Global Ballast Tank Corrosion Inhibitors Market: Introduction
With the rising menace of corrosion of steel and other material-made tanks in the water bodies, there has been swift rise in the demand for ballast tank corrosion inhibitors for ships, submarines, boats and others. A ballast tank is a compartment inside a vessel that holds water and helps to improve the stability of the ships by increasing or decreasing the water level. They are also known as trim tanks. Long service life and low requirement of maintenance are the major cause of concern for the ballast tank manufacturers. Ballast tank corrosion inhibitor coatings are applied to protect the vessel from rusting, pitting or any other structural damage. The parts of ballast tanks are classified as upper, middle and lower parts, which are prone to distinct type of corrosion depending on its exposure to air and water and hence are applied specific coatings. The ballast tank corrosion inhibitors are made chromate free and are totally miscible in seawater if accidently leaked. The use of ballast tank corrosion inhibitors has led to significant reduction in the maintenance and service costs. They are generally available in liquid form for the ease of application. The ballast tank corrosion inhibitors not only provide protection from corrosion but also play a crucial role in safety, ventilation, and condensation, among others.
Global Ballast Tank Corrosion Inhibitors Market: Dynamics
Drivers
With the increasing cost of maintenance for ballast tanks made of steel and other materials, there has been rise in concern for the application of corrosion inhibitors over the water surface. The use of such coatings has led to significant reduction in the maintenance and service costs.
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Another major factor driving the demand for ballast tank corrosion inhibitors is stringent regulations and standards for ballast tank coatings in order to avoid introduction of invasive species which causes corrosion and also pollution in water bodies, where they are introduced through ballast tanks.
Restraints
One of the major factors restraining the growth of ballast tank corrosion inhibitors is the initial capital investments for the expensive coatings. Another major factor hindering the demand for ballast tank corrosion inhibitors market is the stringent regulations for chemical composition, which could otherwise cause water pollution.
Trends
The stringent regulations pertaining to the environment safety and control of pollution have drived the concern of the manufacturers on the development of environmental-friendly ballast tank corrosion inhibitors. Conventionally, chromate load organic coatings were being used, however due to their toxicity and other environmental concerns, the use of such corrosion inhibitors has been regulated instead the manufacturers are developing pollution free and efficient corrosion inhibitors or coating materials. For instance, chromate-free corrosion-inhibiting nanoparticle additive has been developed that works on the triggered mechanism, thus it reduces leaching out of the coating into the surroundings and thereby also improves the life cycle of the coating. These ballast tank corrosion inhibitors are formulated to cause reduced pollution if accidently there is leakage into the water body.
Global Ballast Tank Corrosion Inhibitors Market: Segmentation
The global ballast tank corrosion inhibitors market can be segmented on the basis of vessel type, type of corrosion, material type and region.
On the basis of vessel type, the global ballast tank corrosion inhibitors market can be segmented as:
- Ships
- Submarines
- Boats
- Others
On the basis of type of corrosion, the global ballast tank corrosion inhibitors market can be segmented as:
- Salt contamination
- Rust scale
- Pitting corrosion
- Others
On the basis of material type, the global ballast tank corrosion inhibitors market can be segmented
- Ferrous
- Non ferrous
Global Ballast Tank Corrosion Inhibitors Market: Regional Outlook
The global ballast tank corrosion inhibitors market is expected to be dominated by Asia Pacific region, particularly China, with the rising demand for marine vessels. There has been a rise in trade and other marine activities, which has created positive traction in the global ballast tank corrosion inhibitors market. Europe and North America are projected to hold significant share in the global ballast tank corrosion inhibitors market owing to the stringent regulations for vessel maintenance and safety and to reduce growing expenditure on the corrosion. Japan is forecasted to witness relatively sluggish growth over the forecast period. Other regions such as Latin America and Middle East and Africa are projected to be low volume–high growth regions and are projected to witness relatively high growth rate over the forecast period.
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Global Ballast Tank Corrosion Inhibitors Market: Key Participants
Examples of some of the key participants identified across the value chain of global ballast tank corrosion inhibitors market are:
- Cortec Corporation
- Akzo Nobel N.V.,
- Wilh. Wilhelmsen Holding ASA
- Aquamarine Chemicals
- Marine Chemical
- Performance Chemicals Limited
- Amtec Limited