The barium petroleum sulfonate market is expected to develop at a CAGR of less than 3% during the forecast period. The major factor driving the growth of the barium petroleum sulfonate market is the rapid increase in demand from the corrosion inhibitors segment. On the flip-side, unfavorable conditions arising due to the sudden outbreak of COVID-19 is anticipated to foil the growth of the market studied.
- Rust preventatives application is expected to be the largest application market due to its properties like moisture resistance and water displacement coupled with extensive demand from the various sectors of the segment during the period of forecast.
- North America is expected to be the largest market due to the large-scale consumption of the barium petroleum sulfonate and products in the region.
Key Market Trends
Rust Preventatives to be the Largest Segment for Barium Petroleum Sulfonate Market
- Barium Petroleum Sulfonate is extensively used in rust preventive applications as it gives a better defensive coating film, high protection from dampness and saltwater spray test, as a cleanser in fuel additives. This product is soluble in oil and solvents.
- Moreover, it has properties like superb resistance for moisture and water displacement. It can protect black and non-ferrous metals from corrosion. This makes it suitable where a significant level of non-staining rust protection is required.
- Additionally, it has great oil dissolvability after heating and develops a protective covering on the metal surface to secure the metals. Barium petroleum sulfonates ensures stability under different environmental conditions.
- All the aforementioned factors are expected to drive the barium petroleum sulfonate market during the forecast period.
North America Region to Dominate Barium Petroleum Sulfonate Market
- North America region holds a prominent share in the barium petroleum sulfonate market globally and is expected to dominate the market during the forecast timeline.
- Barium Petroleum Sulphonate is broadly utilized in the manufacturing industry in industrial facilities and plants because of its properties, for example, excellent corrosion/rust inhibitor and rust preventatives and are likewise suggested for the production of oils, erosion inhibitors, surface-dynamic operators, metalworking liquids.
- In 2020, revenue of the United States from manufacturing is projected to be USD 8,129.8 billion and it is anticipated to grow at an annual rate of 0.4% during 2020-2024.
- In 2019, the total revenue of iron and steel mills and ferroalloy manufacturing industry in the United States is projected to be USD 95.03 billion. It is anticipated to amount to USD 96.91 billion by 2023.
- Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast timeframe.
The market for barium petroleum sulfonate is consolidated. Some of the players in the market include UNICORN PETROLEUM INDUSTRIES PVT. LTD, Goodway Chemicals Private Limited, Eastern Petroleum Pvt. Ltd., Xinji Rongchao Petroleum Chemical Plant, and MORESCO Corporation.
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Table of Contents
1.2 Scope of the Study
4.1.1 Rapid Increase in Corrosion Inhibitors Demand
4.1.2 Rust preventatives Application to Boost the Market
4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5.1.1 Corrosion Inhibitors
5.1.2 Coatings & Greases
5.1.3 Rust Preventatives
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.2.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.2.4 South America
126.96.36.199 Rest of South America
5.2.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 UNICORN PETROLEUM INDUSTRIES PVT. LTD
6.4.2 Eastern Petroleum Pvt. Ltd.
6.4.3 Ganesh Benzoplast Limited
6.4.4 Gars Lubricants
6.4.5 Goodway Chemicals Private Limited
6.4.6 MORESCO Corporation
6.4.7 Royal Castor Products Limited
6.4.8 Xinji Rongchao Petroleum Chemical Plant
A selection of companies mentioned in this report includes:
- UNICORN PETROLEUM INDUSTRIES PVT. LTD
- Eastern Petroleum Pvt. Ltd.
- Ganesh Benzoplast Limited
- Gars Lubricants
- Goodway Chemicals Private Limited
- MORESCO Corporation
- Royal Castor Products Limited
- Xinji Rongchao Petroleum Chemical Plant