Market Research Future (MRFR) has thoroughly analyzed the trends and patterns governing the global corrosion inhibitors market over the forecast period of 2022-2030 in an in-depth study. MRFR has asserted that the global corrosion inhibitors market is poised to touch USD 9,388.4 million at 4.26% CAGR by the end of 2030. Corrosion inhibitors simply put, are chemical compounds that decrease or prevent corrosion of exposed surfaces of alloys or metals. It is available in various forms- solid, liquid, gaseous and powder. Its quality depends on the fluid composition, quantity of water and flow regime. Corrosion inhibitors can be organic or inorganic, depending on the nature of the job and the characteristics of each kind. There is a burgeoning demand for corrosion inhibitors from various industries such as metal, power generation, water treatment process, refinery, concrete, oil and gas, paints, fuels and other daily processes.

There are many factors that are propelling the growth of the corrosion inhibitors market size. These factors include growing demand from oil gas industries, huge investments made by both private players and the government, technological advancement, urbanization and rapid industrialization in various countries, and increasing production efforts, particularly in the oil and gas industry. On the contrary, factors such as strict environmental regulations made by the government, especially regarding human exposure and its disposal and the soaring price of corrosion inhibitors are likely to hamper the corrosion inhibitors market growth.

Segmentation

The corrosion inhibitors market has been segmented based on product, end-use industry, and application.

By product, the corrosion inhibitors market has been segmented into organic corrosion inhibitors and inorganic corrosion inhibitors. Among these, the organic corrosion inhibitors will lead the market during the forecast period owing to its alluring benefits such as lower incidences of blistering and high water and chemical resistance.  This segment is predicted to reach USD 6,092.5 million by 2030.

By application, the corrosion inhibitors market has been segmented into oil/solvent based corrosion inhibitors and water-based corrosion inhibitors. Among these, the water-based corrosion inhibitors are anticipated to have a maximum share in the market during the forecast period owing to minimal content of volatile organic compounds, which makes it safe for the environment. This segment is projected to touch USD 6,140.4million by 2030.

By end use, the corrosion inhibitors market is segmented into oil and gas, metal and chemical processing., power generation and others. Among these, the power generation segment will domineer the market during the forecast period and is predicted to reach USD 2,601.8 million by 2030.

Regional Analysis

By region, the corrosion inhibitors market is segmented into North America, Asia Pacific (APAC), Europe and Rest of the World (RoW). Among these, the APAC region will have maximum share in the market during the forecast period owing to rapid industrialization in this region. It is predicted to touch USD 4,075.5 million by 2030. The developing oil gas sector in India and China coupled with the urban and industrial development here is contributing to the growth of the market. Besides, the growing steel manufacturing sector and product innovations are likely to propel the growth of the corrosion inhibitors chemicals in this region in the future. Rapid economic development and increasing construction spending in Thailand, South Korea, Indonesia, India, and China are predicted to make huge market potential during the forecast period. In Europe, the corrosion inhibitors market will have the second largest share due to strict environmental regulations on the release of toxic chemicals. Increasing electricity generation especially in the UK and Germany coupled with increasing number of nuclear power plants in Sweden, Poland, and the UK will pave the way for new growth opportunities for the corrosion inhibitors market in this region.

Competitive Landscape

Ecolab (U.S.), ICL/Advanced Additives (U.S.), Solvay (Belgium), Henkel AG CO. KGaA (Germany), Chemtex Specialty Limited (India), Cortec Corporation (U.S.), DowDupont (U.S.), AkzoNobel NV (The Netherlands), Acuro Organics Limited (India), Ganesh Benzoplast Limited (India), Ashland (U.S.), and Air Products and Chemicals Inc. (U.S.) are the leading players profiled in the corrosion inhibitors market.

Industry Updates

March 2019 - Leading corrosion solutions leader Cortec has come up with fully repulpable/recyclable moisture barrier papers called VpCI. This is an alternative to wax papers and polyethylene to stop environmental problems. It is coated with corrosion inhibitors (vapor phase) to offer corrosion protection of non-ferrous and ferrous metals.

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