United States.
U.S. demand for corrosion inhibitors forecasts an increase of $2.8 million in 2020, according to a new study by The Freedonia Group.
Demand growth is anticipated to be driven by overall economic expansion, with key industries for corrosion inhibitors, such as chemicals and metal fabrication, particularly benefiting them.
The oil and gas market, which remained in a severe recession entering mid-2016, is expected to see a recovery by 2020, leading to increased demand for corrosion inhibitors in hydraulic fracturing and drilling applications. While overall healthy growth is expected, the presence of several relatively mature markets, such as lubricant and fuel additives and pulp and paper, will prevent stronger advances.
Chemical manufacturing will present the fastest growth in demand in the coming years as well as the industry's benefits from low raw material and energy prices. The oil refining industry, which uses corrosion inhibitors in refinery processes and as fuel additives and lubricants, will remain the largest market for corrosion inhibitors despite being below average growth.
Corrosion inhibitor treatment ranges in lubricants and other products will increase in some cases, despite market maturity, as lubricants are expected to provide longer change intervals in automotive and other applications.
