are backward integrated, where they manufacture raw materials required for CNTs. Other participants such as C Nano Technology Limited, Nanocyl SA, Raymor Industries, Thomas Swan & Co. Ltd., and Nanoshel LLC have adopted regional distribution strategies to address the high demand for CNTs in end-use industries.

Author NameShikha Sinha

Global Agricultural Films Market Size to be worth USD 15.13 billion by 2024

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Agricultural Films Market is projected to surpass 9.2 million tons by 2024, at a CAGR of 6.2% over the period of 2016-2024. Growing need for producing high-quality crops along with the heavy requirement for increasing agricultural/crop production as a result of rising population is predicted to drive the product demand.  Innovations in biotechnology leading to manufacturing of products from sustainable sources coupled with the adoption of more advanced scientific farming techniques are few other factors likely to boost the market share over the coming years.

Involvement of institutions like Alliance for a Green Revolution in Africa (AGRA), Sustainable Agriculture Network (SAN), and Global G.A.P Academy for farmer welfare is predicted to boost agricultural films market trends over the forecast timeframe.

Europe agricultural films market share, by raw material, 2014
Europe agricultural films market share, by raw material, 2014

Agricultural films are finding growing applications in mulching, silage, and greenhouse. Mulching applications are predicted to surpass 4.24 million tons, at a CAGR of 6.2% over a period of 2016-2024. Farmers are focusing on mulching applications to retain soil water, hinder weed growth, reduce crop damage by insects & pests, maintain soil temperature, and increase crop production. Mulching applications segment worth USD 2.6 billion in 2014, is projected to witness heavy demand for the product over the next eight years.

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Greenhouse applications segment contributing about 41% to the overall volume in 2014, is predicted to record a CAGR of 6.3% over the forecast timeline due to climatic fluctuations and rising floriculture & horticulture trend.

Heavy demand for the agricultural films in silage applications is due to its high nutrition contribution to animal feed resulting in higher milk production.

Polymers/raw materials used to manufacture agricultural films include LDPE, LLDPE, HDPE, EVA, and Reclaims. LLDPE agricultural film market size worth USD 3.2 billion in 2014, at a CAGR of 6.5% over the forecast timeframe, is predicted to witness a heavy demand in the coming eight years due to improved shelf life, moisture resisting features, cost-effectiveness and exceptional thermal strength. Furthermore, rising agricultural activities in countries like Thailand, India, and Malaysia due to modernization in techniques of farming is projected to drive the demand for the product.

LDPE market, contributing 21% to the overall demand in 2014, is pegged to witness moderate growth at a CAGR of 6.3% over the period of 2016-2024, due to its heavy demand in regions like Asia Pacific facing problems of water scarcity.

HDPE market, contributing about 375 kilotons in 2015, is predicted to witness a heavy demand for the product from the Middle East region as a result of harsh weather and flourishing of horticulture and floriculture sectors.

North America agricultural films market is predicted to grow at a rate of 5% over the forecast timeline due to heavy demand for greenhouse applications along with low availability of cultivable land. The U.S. market is predicted to contribute significantly towards the regional growth.

China agricultural films market size worth USD 3.8 billion in 2014, will register a CAGR of 6.5% over the estimated timeframe, owing to the heavy product demand in agriculture as a result of water scarcity and tough weather conditions. In addition to this, the use of modern methods of farming in agriculture is likely to drive the product demand in the region.

MEA agricultural films market share contributing about 8% of the overall demand in 2014, is expected to witness a substantial growth over the forecast timeline with countries like South Africa, Saudi Arabia, and UAE contributing enormously to the regional growth. Furthermore, factors like low availability of tillable/cultivable land along with rising demand for food as a result of a growing population is predicted to boost the market trends.

Key industry players include ExxonMobil, Grupo Armando Alvarez, BASF, The Dow Chemical Company, Kuraray, Novamont S.p.A., Group Barbier, and Britton Group, Inc.

Author NameDhananjay Punekar

Global Bio Vanillin Market to exceed USD 19 million by 2023

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The scientific know-how era we are living in today is advancing in every aspect. The rising population and adoption of technology by people has brought a hi-tech revolution across all the industries. The urge for something better and of course cheaper is growing widely. Right from the information technology used at a global level to the food and beverages essential for our day to day lives, science has taken over.

A paradigm shift can be seen from the use of synthetic product towards the bio-renewable products, pertaining to the health consciousness of the consumers. This major concern is primarily effecting the food & beverage industry on a large scale and hence promoting the growth of health as well as environmental friendly products.

Vanillin Market Size, By Application, 2012-2023 (Tons)
Bio Vanillin Market Size, By Application, 2012-2023 (Tons)

While there has been a number of bio-renewable products introduced lately, the growth of the Bio Vanillin market is worth noticing. The consumer preferences of natural products over the synthetic items and the demand for new flavors are driving the growth of this market. The high demand for Vanillin is due to its massive usage in various sectors. Relevant to the food & beverage industry, it can be used as a flavoring agent, food preservative (however, this usage is hampered owing to its strong smell), and precursor in the manufacture of different flavorings. Vanillin also finds extensive application in fragrances and pharmaceutical preparations.

According to a detailed study on Bio Vanillin Market, Bio Vanillin market share is estimated to exceed USD 19 million by 2023. The two most lucrative sectors (application segments) tending to contribute significantly to the Bio- Vanillin market are Food & Beverages which dominated the application landscape with worth over USD 8 million in 2015 followed by the fragrance industry which is expected to grow at a CAGR of 6.61% during the period of 2016-23.

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Taking into consideration the regional aspect, the Bio-Vanillin market has marked its presence across the entire globe. In 2015, Europe was the industry leader and is predicted to be worth more than USD 5.5 million in 2023. This growth is driven by the ecological measures to regulate greenhouse gas emissions along with the demand for products derived from biomass.

Also, North America would witness noticeable growth during the years 2016-2023 expecting to register a CAGR of more than 12.5 %. This growth would also be driven majorly by the ecological demands to reduce carbon flow along with brewery sector growth. In addition, the product positioning and the inclination towards the natural products will also contribute towards the regional share.

APAC will also be a major region spotting the growth in this market. This growth would be driven by the rise of food & beverages as well as the pharmaceutical industries. Further, the fragrance sector would also be an important factor contributing towards the regional growth owing to the changing lifestyle trends, demand for superior fragrances, and development per capita.

The Bio-Vanillin market is in the nascent stage and is expected to develop rapidly in the upcoming years. The end user manufacturers are readily willing to pay premium prices due to the rising demand from the consumers for the natural products. The rising demand shall witness collaboration of various industry players for Bio Vanillin product development and growth. Some of the key industry participants in this market are Solvay, Evolva, Ennloys, and Apple Flavor & Fragrance Group.

Taking into consideration the strong driving forces behind the growth of Bio-Vanillin market, it can be certainly expected to affect the related industries such as Food & Beverage, Pharmaceutical, and fragrance at a very large scale. The market, which was approximately worth USD 11.5 million in 2015, is expected to register a CAGR of more than 13% with its use crossing 500 tons in the coming six years (2016-23), according to Global Market Insights Inc.

Author NameShikha Sinha

U.S. solar power industry to witness record-breaking growth owing to large-scale installation of solar panels

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The solar power sector in U.S. deployed 2,052 megawatts of photovoltaic in the second quarter of 2016 bringing total power capacity of the country to about 32 gigawatts. This much of power generation made possible due to the installation of solar panels in the country has the ability to supply electricity to greater than 6.3 million U.S. homes. Generation of power through photovoltaic or solar panels will also help in reduction of greenhouse emissions by about 39 million metric tons in a year.

A new solar panel was installed per 84 seconds in first six months of 2016 and it totaled about 1004 installations per day. This installation rate is projected to take the current total of 1.2 million solar panel installations to about 2.2 million solar panel installations by end of 2018.

U.S. solar power industry is anticipated to add about 14 gigawatts of new power capacity in 2016, which is more than double as compared to the total power capacity of the industry for 2015.

The industry is predicted to grow rapidly owing to following features:

  • Solar Power has helped more than 301,000 consumers save about $173,000,000 electricity bills
  • Solar Energy costs dropped across all industry sectors, with dropping costs ranging 2.5-7.5 percent
  • Cost of solar energy in 2016 is 18.1 percent lower as compared to 2015 and 63.1% lower as compared to the energy costs five years ago
  • Power production through solar panels was about 26 percent of the country’s total power production in first half of 2016

As per the Global Market Insights report, U.S. Solar Panel Market is projected to experience substantial expansion from 2016 to 2023.

By end of 2021, the U.S. solar power sector is anticipated to expand and this will generate more job opportunities and investments in the country. All these factors are predicted to boost the demand for solar panels and will boost the U.S. solar power industry growth.

Global Market Insights report states that global solar energy market size is projected to surpass $141 billion by end of 2023.

Author NameDhananjay Punekar

Synthetic paper market growth is driven by huge concerns about environmental protection all across the globe

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Industry Trends

Global Synthetic Paper Market size is projected to surpass 210 kilo tons by end of 2023 and record CAGR of about 6.2% during forecast timeline. The industry is projected to touch revenue of $410.11 million during forecast timeframe.

Heavy concerns among environmental protecting organizations against deforestation can result in high use of synthetic paper as it does not contain wood pulp and conserves natural resources. All these factors are predicted to contribute towards growth of synthetic paper industry.

MEA synthetic paper market size, by product, (KT), 2012-2023

MEA synthetic paper market size, by product, (KT), 2012-2023

Global paper consumption has increased significantly in past few years and approximately about 35.1% of harvested trees are utilized for paper production. Its biodegradable nature and sustainable output are main growth factors promoting global synthetic paper market trends.

Crude costs substantially affect product demand and current low crude cost has led to steady synthetic paper market price. However, the industry is projected to recover from 2017 as it could experience an upswing in industry prices.

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Product Trends

The global synthetic paper industry is segmented into products like biaxially oriented polypropylene and high-density polyethylene.

Biaxially oriented polypropylene segment is projected to record CAGR of 6.9% during forecast timeline.

High-density polyethylene segment is projected to surpass 76 kilo tons by end of forecast timeline.

Application Trends

The global synthetic paper market is segmented into a label and non-label applications. Use of synthetic paper for label applications is growing and projected to touch 80 kilo-tons by end of forecast timeline. Its key uses are shrink labels, wraparound labels, stack labels and in-mold labels.

Non-label applications are extensively used in industry and it contributed about 62.1% of global industry demand for 2015. They are used in charts, graphics, banners, print media and maps.

Regional Trends

The global synthetic paper industry is segmented into various regions like North America, LATAM, Europe, MEA and Asia Pacific.

Asia-Pacific has led the global industry as the region is the biggest exporter in the world and has largest packing industry globally. It is projected to record CAGR of 7.4% and touch revenue of $162 million by end of forecast timeline. China and India synthetic paper market share has dominated the Asia-Pacific industry. The growth of Asia Pacific region can be credited to heavy demand across end-use sectors like food & beverages, cosmetics and chemicals. This is due to lifestyle changes, consciousness, demographic trends and standardization. The industry is projected to record a CAGR of 6.9% during forecast timeline. North American industry is projected to contribute towards 45.81 kilo-tons by end of forecast timeline with non-label applications predicted to contribute for more than 60.1% of total size.

European industry accrued revenue higher than $69.1 million for 2015. MEA and LATAM are new synthetic paper markets and contributed about just higher than 10.1% of total size.

Competitive Trends

Key industry participants profiled in the report include Hop Industries Corporation, UltraClear, American Profol Incorporation, DuPont, PPG Industries, Nan Ya Plastics Corporation, Yupo corporation, Neenah Paper, Octopus, Avery Dennison, Taghleef Industries and Arjobex.

Author NameDhananjay Punekar

Australia’s solar energy generation to be three times more due to construction of 12 new solar power plants

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As per the ARENA (Australian renewable energy agency), construction of twelve new solar power plants in Australia is predicted to treble country’s extensive solar energy output. The agency declared that it will make total investments of $92.1 million in construction of these 12 plants. It includes six plants in Queensland, five plants in South Wales and one plant in West Australia.ARENA stated that they would improve country’s total solar capacity from 241 megawatts to 721 megawatts, providing enough power supply to about 151,000 Australian houses on an average. It declared that these solar power plants projects were predicted to generate $1.1 billion of commercial investments and propel economic growth of the region.

Biggest solar power plant is expected to be constructed at Darling Downs in Queensland and is projected to produce about 111 megawatts of solar power. It will help in reducing environmental pollution and act on climatic changes and will generate new employment opportunities along with diversification of economy of Queensland.

This largest renewable energy plant of Australia constructed at Queensland will create higher than 501 direct jobs along with hundreds of indirect employments. It will produce enough renewable energy to meet the power requirements of 120,000 houses in Queensland. Four of the five solar power plants projects in this region has received state government’s long term financial assistance. It is expected that the construction of all these plants will be completed by end of 2017.

Kidston renewable power hub is being developed in northwest of Townsville in Australia. It comprises of a big solar farm and is integrated with pump storage hydro project. The main reason being low price and efficiency of pump storage hydro battery which has capacity to store solar energy.

As per global market insights reports, global solar energy industry size is predicted to expand at more than $141 billion by end of 2023. Thus Australia solar power production is projected to contribute heavily towards demand and growth of this global industry.

Construction of solar power plants will also help to reduce carbon emissions in atmosphere and will help to curb the impact of global warming. It will also help in maintaining natural equilibrium & nitrogen cycle, retaining ecological balance and regulating seasonal cycles. This will boost the demand and growth of Australia solar energy market.

Author NameDhananjay Punekar

Butane market growth is driven by rising demand for liquefied petroleum gas

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Industry Trends

Global Butane Market size is predicted to surpass 266 million tons with projected gains higher than 2.8%. Rising LPG (liquefied petroleum gas) demand due to its acceptance as domestic fuel, specifically in APAC and Africa, is projected to promote global industry trends. Governments all across the globe are encouraging its usage to reduce greenhouse emissions and coal dependency. They are providing subsidy on LPG to promote its usage as domestic fuel.

Butane market price trend is projected to soften during forecast timeline due to crude oil movement. Rising use of auto gas due to operational cost advantages as compared to oil based fuels like gasoline is projected to promote industry demand. It possesses high energy ingredients and burns easily as compared to other fuels. Use of auto gas as fuel is growing rapidly during past few years owing to ecological advantages.

Europe butane market size, by application, 2012-2022 (Million Tons)

Europe butane market size, by application, 2012-2022 (Million Tons)
However, pollution of underground water due to leakage of methyl tert-butyl ether along with growing demand for ethanol as a replacement for gasoline is anticipated to hinder growth of global butane market in future.

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Application Trends

Global butane market is segmented into various applications like LPG, refinery and petrochemicals.

LPG segment was biggest and contributed higher than $121 billion for 2014. Rising demand for heating fuel in cold locations along with use of fuel for cooking purposes in APAC is anticipated to promote demand of butane for LPG production. Furthermore, most of the Asian and European nations have been accepting LPG as transportation fuel.

Petrochemical segment contributed higher than 16.1% of total demand and is projected to expand substantially during forecast timeline. Growth of the segment in middle east is projected to promote the demand during forecast timeframe.

Regional Trends

Global butane industry is segmented into geographical locations like North America, MENA, Latin America, APAC and Europe.

APAC, led by India and China butane market, contributed key industry share and produced revenue about $57.1 billion for 2014. Increase in population and growing requirement for energy, specifically in rural areas of China and India for cooking is projected to stimulate the demand for butane.

MENA (Middle East and North Africa) market share contributed more than 18.1 % of total size for 2014. Rising use of LPG as feedstock in replacing for natural gas & crude oil in factories and chemical sectors has enhanced the product demand in the region. This region is projected to experience exceptional growth owing to growth in countries like Nigeria, Saudi Arabia, UAE and Qatar.

Competitive Trends

Key industry participants profiled in the report include British Petroleum, ExxonMobil Corporation, Valero Energy Corporation, Royal Dutch Shell, Tyumen Oil Company, Perenco, Total S.A, Air Liquide, Energy Corporation of America, Chevron Corporation, ConocoPhillips Company, Sinopec Group and China National Petroleum Corporation.

Author NameDhananjay Punekar

Corrosion inhibitors market trends are driven by demand for pure and clean water in various industries

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Industry Trends

Global Corrosion Inhibitors Market size was projected to expand at more than 5100 kilo tons for 2015 in terms of size and is expected to register higher than 4% CAGR by end of forecast timeline. The industry revenue is projected to surpass $ 8.9 billion by end of forecast timeline.

Global water treatment chemicals industry is projected to register revenue of more than $32 billion by end of forecast timeline. Growing demand for pure and clean water in different industrial segments like medical segment, chemical segment and electronics segment is projected to promote corrosion inhibitors industry trends.

MEA corrosion inhibitors market size, by end-use, (USD Million) 2012-2023

MEA corrosion inhibitors market size, by end-use, (USD Million) 2012-2023

Expansion of green corrosion inhibitors industry can witness a breakthrough in product techniques and demand. Increased use of corrosion inhibitors has led to correct steps being taken for its disposal. Inappropriate disposal adversely impacts the climate which can lead to instability in global corrosion inhibitors market price trends.

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Application Trends

Global corrosion inhibitors industry is segmented into various applications like oil based application or solvent based application and water based application.

Water based application segment is projected to surpass $6.8 billion revenue by end of forecast timeline. These applications are projected to experience growth and are promoted by rising water treatment requirements and demographic indicators. Rise in energy production, construction sector, refining and mining sector is projected to lead to enhanced demand for the segment.

Solvent based application segment is projected to record CAGR of 4.3% by end of forecast timeline. These kind of applications make a protective barrier coating on surface of metal to avoid contact of water and thus prevents corrosion. Consistent performance of oil or solvent based application segment is a main aspect of segment growth.

Product Trends

Global corrosion inhibitors market is segmented into organic and inorganic products. Organic products segment is projected to register a CAGR of 5.2% in terms of size during forecast timeline.

Inorganic products segment was evaluated at more than $1.8 billion for 2015. Superlative features and rising legislations about use of inorganic products are crucial for industry expansion during forecast timeline.

End Use Trends

Global corrosion inhibitors industry is segmented into end use applications like power production, oil & gas, metal processing, pulp & paper and chemical processing.

Power production segment contributed more than $1.9 billion of overall revenue for 2015. It aids in effective operations of electronics, gas turbines, switch gears and pumps. Due to all these factors the segment is predicted to experience a tremendous growth in future.

Oil & gas segment is projected to record CAGR of 5.9% by end of forecast timeline. Growing exploration of oil & gas all across the globe is projected to promote the industry growth.

Pulp & paper segment along with chemical and metal processing segments contributed to significant portion of overall demand for 2015.

Regional Trends

Global corrosion inhibitors market is segmented into key geographical locations like North America, LATAM, Europe, Asia Pacific and Middle East & Africa.

U.S. corrosion inhibitors market share is predicted to grow more than 4.1% during forecast timeline. Metal applications, cement & concrete applications and industrial coatings uses are predicted to be key drivers of the industry growth in the region in future.

European industry demand for corrosion inhibitors is projected to touch 1901 kilo tons by end of forecast timeframe. Development of construction sector, mining sector, production sector and oil & gas industry in Europe is projected to propel regional industry expansion. Further, rising concerns about water pollution as well as waste water treatment can promote inorganic items demand.

Asia Pacific, led by India and China corrosion inhibitors market share, is projected to witness more than $3 billion revenue growth by end of forecast period. Rapid industrialization in countries like India and China along with heavy requirement for minimizing maintenance prices to acquire competitive benefit is predicted to promote regional industry growth. Furthermore, heavy automobile production index in APAC promoted by product growth along with research & development activities are projected to propel industry growth in the region.

Middle East & Africa and LATAM corrosion inhibitors market expansion is predicted to witness substantial growth during forecast timeline.

Competitive Trends

Key industry players profiled in the report include The Lubrizol Corporation, Daubert Cromwell LLC, Ashland Incorporation, DuPont, Cortec Corporation, DOW, Eastman, AkzoNobel N.V., Champion Technologies, Ecolab Incorporation, Marott Graphic Services, GE Water & Process Technologies, BASF SE and General Electricals.

Author NameDhananjay Punekar