The global corrosion inhibitors market size is likely to attain over USD 11.4 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 5.3% during the forecast years 2021-2028. 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 present and future corrosion inhibitors market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the corrosion inhibitors market opportunities during the forecast years. Factors such as the development of bio based and eco-friendlier corrosion inhibitors is the key factor driving the market growth for corrosion inhibitors.
Also, the cost incurred on end-use industries due to corrosion is also the key factor driving the market growth for corrosion inhibitors. 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.
The report also emphasizes several distinctiveness of the global corrosion inhibitors industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the corrosion inhibitors industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The corrosion inhibitors market has tough competition among the new emerging and pre-established market vendors. Besides, the corrosion inhibitors industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the End-use, the market is categorized into Oil & Gas, Power Generation, Paper & Pulp, Metal Processing, Chemical Processing, Water Treatment, and others. The Oil & Gas industry segment is predicted to achieve the largest growth during the forecast years 2021-2028 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.
The Europe region 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 massive consumption of water for industrial sectors such as sugar and ethanol and petrochemical manufacturing. However, 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 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 solutions. 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.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America