Volatile Corrosion Inhibitors Market Share

APAC Market Statistics

The Asia Pacific volatile corrosion inhibitors market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036, owing to the growth of construction, electronic, automotive, and chemical industries in the region and growing economies including India, Indonesia, and China. As of 2022, the Indian automobile industry generated a revenue of USD 222 billion, which is further projected to rise to USD 300 billion by 2026. Furthermore, the high employment in the construction sector is anticipated to expand the construction industry, which is forecasted to rise the demand for the volatile corrosion industry. As of 2022, the Indian construction industry has around 51 million people employed. Additionally, the high demand for chemicals is anticipated to faster the adoption rate of volatile corrosion inhibitors. According to the India Brand Equity Foundation, the Indian chemical industry stood at USD 178 billion in 2019 and is expected to reach USD 304 billion by 2025. Also, the demand for chemicals is expected to expand by 9% per annum by 2025.

North American Market Forecast

On the other hand, the North America volatile corrosion inhibitors market is also expected to expand with a noteworthy revenue generation till the end of the forecast period. Accelerated industrialization, as well as the augmentation of end-use industries. Furthermore, the presence and availability of key players in the region along with the rising availability of raw materials in the region and growth in investments by companies are other factors that are projected to impetus the revenue generation in the region.