Corrosion Inhibitors Market
The global corrosion inhibitors market is projected to register an annual rate of 3.8% over the forecast period. The growing demand for corrosion inhibitors from end-use industries and rigorous managerial and sustainability mandates pertaining to the environment has strengthened the corrosion inhibitors market growth.
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Corrosion Inhibitors Market Dynamics
The growing demand for corrosion inhibitors from several end-use industries is the major factor contributing to the market growth. In addition to it, the evolving needs to effectively reduce the corrosion rate of a metal exposed to any market will further strengthen the corrosion inhibitors market share. The increasing inclination towards noxious inhibitors and intensified investment in the construction sector for the development of exclusive products will fuel the market growth. Besides, the rigorous norms and sustainability mandates concerning the environment has added to the market expansion. The growing demand in several end-use industries such as power production, lubricants, and oil & gas accounts to be another major factor compelling the market growth. However, the instability in prices of raw material and growing environmental concerns will restrain the corrosion inhibitors market size.
Regional Drivers
Based on the region, the Asia-Pacific region is likely to lead the market growth during the forecast period. The market is attributed to rapid industrialization, which has raised the demand from the energy production and end-use sectors. The increasing chemical and metalworking industry in emerging nations of the region, including India and China, has contributed to the market growth. Hence, the Corrosion Inhibitors Market global forecast projects that the Asia-Pacific region is projected to gauge for high corrosion inhibitors market during the coming years.
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