Corrosion Inhibitors Market

Corrosion Inhibitors Market Outlook (2022 to 2032)

The corrosion inhibitors market is anticipated to document a CAGR of 4.1% during the period of 2022 to 2032. The Corrosion Inhibitors Market is anticipated to reach USD 12.4 Billion in 2032, from USD 8.3 Billion in 2022. The market was valued at USD 7.9 Billion in 2021, and is expected to grow with a Y-O-Y growth rate of 5.0%.

Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to influence the Corrosion Inhibitors Market during the forecast period.

Attributes	Details
Corrosion Inhibitors Market CAGR (2022 to 2032)	4.1%
Corrosion Inhibitors Market (2022)	USD 8.3 Billion
Corrosion Inhibitors Market (2032)	USD 12.4 Billion

An increase in the demand for corrosion inhibitors in various industries such as pulp & paper, chemical processing, oil & gas, petroleum, and metals to protect from corrosion has led to higher demand from emerging countries.

Prominent Corrosion Inhibitors Market Drivers

Increasing Industrialization in Developing Economies to encourage Corrosion Inhibitors Adoption

Infrastructural development in economies such as China, India, Brazil, and South Korea, are expected to undergo infrastructural development and boost industrial activities for the growth of their economies. Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to boost the market for corrosion inhibitors in the forthcoming years.

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The global spending on infrastructure is expected to reach USD 94 Trillion by 2040, and an additional USD 3.4 Trillion would be required to attain United Nations’ Sustainable Development Goals for electricity and water, according to Oxford Economics.

Countries in Asia Pacific, China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, will be among the fastest-growing infrastructure spending countries, according to an Oxford Economics study. This has led to the increasing consumption of industrial water in emerging economies. This creates an opportunity for manufacturers to offer a wide range of corrosion inhibitors to various specific applications in order to protect them from corrosion.

Increasing Demand for Treated Water in various End-Use Segments

Freshwater resources account for only 2.5% of the total water resources globally, which makes the supply of water for industrial and domestic consumption a tough challenge. The widening gap between the demand and supply of water makes it necessary to efficiently recycle it, which can be undertaken by treating it.

The corrosion inhibitor market is rapidly growing in water treatment sectors across the globe. Industrial manufacturers are the largest customers for corrosion inhibitors and seeking more effective inhibitors that will reduce downtime for equipment repair.

An increase in the demand for corrosion inhibitors in various industries such as pulp & paper, chemical processing, oil & gas, petroleum, and metals to protect from corrosion has led to higher demand from emerging countries, in particular. Cooling water is the largest segment for corrosion inhibitors in the water treatment process to protect the metal machinery from the water flow.

Key Challenges And Restraints Affecting The Corrosion Inhibitors Market Growth

Need for eco-friendly Formulations to restrain Corrosion Inhibitors Uptake

Stringent environmental legislation are the primary factors inhibiting the growth of the corrosion inhibitor market. The growing concern of chemicals having an impact on the environment and health has led to stringent regulatory constraints for corrosion inhibitors manufacturers.

This influences the manufacturers to opt for non-toxic alternatives. The property of the non-toxic corrosion inhibitors formulations to perform under severe conditions makes it difficult for the manufacturers to provide a replacement for standard formulations.

For instance, an alternative in the oil & gas industry has been zinc phosphate. Although effective, this inhibitor does not match the performance of chromate complexes like hexavalent chromium. This chemical is known for causing cancer in humans and animals, as per the United States Department of Labor.

Use of Corrosion-Resistant Materials likely to Diminish Prospects

Industries in the developed market are showcasing a high degree of maturity. The replacement of steel with plastics, ceramics, composite materials, and corrosion-resistant alloys in these industries is an example of this.

The metals and alloys which are capable of resisting corrosion to some degrees are known as Corrosion-Resistant Alloy (CRA). The corrosion inhibitors market is slowly moving toward more sustainable options due to the increasing environmental concerns and regulatory pressures.

The use of Duplex Stainless Steel (DSS), Super Duplex Stainless Steel (SDSS), and other exotic materials are becoming popular in the oil & gas industry. These are used for handling highly corrosive fluids as the oil & gas industry has high stakes of shutdown due to material failure.

These exotic metals also have excellent strength, durability, and ability to withstand extreme pressure & temperature, among other properties. Due to this property, these metals are being used in demanding sectors like automobile, aerospace, oil & gas industry, and power generation, among other industries.

Key Trends For Corrosion Inhibitors Market

Growing demand from Power Generation and Oil & Gas Sector

In the USA alone, the annual cost of corrosion to the oil & gas industry is estimated at USD 27 billion, according to NACE International (National Association of Corrosion Engineers). Using corrosion-resistant materials more widely and applying corrosion-related methods can reduce costs. Metal corrosion can be reduced or suppressed with corrosion inhibitors.

Metals and alloys are protected by insulating them or by retarding corrosion caused by cathodic and anodic processes. The use of corrosion inhibitors in these industries lowers maintenance and repair costs, extends the useful life of equipment, and reduces production loss from corrosion. Corrosion inhibitors are therefore a necessary component to reduce corrosion costs.

In February 2019, the progress of the National Strategic Project Development, namely the Cirebon Power Unit 2, with a capacity of 1×1000 MW, has now reached 39 percent and is targeted to operate in February 2022.

With the increasing oil & gas, and power generation projects the demand for organic corrosion inhibitors will also substantially increase. Thus, the expanding oil & gas, power generation projects act as a driver for the organic corrosion inhibitors market during the forecast period.

Category Wise Analysis For Corrosion Inhibitors Market

Availability of Organic Compounds to Surge Demand for Bio-based Corrosion Inhibitors

By compound, organic corrosion inhibitors segment is expected to hold the largest market share of 4.0%. In recent years, there has been significant development concerning bio-based corrosion inhibitors. These are low in cost, have low toxicity, and are readily available organic compounds, which are obtained from plant extracts such as aromatic herbs, spices, and medicinal plants.

Generally, bio-based corrosion inhibitors have aromatic structures with long aliphatic chains and free electron pairs. For instance, Delonix regia and rosemary leaves prevent the deterioration of aluminum metal, while natural honey inhibits corrosion of copper. The factors mentioned above are estimated to drive segment growth over the forecast period.

Water-based Corrosion Inhibitors offer Rust Protection

By type, water-based corrosion inhibitors are expected to grow at a CAGR of 4.2%. Water-based corrosion inhibitors are readily soluble in water and are usually sold in solid form. They form a protective layer on the metal surface by altering the physical characteristics of the surface to resist oxidation of the metallic surface, thereby offering rust protection.

Moreover, they are cost-effective, form transparent coating after drying, and can be easily applied by using spray, immersion, or brush before subsequent operations.

Region Wise Analysis For Corrosion Inhibitors Market

How Opportunistic will the Market for Corrosion Inhibitors be across Asia Pacific and the USA?

Asia Pacific region leads the water treatment chemicals market in terms of value

Asia Pacific is the fastest-growing region for the corrosion inhibitor market. Factors such as high population, increasing industrial growth, and growing concern for the environment are driving the demand for water treatment chemicals in the region and are directly influencing the market of corrosion inhibitors.

The growing chemical and metalworking sectors in developing economies of the region, including India and China, are also projected to contribute significantly to the market in the near future.

China is expected to represent the highest CAGR of 3.5% in the Corrosion Inhibitors Market during the forecast period, to reach USD 888.3 Million. On the other hand, Japan is expected to represent a CAGR of 2.6% in the corrosion inhibitors market during the forecast period to reach USD 716.4 Million.

The rise in number of end-use industries in the North America region is also leading to innovations and developments in the field of corrosion inhibitor, thereby accelerating the growth of the corrosion inhibitors market. The USA is expected to represent the highest CAGR of 3.9% in the Corrosion Inhibitors Market during the forecast period, to reach USD 4.4 Billion.

Will Europe emerge as an Attractive Corrosion Inhibitors Market?

Corrosion Inhibitors Market in UK to Witness Better Growth Opportunities

Europe is one of the prominent consumers of corrosion inhibitors owing to the massive consumption of water for industrial sectors such as sugar and ethanol and petrochemical manufacturing.

Water treatment issues in Europe hold a vital role in having a direct impact on the corrosion control operations, coupled with maintaining the operational integrity of heat transfer equipment and reducing the adverse effect on the energy efficiency of process units.

UK is expected to hold a significant position in the global Corrosion Inhibitors Market, experiencing a CAGR of 2.9% during the forecast period, to reach USD 509.3 Million.

Who are the Key Competitors in the Corrosion Inhibitors Market?

Nouryon, Cortec Corporation, Ashland, Ecolab, Henkel Ibérica, S.A., The Lubrizol Company, BASF SE, Dow, DuPont de Nemours, Inc., and Baker Hughes, a GE company LLC, among others are the top companies in the global corrosion inhibitors market.

With a sizable corrosion inhibitors market share, these main firms are concentrating on growing their consumer base into new countries. These businesses are making use of strategic collaboration initiatives to grow their market share and profits.

Mid-size and smaller businesses, on the other hand, are expanding their market presence by gaining new contracts and entering new markets, thanks to technical developments and product innovations.

Recent Developments

• In February 2021, LANXESS signed a binding agreement to acquire 100 percent shares in Emerald Kalama Chemical. The USA-based company is a globally leading manufacturer of specialty chemicals, especially for the consumer segment, and is majority-owned by affiliates of the USA private equity firm, American Securities LLC.
• In August 2019, Nouryon planned to double capacity at its surfactants plant in Stenungsund, Sweden, to support the growth of several existing products as well as new sustainable technologies for markets, including oil and gas, lubricants, and fuels, and asphalt.. It will increase the production and innovation in corrosion inhibitors.
• In October 2018, SUEZ announced the signature of 19 contracts in Ecuador, Colombia, Brazil, Mexico, and Costa Rica. These contracts are part of the Group’s development drive in Latin America and the Caribbean, which account for 7% of its global turnover and represent over 7000 employees in 10 countries. With these new contracts, SUEZ strengthened its presence in water services management in large cities and developed in new markets of waste management and industrial services.

By Key Players

• Nouryon
• Cortec Corporation
• Ashland Chemicals
• Ecolab
• Henkel Ibérica, S.A.
• The Lubrizol Company
• BASF SE
• Dow Chemical Company
• DuPont de Nemours, Inc.
• Baker Hughes, a GE company LLC

Key Segments Covered In The Corrosion Inhibitors Market Study

Corrosion Inhibitors Market by Compound:

• Organic
• Inorganic

Corrosion Inhibitors Market by Application:

• for Water Treatment
• for Process and Product Additives
• for Oil and Gas Production

Corrosion Inhibitors Market by Type:

• Water-based
• Oil-based
• Volatile

Corrosion Inhibitors Market by End-Use Industry:

• for Oil and Gas
• for Power Generation
• for Chemicals
• for Metals Processing
• for Pulp & Paper
• for Other Industries (Food and Beverage, Pharmaceuticals, Hydrometallurgy, Construction, Automotive, Aerospace)

Corrosion Inhibitors Market by Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Frequently Asked Questions

What was the market value for Corrosion Inhibitors in 2021?

As of 2021, the market for Corrosion Inhibitors was valued at USD 7.9 Billion, as per FMI

At what value did the corrosion inhibitors market close in 2022?

By 2022-end, sales of corrosion inhibitors market closed at a value of USD 8.3 Billion

What was the last 6 years value CAGR for the corrosion inhibitors market?

From 2015 to 2021, corrosion inhibitors demand expanded at a CAGR of 4.6%

What is the projected forecast CAGR for the corrosion inhibitors industry from 2022-2032?

From 2022 to 2032, corrosion inhibitors sales are expected to flourish at a CAGR of 4.1%

According to FMI, what is the anticipated market value for corrosion inhibitors in 2032?

By 2032, the market value of corrosion inhibitors is expected to reach USD 12.4 Billion.

At what percentage will corrosion inhibitors demand accelerate across the USA?

From 2022 to 2032, corrosion inhibitors demand in the USA is expected to surge at a CAGR of 3.9%

By Compound, which category ranks first with regard to corrosion inhibitors market?

By Compound, the Organic corrosion inhibitors category constitutes the bulk of market share with a CAGR of 4.0%.

By Type, which category ranks first with regard to corrosion inhibitors?

By Type, the Water-based corrosion inhibitors category of corrosion inhibitors is expected to dominate the market with a CAGR of 4.2%.