A corrosion inhibitor functions by creating a barrier over the coated surface and preventing it from moisture, which is primarily the primary cause of erosion. The mechanisms of organic products include interfacial activity, anode activity, cathode activity, barrier activity, and adsorption activity. They protect the metals or alloys by acting as a barrier by forming an absorbing layer or by retarding the cathode, anode processes causing corrosion. The use of corrosion inhibitors in industries lowers the maintenance and repair costs, extends the useful life of the equipment, and reduces the production loss from corrosion damage. This directly reduces the corrosive costs and drives the market for corrosion inhibitors.
The global corrosion inhibitors market size is predicted to reach over USD 11.4 billion by 2028. This can be ascribed to the development of bio based and eco-friendlier corrosion inhibitors. Besides, the cost incurred on end-use industries due to corrosion are also the key factor driving the market growth for corrosion inhibitors. Total costs of corrosion include the design & construction or manufacturing, the cost of corrosion-related maintenance, repair & rehabilitation, and the cost of depreciation or replacement of structures damaged due to corrosion. These costs vary from industry to industry. The costs can be reduced by the broader application of corrosion-resistant materials and the application of corrosion-related technical practices. Corrosion inhibitors suppress or mitigate the corrosion process of metals.
However, use of corrosion-resistant materials and increasing corrosion costs are hampering the market growth. Furthermore, increasing industrialization in developing economies and increased consumption of corrosion inhibitors during the forecast period are likely to provide lucrative development opportunities for the corrosion inhibitors market in the forthcoming years.
Corrosion Inhibitors Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 11.4 billion|
|Growth Rate||CAGR of 5.3% during 2021-2028|
|Segment Covered||Product, Type, End-use Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||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.|
Key Segments of the Global Corrosion Inhibitors Market
Product Overview, 2019-2028 (USD Million)
Type Overview, 2019-2028 (USD Million)
- Water Based
- Oil Based
End-use Overview, 2019-2028 (USD Million)
- Power Generation
- Oil & Gas
- Paper & Pulp
- Metal Processing
- Chemical Processing
- Water Treatment
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global corrosion inhibitors market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global corrosion inhibitors market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the corrosion inhibitors industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Product, Type, and End-use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global corrosion inhibitors market. The report will benefit Every stakeholder involved in the corrosion inhibitors market.
- Managers within the corrosion inhibitors industry looking to publish recent and forecasted statistics about the global corrosion inhibitors market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global corrosion inhibitors market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Over the past few decades, the increasing concern regarding the impact of chemicals on the environment and health has led to stringent regulatory constraints for corrosion inhibitors manufacturers. Currently, the manufacturers of corrosion inhibitors are encouraged to opt for non-toxic alternatives.
Research has played a significant role in the development of innovative technologies of corrosion mitigation by the application of corrosion inhibitors. The market is highly characterized by numerous product innovations that have resulted from the manufacturer’s contribution to R&D for product performance enhancement.
Furthermore, increasing emphasis on the usage of renewable sources of energy like wind, solar, and hydro is the major driver affecting the corrosion inhibitors market growth. Corrosion inhibitors are used extensively in the construction, industrial, processing plants, and mining applications. They also find their applications in engine oil, antiseptics, paints, coolants, fuels, hydraulic fluids, oil refineries, and other day to day processes. The construction industry is responsible for the maximum consumption of corrosion inhibitors followed by oil & gas and manufacturing.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Based on the Product segment, the market is bifurcated into Organic and Inorganic. In 2020, the Organic inhibitor segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years owing to their effectiveness at a wide range of temperature, good solubility with water, low toxicity, low cost and compatibility with protected materials. Moreover, chemical nature of organic inhibitor and its preference fuel the growth of this segment.
Based on the Type, the market is segmented into Water Based and Oil Based. The Water Based segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. Water-based corrosion inhibitors rely on modifying the characteristics of the metal surfaces themselves to decrease their susceptibility to oxidation and corrosion formation. Water-based inhibitors are typically sold as a concentrate and diluted with water for use, to make their cost less than most oil/solvent-based products.
Based on the End-use, the market is segmented into Oil & Gas, Power Generation, Paper & Pulp, Metal Processing, Chemical Processing, Water Treatment, and others. The Oil & Gas industry segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years owing to the rising number of internal corrosion problems in pipelines, refineries, and petrochemical plants. The corrosion inhibitors market is gaining popularity in the power generation sector in the developing economies of the Asia Pacific region due to rapid urbanization and industrialization. In power plants, erosion has been one of the significant factors that lead to critical downtime. The steam circuits in nuclear, thermal, and hydropower plants are susceptible to deterioration as the metal components are always in contact with water. To ensure effective power generation, most power plants monitor parameters such as pH value, conductivity, and the presence of corroding anions and cations, which indicate the corrosion rate.
The Asia Pacific region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the rapid industrialization in the region, which has triggered the demand from the power generation and several other end-use industries as well. 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. However, Europe is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the corrosion inhibitors market in this region is mostly ascribed 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.
The major players of the global corrosion inhibitors market are 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. Renowned companies are offering new and modern corrosion inhibitors Organic solutions. Key players are concentrating on customized production by using advanced technology and adopting new strategic initiatives such as long-term agreements and mergers to strengthen their base and generate more revenue in the near future. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.