Benefit To Soybean Farmers
The global corrosion inhibitor market size was around $7.2 billion in 2018 and is expected to reach $9.6 billion by 2026 with maximum investment growth coming from the construction industry [2]. The novel coating material that will be developed through the proposed research has the potential to take advantage of this growth to financially benefit the ND soybean farming community. On average, the US consumes 100 million and 6.5 million metric tons of concrete and steel, respectively every year for infrastructural needs and a substantial fraction of this is used for the construction and replacement of RCPs. Even if only 1% of soybean products by weight is used for making the envisaged coating material, this will generate new demand for at least 1 million metric tons of soybeans which roughly translates into $300-350 million of additional revenue to the soybean farming community. Besides this, the envisaged products have the potential to substantially curtail billions of dollars lost due to the repair, maintenance, and closure of concrete pavements and bridge decks in the U.S.