Corrosion Inhibitors Market Overview
Corrosion Inhibitors Market was valued at US$ 9 Billion in 2024 and is projected to grow at a CAGR of 20.00% to reach US$ 47.4 Billion by 2034.
Corrosion inhibitors are chemical product that are added to water or any process fluid to decrease the corrosion rate. Water treatment consists of metals, pipes, which is impacted by corrosion. Corrosion inhibitors help in protection of metal, oil & gas refinery and other from corrosion. Chromate, molybdates, nitrates and tungstate are the examples of corrosion inhibitors. Corrosion inhibitors slow down the cathodic reaction for limiting diffusion of reducing species to metal surface. Oxygen scavengers and cathodic poison are the examples of inhibitors.
Corrosion protection is needed in all types of equipment. Corrosion inhibitors has wide variety of applications in different sector like Water Treatment, Paper & Pulp, Power Generation, Oil & Gas, Chemical Processing, Metal Processing, and others. Combination of anodic and cathodic corrosion inhibitors help in improving protection & allows for reducing inhibitor concentration. Inhibitors which form adsorption protective films are organic substances. This inhibitors has molecular structure of surfactant with hydrophilic group that is capable to bond hydrophobic part of molecule and with metal surface towards solution bulk. Adsorbed inhibitor molecules help in limiting the diffusion of oxygen and access of water to metal surface and thus reduce the rate of corrosion. Ecofriendly corrosion inhibitors in corrosion protective coatings is growing in field of corrosion protection. New organic and inorganic inhibitors has been identified as candidate replacement for hexavalent chromium. However, wide applications has fueled the target market growth.
Corrosion Inhibitors Market Drivers & Restraints
Rise in industrialization, water treatment plant, and rate of urbanization
Rise in industrialization, water treatment plant, and rate of urbanization has become the major factor in target market growth. Urbanization has given rise in waste water treatment plant, and industries. Water treatment plants consist of metal materials like pipes. To avoid and protect from corrosion, corrosion inhibitors are applied in metal materials. Pipeline corrosion inhibitors are used in manufacturing industries, oil & gas, petroleum, and others. In automotive industries corrosion inhibitors are used in engine oils, hydraulic brake fluids, transportation of fuels and gasoline, etc. to form protective layer on metallic surfaces, and to form a protective film on steel pipe to ensure that liquids passing through pipe do not come in contact with pipeline. Corrosion inhibitors like ammonium compound are applied in pipelines with higher content of water. Carboxylic acids and organic corrosion inhibitors are applied in transportation of organic fuels, oil and gas.
For instance, in 2022, industrialization in Tamil Nadu along with Kerala has relatively developed the path of industrialization with higher levels of development and lower levels of poverty compared to other states with development of dynamic manufacturing industries which includes, pharmaceuticals, automobiles, auto components, chemicals, plastics, garments, engineering, leather products, textile products, etc. For instance, in August 2022, about 30% Car dispatches up in India. Industry determines the passenger vehicles which has increased 29-31% to 335,000-340,000 units in August. The fastest growth was registered in this year. According to data published by United Nations in 2018, about 55% of the world’s population resided in urban areas, and it is projected that this percentage will increase over the forecast period. However, the growth in industrialization, waste water treatment plant, and population in urban areas boosts the demand for Corrosion Inhibitors market.
Restrains:
Corrosion inhibitors contains heavy metals which are injurious to human health, plants, and animals. Red lead and zinc chromate are used in corrosion inhibitors in coatings which are toxic. When exposed to red lead by inhalation or ingestion they cause adverse effects on gastrointestinal, nervous, reproductive, cardiovascular system and others. However, due to its toxicity in human being, animals, and plants with adverse effects may somewhat restrain the target market growth.
Corrosion Inhibitors Market Segmentations & Regional Insights
The Corrosion Inhibitors market is segmented based on type, form, function, application method, crop type, and region.
On the basis of type, the Corrosion Inhibitors market is segmented into Oil based, Water based. On the basis of product, the target market is segmented into Organic, Inorganic. On the basis of application, the target market is segmented into Water Treatment, Paper & Pulp, Power Generation, Oil & Gas, Chemical Processing, Metal Processing, and others.
Regional Insights:
On region the Corrosion Inhibitors Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements. Moreover, rising population, rising industrialization, rising water treatment plant is anticipated to increase demand for Corrosion Inhibitors in the region.
Corrosion Inhibitors Market Report Scope:
Attribute |
Details |
Base year for estimation |
2023 |
Forecast period |
2024 – 2034 |
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
Market Segmentation |
By Type - Oil based, Water based By Product – Organic, Inorganic By Application - Water Treatment, Paper & Pulp, Power Generation, Oil & Gas, Chemical Processing, Metal Processing, and others |
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Corrosion Inhibitors Market report based on type, product, application, and region:
Corrosion Inhibitors Market, By Type:
- Oil based
- Water based
Corrosion Inhibitors Market, By Product:
- Organic
- Inorganic
Corrosion Inhibitors Market, By Application:
- Water Treatment
- Paper & Pulp
- Power Generation
- Oil & Gas
- Chemical Processing
- Metal Processing
- Others
Corrosion Inhibitors Market, By Region:
- North America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- U.S.
- Canada
- Middle East & Africa
Corrosion Inhibitors Market Competitive Landscape & Key Players
The key players operating the Corrosion Inhibitors Market includes, BASF SE, Nouryon Holding B.V., Dow Chemical Company, Cortec Corporation, Baker Hughes Ltd., Ecolab Inc., Lubrizol Ltd., DuPont de Nemours Inc., Eastman Chemical Company, NALCO India, and others.
Corrosion Inhibitors Market Recent News
- In April 2021, Cortec has launched new compostable corrosion inhibiting stretch film ‘EcoStretch’ powered by Nano VpCI. Newly launched machine grade stretch wrap has combined commercially compostable resins with VpCI (vapor phase corrosion inhibitor technology) for corrosion protection of metal like carbon steel, galvanized steel, stainless steel, aluminum, brass, copper, and cast iron. EcoStretch provides commercially compostable stretch film with extra corrosion benefits for one-stretch wrapping & protection from corrosion in metals.
Corrosion Inhibitors Market Company Profile
- Cortec Corporation
- BASF SE
- Nouryon Holding B.V.
- Dow Chemical Company
- Baker Hughes Ltd.
- Ecolab Inc.
- Lubrizol Ltd.
- DuPont de Nemours Inc.
- Eastman Chemical Company
- NALCO India
Corrosion Inhibitors Market Highlights
FAQs
The Corrosion Inhibitors Market is segmented into type, product, application, and region.
Corrosion Inhibitors Market is driven by factors like rise in industrialization, water treatment plant, and rate of urbanization.
By region, the Corrosion Inhibitors market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements.
The key players operating the Corrosion Inhibitors Market includes, BASF SE, Nouryon Holding B.V., Dow Chemical Company, Cortec Corporation, Baker Hughes Ltd., Ecolab Inc., Lubrizol Ltd., DuPont de Nemours Inc., Eastman Chemical Company, NALCO India, and others.