Corrosion in a way can be described as the decay of metal and its composition related to frame, structure and other chassis. This phenomenon has been evident at each stage in the life of every oil and gas field equipment. From production platforms to drilling activities, corrosion is an adversary worth of all the high technology and research we can throw at it. In such a highly corrosive environment, various oilfield equipment can be protected by utilizing oil line corrosion inhibitors. Oil line corrosion inhibitors gives excellent protection from the various corrosive processes and is developed to be compatible with all the other process chemicals. Demand for the oil line corrosion inhibitors is primarily dependent upon the crude oil prices. The crude oil prices are expected to be stable at middle level in the near future.
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Utilization of oil line corrosion inhibitors constitutes the most economical ways to mitigate the corrosion rate, protection of metal surface against corrosion and preservation of oil & gas facilities. Oil line corrosion inhibitors are generally added in small concentrations to corrosive environment which decreases the corrosion rate effectively. There are various types of corrosion inhibitors are available in the market which include organic and inorganic.
Surging investments in the oil & gas industry coupled with the governmental initiation and support is expected to be the key factor boosting the oil & gas fields, thus in turn results in the driving the global oil line corrosion inhibitors market. Further, the growth of the oil line corrosion inhibitors is being propelled by the growing oil & gas industry across the globe. As per the International Association of oil & gas producers, oil and gas production is increased significantly across the Europe and other regions.
Utilization of alternative materials such as alloys which are more resistant to corrosion as compared to that of carbon steel for the production of oilfield equipment’s is expected to be the major challenge identified in the market for the oil line corrosion inhibitors manufacturers.
In the recent past, owing to the increasing interest and attention towards the environmental protection and hazardous effects of chemicals on ecological balance, the approach on the oil line corrosion inhibitors has gradually changed. Hence, green corrosion inhibitors are introduced for the oil fields which are biodegradable and also not contain any toxic compounds. These is one of the key trends identified in the global oil line corrosion inhibitors market
Considering regions, the oil line corrosion inhibitors market is expected to be dominated by APEJ and MEA. Owing to the significant investments in the oil & gas sector across the India, China and GCC Countries, the chances of corrosion are expected to be more at these fields by the environmental conditions. Thus, in turn boosting the sales of oil line corrosion inhibitors across these regions. North America in the market has shown steady growth in the recent past, due to the decline in crude oil prices. Declining crude oil price have negatively impacted the drilling activities in the region. Latin America and Europe are expected to show moderate growth in the market over the forecast period
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Global Oil Line Corrosion Inhibitors Market: Market Participants
Some of the examples of the market participants identified across the value chain of the global oil line corrosion inhibitors market include BASF SE, General Electric, The Dow Chemical Company, AkzoNobel N.V., Henkel AG & Co. KGaA, Ultima Chemicals, Innospec, DORF KETAL, Kemira, Lonza, CORTEC CORPORATION, Universal Oil Field, Rimpro India, Imperial Oilfield Chemicals Pvt. Ltd., and others.