Global Oxidation Inhibitors Market, By Oil Type (Mineral Oils, Synthetic Oils, Bio-Based Oils, Engine Oil, Gear Oil, Process Oil, Industrial Oil, Hydraulics Fluid, Metalworking Fluid, Others), Application (Steam Turbines, Gas Turbines, Wind Turbines, Hydroelectric Turbines), End User (Automotive, Industrial) – Industry Trends and Forecast to 2029
Market Analysis and Size
There has been immense growth in the demand for power and energy around the globe, necessitating the construction of new propellant and hydroelectric energy turbines. Influential turbine manufacturers, such as GENERAL ELECTRIC and Siemens, have continued to invest heavily in developing unconventional turbines, which is expected to boost the demand for oxidation inhibitors.
The oxidation inhibitors market was valued at USD 2105.00 million in 2021 and is expected to reach USD 2947.99 million by 2029, registering a CAGR of 4.3% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Oil Type (Mineral Oils, Synthetic Oils, Bio-Based Oils, Engine Oil, Gear Oil, Process Oil, Industrial Oil, Hydraulics Fluid, Metalworking Fluid, Others), Application (Steam Turbines, Gas Turbines, Wind Turbines, Hydroelectric Turbines), End User (Automotive, Industrial)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Nouryon (Amsterdam), Henkel Adhesives Technologies India (Germany), The Lubrizol Corporation (U.S.), BASF SE (Germany), Ecolab Inc. (U.S.), Solenis (U.S.). Baker Hughes (U.S.), Lonza (Switzerland), Dow (U.S.), W.R Grace and Company (U.S), Calgon Carbon Corporation (U.S), Axens (France), Halliburton (U.S.), Exterran Corporation(U.S.), Chevron Phillips Chemical Company LLC (U.S.), Clariant (Switzerland) and Suez S.A. (France)
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Market Opportunities
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Market Definition
Oxidation inhibitors are basically the chemical additives prevent oxygen from interacting with oil. They prolong the usable life of oils while also decreasing the oxidative breakdown process. All current oils and lubricants are hydrocarbon-based, making them extremely prone to oxidation. As a result, today's oil composition comprises basic oil, oxidation inhibitors, antioxidants, and a variety of other useful additives.
Oxidation Inhibitors Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand of Oxidation Inhibitors
The gradually rising manufacturing output and growing need for industrial oils from a variety of end-use industries are expected to drive demand for industrial oils and increase oxidation inhibitor use. Oil replacement and maintenance of outdated machinery and equipment has resulted in a considerable demand for new lubricants and oils, which has fueled the market for oxidation inhibitors.
Furthermore, the growth of wind turbine farms, as well as the installation of steam and hydroelectric power turbines, to fulfil the world's expanding electricity demands, has provided significant prospects for the turbine oil industry. In the projected term, the strongly increasing wind energy sector and its associated turbine oil sectors are likely to drive up demand for oxidation inhibitors. Also, the infrastructural development in economies such as China, India, Brazil, and South Korea is projected to further boost the market growth over the forecast period.
Opportunities
- Surging Development and Research
Furthermore, shift toward the development of environment-friendly inhibitors further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing research and development activities associated with the oxidation inhibitors by the manufacturers will further expand the growth of the oxidation inhibitors market.
Restraints/Challenges
- Environmental Concerns
According to the findings, these inhibitors contain heavy metals in concentrations that exceed the FEPA standards. Human health is harmed by these heavy metals, which are also hazardous to plants and animals. They also have expertise in the ecology of the receiving environment and the quality of surface and ground water. As a result, this factor will hamper the overall market growth.
- Supply Chain Disruptions
With the rising number of restrictions around the globe due to pandemic, there has been a hit in the demand and supply. Therefore, this factor will challenge the oxidation inhibitors market growth rate.
This oxidation inhibitors market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the oxidation inhibitors market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Oxidation Inhibitors Market
The recent outbreak of coronavirus had a negative impact on the oxidation inhibitors market. The chemical sector was badly disrupted around the world as a result of the Covid-19 outbreak. Due to global uncertainty, the chemical industry's growth has been hampered by supply chain disruption, personnel reductions, transportation restrictions, and a drop in demand. Additionally, the epidemic also reduced demand in the oil and gas business. Many enterprises in these areas have come to a standstill as a result of lower output hurting revenue realization. Consumers, businesses, and communities all across the world were affected by the epidemic, which prompted widespread fear and economic hardship. The lockdown in several nations caused by the epidemic had an impact on transportation fuel demand. Travel restrictions and the cancellation of foreign flights have resulted in a significant reduction in the consumption of Aviation Turbine Fuel (ATF) around the world.
However, the oxidation inhibitors market has remained relatively unaffected, with demand continuing to grow in areas such as oil and gas, pharmaceuticals, and others.
Global Oxidation Inhibitors Market Scope
The oxidation inhibitors market is segmented on the basis of oil type, application, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Oil Type
- Mineral Oils
- Synthetic Oils
- Bio-Based Oils
- Engine Oil
- Gear Oil
- Process Oil
- Industrial Oil
- Hydraulics Fluid
- Metalworking Fluid
- Others
Application
- Steam Turbines
- Gas Turbines
- Wind Turbines
- Hydroelectric Turbines
End User
- Automotive
- Industrial
Oxidation Inhibitors Market Regional Analysis/Insights
The oxidation inhibitors market is analyzed and market size insights and trends are provided by country, oil type, application, and end user as referenced above.
The countries covered in the oxidation inhibitors market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the escalating oil and gas industries within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing infrastructural developments and urbanization in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Oxidation Inhibitors Market Share Analysis
The oxidation inhibitors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to oxidation inhibitors market.
Some of the major players operating in the oxidation inhibitors market are
- Nouryon (Amsterdam)
- Henkel Adhesives Technologies India (Germany)
- The Lubrizol Corporation (U.S.)
- BASF SE (Germany)
- Ecolab Inc. (U.S.)
- Solenis (U.S.)
- Baker Hughes (U.S.)
- Lonza (Switzerland)
- Dow (U.S.)
- W.R Grace and Company (U.S)
- Calgon Carbon Corporation (U.S)
- Axens (France)
- Halliburton (U.S.)
- Exterran Corporation (U.S.)
- Chevron Phillips Chemical Company LLC (U.S.)
- Clariant (Switzerland)
- Suez S.A. (France)
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