Passivating Agents Market, by Type (Nitric Acid, Citric Acid, Chromate, Red Lead, Calcium Plumbate, Others) and, by Application (Petrochemical Industry, Refinery Industry, Automobile Industries, Hydrogen Plants, Sea Water Applications, Nuclear Plants, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact analysis

The COVID-19 epidemic has thrown a halt to a variety of enterprises and industries around the world. This has had a negative influence on the passivating agents business. During the COVID-19 pandemic, however, there is a ray of hope for the passivating agents market. The SARS-CoV-2 pandemic caused governments around the world to issue stay-at-home directives. Because of this instruction, many people around the world have decided to stay at home. COVID-19 has had a three-fold influence on passivating agents: directly influencing production and demand, disrupting supply chains and marketplaces, and having a financial impact on enterprises and financial markets.

Top Impacting Factors

Although stainless steel has intrinsic corrosion resistance properties, the use of passivating chemicals helps to increase its efficiency in a cost-effective manner. The demand for passivating agents is growing in areas where metal parts are manufactured by machining or cold forming, which might result in surface degradation if basic safeguards are not taken. The market for passivating agents is also fuelled by industries where components or equipment meets flammable substances. Because of the increased building of large refineries, the passivating agents market is likely to stay dominant over the forecast period. However, because the use of passivating agents containing chrome VI compounds is prohibited for electrical and electronic consumer goods, passenger cars, and commercial vehicles weighing less than 10,000 pounds, it is projected to have only a minor impact on the passivating agent’s business.

Market Trends

• The passivation process, which is sometimes used in conjunction with the pre-treatment of top coats like e-coat or powdered coat, is designed to improve the corrosion resistance of metal surfaces such as titanium, magnesium, aluminum, and stainless steel in particular.
• As a result, the passivating agents market is predicted to increase significantly over substitute treatments over the forecast period, owing to its cost-effective solution and long-term corrosion-free efficacy on metal parts surfaces.
• Although stainless steel has intrinsic corrosion resistance properties, the use of passivating chemicals helps to increase its efficiency in a cost-effective manner. The demand for passivating agents is growing in areas where metal parts are manufactured by machining or cold forming, which might result in surface degradation if basic safeguards are not taken.
• With the increased manufacturing of stainless steel equipment all over the world, the market for passivating agents is one of the fastest expanding. Organic oils, inorganic chemical passivates, and passivating agent films are the most popular types of passivating agents for chemically treating stainless steel to provide corrosion resistance.
• Passivation is predicted to improve the corrosion resistance of a variety of metal surfaces, including stainless steel, aluminum, magnesium, and titanium. It's frequently used to improve the corrosion resistance of steel, and it's sometimes combined with the pre-treatment of top coatings like powdered coats or e-coat.
• This provides a number of additional benefits, including increased production and lower operating costs when compared to other traditional technologies, such as electrical continuity, plasma-electrolytic oxidation systems, and so on. Over the evaluation period, these factors are expected to boost the global passivating agents market's growth.
• Although stainless steel has a natural ability to resist corrosion, the addition of passivating chemicals on its surface increases the corrosion resistance of stainless steel by a factor of ten, and at a very low cost.
• In the global passivating agents market, Asia Pacific is likely to emerge as a dominating geographical force. The existence of multiple oil refineries in the area accounts for the region's territorial prominence. India is home to one of the world's largest oil refineries, and the country is likely to provide lucrative growth opportunities for the global passivating agents market in the coming years.

Key Benefits of the Report

• This study presents the analytical depiction of the passivating agents market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the passivating agents’ market share.
• The current market is quantitatively analyzed to highlight the passivating agents’ market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed passivating agents market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Passivating agents Market Report

• Who are the leading market players active in the passivating agents market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?
• What is passivating agents?
• What does passivating agents allow organizations to achieve?
• Which technologies combine to make passivating agents critical organizational asset?
• What are the current trends and predicted trends?