The competitive landscape is an analysis of industry growth, the market scenario and the degree of competition, among industry players. The corrosion inhibitors market comprises tier-1, tier-2, and small players. The growth of the corrosion inhibitors market is mainly driven by the increased use of corrosion inhibitors in power generation, oil & gas industries. Manufacturers are emphasizing more on the organic corrosion inhibitors, owing to their cost-competitiveness and biodegradability. The players operating in the corrosion inhibitors market have been focusing on product development and portfolio expansion. For instance, in 31 July 2018, Ecolab has launched a yellow metal corrosion inhibitor, which is used in cooling water flowlines to provide superior protection to cooling water systems.
Date
Approach
Description
18 June 2018
Expansion
Cortec Corporation signed an exclusive agreement with A. S. Paterson Company for distribution of Cortec’s additives across Canada. A. S. Paterson is actively working with paint and coatings companies to improve their formulations and solve their problems. Cortec corrosion inhibiting additives will support that effort.
31 July 2018
Product launch
Nalco Champion, an Ecolab company launched a yellow metal corrosion inhibitor, which is used in cooling water flowlines to provide superior protection to the equipment, while reducing environmental impact and improving supply stability compared to traditional treatment.
7 September 2018
Agreement
HALOX expanded with IMCD US to deliver coatings solutions to the US market. The extensive portfolio of specialty materials from IMCD US perfectly matches the corrosion inhibitors solution from HALOX.
03 October 2017
Product Launch
Cortec Corporation has introduced EcoWeave, a highly durable tarp-like film that protects expensive, heavy raw metal materials and finished products against corrosion.
27 July 2016
Product launch
HALOX launched a new corrosion inhibitor called Halox 570. This is the powdered form of corrosion inhibitor. The additive is designed to fight flash rust and galvanic corrosion.
Threat of New Entrants
The global corrosion inhibitors market is expected to witness a low-to-moderate threat of new entrants in the coming years. Stringent environmental regulations and the capital-intensive nature of the market are likely to pose a threat to new entrants in the global corrosion inhibitors market. However, the emphasis on green corrosion inhibitors, which include natural products such as plant extracts, due to their non-toxicity and low cost is likely to encourage new players to enter the market during the forecast period.
Threat of Rivalry
The global corrosion inhibitors market is projected to witness a moderate threat of rivalry as the key players in the market such as Ecolab and Cortec Corporation are emphasizing product development to meet the growing demand for corrosion inhibitors in major industries. With the increase in demand for green corrosion inhibitors, market players are likely to develop new products using natural raw materials, which is likely to result in a moderate threat of rivalry among the major market players in the coming years.
Threat of Substitutes
The threat of substitutes in the global corrosion inhibitors market is expected to be moderate. Although no direct substitute is available for corrosion inhibitors, the adverse impact of corrosion inhibitors on the environment and human life has led to end users adopting thermoplastic pipes and auxiliaries for flow lines. The use of thermoplastics in flow pipelines in several industries is likely to increase during the review period due to its superior benefits including improved performance and resistance to high temperatures and corrosion. This is likely to reduce the demand for corrosion inhibitors and, thus, affect market growth.
Bargaining Power of Suppliers
The bargaining power of suppliers is expected to be low to moderate in the global corrosion inhibitors market. The presence of several tier-1, tier-2, and unorganized players in the market catering to industries such as oil & gas, power generation, and mineral processing has resulted in low switching costs for buyers, thereby, limiting the bargaining power of suppliers. However, a few markets players such as ICL Advanced Additives provide a wide range of corrosion inhibitors such as flash rust, hybrid, inorganic, organic, and specialty corrosion inhibitors for major applications including agriculture and construction equipment, architecture, automotive refinishing, and industrial maintenance, which results in a moderate bargaining power of suppliers.
Bargaining Power of Buyers
The bargaining power of buyers is projected to be moderate to high in the global corrosion inhibitors market as there are several choices available in the market. The power generation, petrochemicals, and oil & gas industries account for a large share of the market as compared to paper mills due to the wide scale of operations in these industries. For high-cost and good-quality corrosion inhibitors like those provided by major players such as Ecolab, Solvay, and Ashland, consumers do not have many choices between which they can switch.
