Ballast Tank Corrosion Inhibitors Market Synopsis

The ballast Tank Corrosion Inhibitors Market Size Was Valued at USD 1.09 Billion in 2022, and is Projected to Reach USD 1.60 Billion by 2030, Growing at a CAGR of 4.9% From 2023-2030.

Ballast tank corrosion inhibitors are chemical substances used to mitigate and prevent corrosion in the ballast tanks of ships. These tanks, essential for maintaining vessel stability, are susceptible to rust and deterioration due to exposure to seawater. Corrosion inhibitors create a protective barrier on the tank surfaces, reducing the impact of corrosive elements.

• Ballast tank corrosion inhibitors are crucial in extending the lifespan of ships by preventing corrosion in ballast tanks, which are vulnerable to deterioration from corrosive seawater. This stretches vessel lifespan, ensures safer maritime operations, reduces maintenance costs, and enhances operational efficiency by minimizing frequent repairs and downtime.
• By forming a film inhibits oxidation and chemical reactions, these inhibitors enhance the longevity and structural integrity of the ballast tanks. Regular application of these compounds is crucial in maritime maintenance to ensure the safety and durability of the vessels, minimizing the economic and environmental impact of corrosion.
• The market trend for these inhibitors is driven by increasing environmental regulations and sustainable shipping practices. The demand for environmentally friendly corrosion inhibitors is driving innovation in inhibitor formulations, promoting the development of eco-friendly solutions that meet regulatory requirements.
• The expanding global shipping industry, with a surge in vessel construction and fleet retrofitting, is driving the demand for these inhibitors. As shipowners and operators recognize the importance of corrosion prevention for safety, regulatory compliance, and cost-effectiveness, the market for these inhibitors is expected to experience sustained growth.

Ballast Tank Corrosion Inhibitors Market Trend Analysis

The growing focus on maintenance and Repair

• The Ballast Tank Corrosion Inhibitors Market is determined by the increasing emphasis on maintenance and repair activities in the marine industry. Ballast tanks are crucial for vessel stability, and are particularly disposed to corrosion due to their exposure to corrosive seawater. The market is determined by the recognition of the role of corrosion inhibitors in extending ship lifespans.
• Ship operators and owners are investing in corrosion prevention measures to mitigate the adverse effects of rust and deterioration, ensuring vessel structural integrity. This proactive approach to maintenance aligns with the industry's goal of enhancing safety, operational efficiency, and environmental compliance. Preventive measures, such as the systematic application of corrosion inhibitors, contribute to sustainable maritime practices and minimize the need for costly repairs.

Increasing Adoption of new and Innovative BTCIs

• Ballast tanks, crucial for vessel stability, are particularly susceptible to corrosion due to their exposure to corrosive seawater. The market is driven by the recognition of the role of corrosion inhibitors in extending ship lifespans. Ship operators and owners are investing in corrosion prevention measures to mitigate the adverse effects of rust and deterioration, ensuring vessel structural integrity.
• This proactive approach to maintenance aligns with the industry's goal of enhancing safety, operational efficiency, and environmental compliance. Preventive measures, such as the systematic application of corrosion inhibitors, contribute to sustainable maritime practices and minimize the need for costly repairs.

Ballast Tank Corrosion Inhibitors Market Segment Analysis:

Ballast Tank Corrosion Inhibitors Market Segmented based on Type, Technology, End-User, and Distribution Channel.

By Type, Organic Corrosion Inhibitors segment is expected to dominate the market during the forecast period

Organic corrosion inhibitors, derived from natural or synthetic sources, demonstrate superior effectiveness in mitigating corrosion in ballast tanks. Their ability to form a protective layer on metal surfaces, inhibiting the oxidation process, makes them highly efficient in preventing corrosion-related damage. Organic corrosion inhibitors are often preferred for their compatibility with various materials, ease of application, and environmentally friendly characteristics. The organic segment is expected to dominate the market due to its superior performance and suitability for addressing corrosion challenges faced by ballast tanks in diverse maritime applications, aligning with the growing preference for sustainable and eco-friendly solutions.

By Technology, Solvent-based Inhibitors segment held the largest share of xx% in 2022

Solvent-based inhibitors offer effective corrosion protection by forming a durable barrier on the metal surfaces of ballast tanks. Technology is known for its excellent adhesion properties, ensuring long-lasting protection against the corrosive effects of seawater. Solvent-based inhibitors also exhibit versatility, making them suitable for various ship types and ballast tank configurations. their ease of application and compatibility with existing coating systems contribute to their widespread adoption. As the maritime industry emphasizes durability and efficiency in corrosion prevention, the technological features of solvent-based inhibitors position them as a preferred choice, driving their dominance in the market throughout the forecast period.

 Ballast Tank Corrosion Inhibitors Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• The growing industrialization in maritime sectors, particularly shipping, shipbuilding, and offshore structures, is causing a rapid increase in the demand for corrosion prevention solutions, particularly for ballast tanks, which are highly susceptible to corrosion.
• The Asia Pacific region boasts a significant presence of major maritime nations such as China, South Korea, Japan, and Singapore, which are pivotal players in global shipping and shipbuilding industries. These countries have witnessed substantial investments in infrastructure development, modernization of fleets, and expansion of offshore activities, consequently fuelling the demand for advanced corrosion inhibition technologies.
• Companies are innovating sustainable solutions with reduced environmental impact, aligning with regulatory requirements and enhancing market competitiveness.
• The Asia Pacific region benefits from its robust manufacturing capabilities and cost-effective production processes, enabling competitive pricing of corrosion inhibitor products. This factor attracts global manufacturers to establish production facilities and distribution networks in the region, further augmenting market growth.
• The proactive initiatives by governments and industry stakeholders to promote the adoption of corrosion prevention technologies through awareness campaigns, subsidies, and incentives are fostering market expansion.

Ballast Tank Corrosion Inhibitors Market Top Key Players:

• Cortec Corporation (US)
• Daubert Chemical Company (US)
• Hydrex Holdings LLC (US)
• Performance Chemicals Limited (UK)
• AkzoNobel (Netherlands)
• Wilh. Wilhelmsen Holding ASA (Norway)
• Jotun (Norway)
• Blaukaiser (Germany)
• Drew Marine (Singapore)
• Chemtec International (India), and other major Players

Key Industry Developments in the Ballast Tank Corrosion Inhibitors Market:

In December 2022, Cortec Corporation completed its acquisition of Cortec Southeast Asia (CSEA) offices in Singapore, marking a significant development in its expansion strategy. Formerly a joint venture, CSEA is now a wholly owned subsidiary of Cortec Corporation. This move aims to enhance customer service and support in Southeast Asia by establishing a direct link with Cortec headquarters in Saint Paul, Minnesota. Established in January 2019, CSEA has been pivotal in distributing Cortec products and services across Singapore, Malaysia, Thailand, Brunei, and Indonesia

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. BALLAST TANK CORROSION INHIBITORS MARKET BY TYPE (2017-2030)
   1. BALLAST TANK CORROSION INHIBITORS MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. ORGANIC CORROSION INHIBITORS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. INORGANIC CORROSION INHIBITORS
   5. HYBRID CORROSION INHIBITORS
7. BALLAST TANK CORROSION INHIBITORS MARKET BY TECHNOLOGY (2017-2030)
   1. BALLAST TANK CORROSION INHIBITORS MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SOLVENT-BASED INHIBITORS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. WATER-BASED INHIBITORS
   5. VAPOR-PHASE INHIBITORS
8. BALLAST TANK CORROSION INHIBITORS MARKET BY END-USER (2017-2030)
   1. BALLAST TANK CORROSION INHIBITORS MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SHIPPING INDUSTRY
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. OIL AND GAS INDUSTRY
   5. CHEMICAL INDUSTRY
9. BALLAST TANK CORROSION INHIBITORS MARKET BY DISTRIBUTION CHANNEL (2017-2030)
   1. BALLAST TANK CORROSION INHIBITORS MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. DIRECT SALES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. DISTRIBUTORS
   5. ONLINE RETAIL
10. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Positioning
       2. Ballast Tank Corrosion Inhibitors Market Share By Manufacturer (2022)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers & Acquisitions
    2. CORTEC CORPORATION (US)
       1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    3. DAUBERT CHEMICAL COMPANY (US)
    4. HYDREX HOLDINGS LLC (US)
    5. PERFORMANCE CHEMICALS LIMITED (UK)
    6. AKZONOBEL (NETHERLANDS)
    7. WILH. WILHELMSEN HOLDING ASA (NORWAY)
    8. JOTUN (NORWAY)
    9. BLAUKAISER (GERMANY)
    10. DREW MARINE (SINGAPORE)
    11. CHEMTEC INTERNATIONAL (INDIA)
11. GLOBAL BALLAST TANK CORROSION INHIBITORS MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Type
       4. Historic And Forecasted Market Size By Technology
       5. Historic And Forecasted Market Size By End-User
       6. Historic And Forecasted Market Size By Distribution Channel
       7. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
12. INVESTMENT ANALYSIS
13. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. BALLAST TANK CORROSION INHIBITORS MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. BALLAST TANK CORROSION INHIBITORS MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. BALLAST TANK CORROSION INHIBITORS MARKET COMPETITIVE RIVALRY
TABLE 005. BALLAST TANK CORROSION INHIBITORS MARKET THREAT OF NEW ENTRANTS
TABLE 006. BALLAST TANK CORROSION INHIBITORS MARKET THREAT OF SUBSTITUTES
TABLE 007. BALLAST TANK CORROSION INHIBITORS MARKET BY TYPE
TABLE 008. FERROUS BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW (2016-2028)
TABLE 009. NON FERROUS BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW (2016-2028)
TABLE 010. BALLAST TANK CORROSION INHIBITORS MARKET BY APPLICATION
TABLE 011. SHIPS MARKET OVERVIEW (2016-2028)
TABLE 012. SUBMARINES MARKET OVERVIEW (2016-2028)
TABLE 013. BOATS MARKET OVERVIEW (2016-2028)
TABLE 014. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 015. NORTH AMERICA BALLAST TANK CORROSION INHIBITORS MARKET, BY TYPE (2016-2028)
TABLE 016. NORTH AMERICA BALLAST TANK CORROSION INHIBITORS MARKET, BY APPLICATION (2016-2028)
TABLE 017. N BALLAST TANK CORROSION INHIBITORS MARKET, BY COUNTRY (2016-2028)
TABLE 018. EUROPE BALLAST TANK CORROSION INHIBITORS MARKET, BY TYPE (2016-2028)
TABLE 019. EUROPE BALLAST TANK CORROSION INHIBITORS MARKET, BY APPLICATION (2016-2028)
TABLE 020. BALLAST TANK CORROSION INHIBITORS MARKET, BY COUNTRY (2016-2028)
TABLE 021. ASIA PACIFIC BALLAST TANK CORROSION INHIBITORS MARKET, BY TYPE (2016-2028)
TABLE 022. ASIA PACIFIC BALLAST TANK CORROSION INHIBITORS MARKET, BY APPLICATION (2016-2028)
TABLE 023. BALLAST TANK CORROSION INHIBITORS MARKET, BY COUNTRY (2016-2028)
TABLE 024. MIDDLE EAST & AFRICA BALLAST TANK CORROSION INHIBITORS MARKET, BY TYPE (2016-2028)
TABLE 025. MIDDLE EAST & AFRICA BALLAST TANK CORROSION INHIBITORS MARKET, BY APPLICATION (2016-2028)
TABLE 026. BALLAST TANK CORROSION INHIBITORS MARKET, BY COUNTRY (2016-2028)
TABLE 027. SOUTH AMERICA BALLAST TANK CORROSION INHIBITORS MARKET, BY TYPE (2016-2028)
TABLE 028. SOUTH AMERICA BALLAST TANK CORROSION INHIBITORS MARKET, BY APPLICATION (2016-2028)
TABLE 029. BALLAST TANK CORROSION INHIBITORS MARKET, BY COUNTRY (2016-2028)
TABLE 030. CORTEC CORPORATION: SNAPSHOT
TABLE 031. CORTEC CORPORATION: BUSINESS PERFORMANCE
TABLE 032. CORTEC CORPORATION: PRODUCT PORTFOLIO
TABLE 033. CORTEC CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 033. AKZONOBEL: SNAPSHOT
TABLE 034. AKZONOBEL: BUSINESS PERFORMANCE
TABLE 035. AKZONOBEL: PRODUCT PORTFOLIO
TABLE 036. AKZONOBEL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 036. WILH. WILHELMSEN HOLDING ASA: SNAPSHOT
TABLE 037. WILH. WILHELMSEN HOLDING ASA: BUSINESS PERFORMANCE
TABLE 038. WILH. WILHELMSEN HOLDING ASA: PRODUCT PORTFOLIO
TABLE 039. WILH. WILHELMSEN HOLDING ASA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 039. AQUAMARINE CHEMICALS: SNAPSHOT
TABLE 040. AQUAMARINE CHEMICALS: BUSINESS PERFORMANCE
TABLE 041. AQUAMARINE CHEMICALS: PRODUCT PORTFOLIO
TABLE 042. AQUAMARINE CHEMICALS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 042. PERFORMANCE CHEMICALS LIMITED: SNAPSHOT
TABLE 043. PERFORMANCE CHEMICALS LIMITED: BUSINESS PERFORMANCE
TABLE 044. PERFORMANCE CHEMICALS LIMITED: PRODUCT PORTFOLIO
TABLE 045. PERFORMANCE CHEMICALS LIMITED: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 045. DAUBERT CHEMICAL COMPANY: SNAPSHOT
TABLE 046. DAUBERT CHEMICAL COMPANY: BUSINESS PERFORMANCE
TABLE 047. DAUBERT CHEMICAL COMPANY: PRODUCT PORTFOLIO
TABLE 048. DAUBERT CHEMICAL COMPANY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 048. FALCHEM INTERNATIONAL: SNAPSHOT
TABLE 049. FALCHEM INTERNATIONAL: BUSINESS PERFORMANCE
TABLE 050. FALCHEM INTERNATIONAL: PRODUCT PORTFOLIO
TABLE 051. FALCHEM INTERNATIONAL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 051. DREW MARINE: SNAPSHOT
TABLE 052. DREW MARINE: BUSINESS PERFORMANCE
TABLE 053. DREW MARINE: PRODUCT PORTFOLIO
TABLE 054. DREW MARINE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 054. BLAUKAISER: SNAPSHOT
TABLE 055. BLAUKAISER: BUSINESS PERFORMANCE
TABLE 056. BLAUKAISER: PRODUCT PORTFOLIO
TABLE 057. BLAUKAISER: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY TYPE
FIGURE 012. FERROUS BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW (2016-2028)
FIGURE 013. NON FERROUS BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW (2016-2028)
FIGURE 014. BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY APPLICATION
FIGURE 015. SHIPS MARKET OVERVIEW (2016-2028)
FIGURE 016. SUBMARINES MARKET OVERVIEW (2016-2028)
FIGURE 017. BOATS MARKET OVERVIEW (2016-2028)
FIGURE 018. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 019. NORTH AMERICA BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 020. EUROPE BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 021. ASIA PACIFIC BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 022. MIDDLE EAST & AFRICA BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 023. SOUTH AMERICA BALLAST TANK CORROSION INHIBITORS MARKET OVERVIEW BY COUNTRY (2016-2028)