Corrosion Inhibitors Market generated a revenue of USD 7,700 Million in 2020 and is forecast to grow at a higher CAGR of 3.8% during the forecast period (2021-2028), owing to its increasing adoption across industries to minimize the maintenance and repair costs.

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Key Drivers

The key factors driving the global Corrosion Inhibitors market include increasing demand for corrosion inhibitor from various end-use sectors and stringent regulatory and sustainability mandates concerning the environment. Rising preferences of non-toxic corrosion inhibitors, surging demand in various industries like power generation, lubricants, oil & gas, and others, increasing explorations of matured reserves, heavy investment in the construction sector for the development of high-end products are some of the other factors that will enhance the corrosion inhibitors market growth during the forecast period. Infrastructural expansion associated with the clean water demand, electricity demand, fuel demand, transportation demand, and construction demand are expected to augment the market growth. As per the Oxford Economics, the overall expenditure on infrastructure is projected to touch US$ 94 Trillion by 2040, and an extra US$ 3.4 Trillion would be needed to achieve United Nations’ Sustainable Development Goals for electricity and water. In addition, the strict regulatory and sustainability mandates associated with the environment is driving the market for corrosion inhibitors. Further, the increasing need for effectively minimizing the corrosion rate of a metal exposed to any environment will further raise various growth opportunities for the corrosion inhibitors market during the forecast period.

Restraint in the Corrosion Inhibitors Market

However, volatile raw material prices along with environmental concern is a major restraining factor that is hampering the growth of the global corrosion inhibitors market. Besides, the rising corrosion costs, and norms enforced by the U.S. government concerning the toxicity of corrosion inhibitors have impacted the market.

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Applications – Segment Analysis

Based on the Applications, the Water Treatment segment is expected to grow at a higher CAGR during the forecast period. This segment is forecasted to be the fastest-growing application of the corrosion inhibitor market as water is used at commercial, residential, and industrial levels. However, corrosion inhibitors are mostly used for industrial and municipal applications, as all the compounds are not regulatory feasible for drinking water treatment. In industrial applications, these inhibitors are mostly installed in cooling towers and boilers for various end-use industries. The water-based corrosion inhibitors help by forming a protective layer on the metal surface by changing the physical characteristics of the surface to tolerate oxidation of the metallic surface, thereby offering rust protection. Moreover, they are cost-effective, and can be easily applied with the help of spray, immersion, or brush before subsequent operations, which augments the market share.

Compound Segment Analysis

The organic segment is expected to lead the market over the upcoming years, owing to the growing development of bio-based corrosion inhibitors. The bio-based corrosion inhibitors are cost-effective, less toxic, and easily available organic compounds, acquired from plant extracts like aromatic herbs, spices, and medicinal plants, which drives there adoption.

Type – Segment Analysis

Based on the Type, the Water-based Corrosion Inhibitors segment is expected to grow at a higher CAGR during the forecast period. Water-based corrosion inhibitors rely on modifying the properties of the metal surfaces themselves to minimize their susceptibility to oxidation and corrosion formation. These inhibitors are usually available as a concentrate and diluted with water for use to make their cost less than other oil/solvent-based products. Hence, water-based corrosion inhibitors are expected to account for higher corrosion inhibitors market share during the forecast period.

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Regional – Segment Analysis:

Based on the region, the Asia-Pacific region is projected to dominate the market during the forecast period. The market growth can be attributed owing to rapid industrialization in the region, which has surged the demand from the power generation and other diverse end-use sectors as well. The rising chemical and metalworking sectors in developing countries of the region, including India and China, are also projected to contribute noteworthy to the market in the near future. Hence, due to such factors, the Asia-Pacific region is expected to account for high corrosion inhibitors market size during the forecast period.

Europe is expected to witness a significant CAGR over the upcoming years. Europe is one of the prominent consumers of corrosion inhibitors owing to the rising water consumption for industrial sectors such as sugar and ethanol and petrochemical manufacturing. Water treatment issues in Europe play a vital role in having a direct impact on the corrosion control operations, and with maintaining the operational integrity of heat transfer equipment to minimize the adverse effect on the energy efficiency of process units.

Top Market Players

Various notable players operating in the market include Nouryon, Henkel AG & Co. KGaA, The Lubrizol Corporation, BASF SE, Ecolab, Solenis, Baker Hughes Company, Lonza, Dow, Suez SA, among others. 

Key Developments:

• • In 2019, Nouryon will double capacity at its surfactants plant in Stenungsund, Sweden, to support the growth of several existing products. These include Armohib CI-5150, a corrosion inhibitor that meets the industry’s most stringent environmental requirements.
  • In 2019, BASF SE decided to merge its paper wet-end and water chemicals business with Solenis. Also, the combined business is expected to operate under the Solenis name and offer increased sales, service, and production capabilities all over the globe.

Segments covered in the Report:

The global Corrosion Inhibitors market has been segmented on the basis of Compound, Applications, Type, End-Use Industry and regions. Based on Compound, the market is segmented into Organic corrosion inhibitors and Inorganic corrosion inhibitors. Based on Applications, the market is segmented into Water Treatment, Process and Product Additives and Oil & Gas Production. Based on Type, the market is segmented into Water-based, Corrosion Inhibitors, Oil-based Corrosion Inhibitors and Volatile Corrosion Inhibitors. Based on End-Use Industry the market is Oil & gas, Power generation, Chemicals, Metals processing, Pulp & paper and Others. 

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Key questions answered in this research report:

• • At what pace is global Corrosion Inhibitors market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Corrosion Inhibitors market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Corrosion Inhibitors market?
  • Which Compound generated maximum revenues in 2020 and identify the most promising Compound during the forecast period?
  • What are the various Applications areas of global Corrosion Inhibitors market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2020)	USD 7,700 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Compound, By Applications, By Type, By End-Use Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Nouryon, Henkel AG & Co. KGaA, The Lubrizol Corporation, BASF SE, Ecolab, Solenis, Baker Hughes Company, Lonza, Dow, Suez SA, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Corrosion Inhibitors Market by Compound

• • Organic corrosion inhibitors
  • Inorganic corrosion inhibitors

Global Corrosion Inhibitors Market by Applications

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

Global Corrosion Inhibitors Market by Type

• • Water-based Corrosion Inhibitors
  • Oil-based Corrosion Inhibitors
  • Volatile Corrosion Inhibitors

Global Corrosion Inhibitors Market by End-Use Industry

• • Oil & gas
  • Power generation
  • Chemicals
  • Metals processing
  • Pulp & paper
  • Others

Global Corrosion Inhibitors Market by Region

• • North America Corrosion Inhibitors Market (Option 1: As a part of the free 25% customization)
    • North America Corrosion Inhibitors Market by Compound
    • North America Corrosion Inhibitors Market by Applications
    • North America Corrosion Inhibitors Market by Type
    • North America Corrosion Inhibitors Market by End-Use Industry
    • US Corrosion Inhibitors Market All-Up
    • Canada Corrosion Inhibitors Market All-Up
  • Europe Corrosion Inhibitors Market (Option 2: As a part of the free 25% customization)
    • Europe Corrosion Inhibitors Market by Compound
    • Europe Corrosion Inhibitors Market by Applications
    • Europe Corrosion Inhibitors Market by Type
    • Europe Corrosion Inhibitors Market by End-Use Industry
    • UK Corrosion Inhibitors Market All-Up
    • Germany Corrosion Inhibitors Market All-Up
    • France Corrosion Inhibitors Market All-Up
    • Spain Corrosion Inhibitors Market All-Up
    • Rest of Europe Corrosion Inhibitors Market All-Up
  • Asia-Pacific Corrosion Inhibitors Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Corrosion Inhibitors Market by Compound
    • Asia-Pacific Corrosion Inhibitors Market by Applications
    • Asia-Pacific Corrosion Inhibitors Market by Type
    • Asia-Pacific Corrosion Inhibitors Market by End-Use Industry
    • China Corrosion Inhibitors Market All-Up
    • India Corrosion Inhibitors Market All-Up
    • Japan Corrosion Inhibitors Market All-Up
    • Rest of APAC Corrosion Inhibitors Market All-Up
  • RoW Corrosion Inhibitors Market (Option 4: As a part of the free 25% customization)
    • RoW Corrosion Inhibitors Market by Compound
    • RoW Corrosion Inhibitors Market by Applications
    • RoW Corrosion Inhibitors Market by Type
    • RoW Corrosion Inhibitors Market by End-Use Industry
    • Brazil Corrosion Inhibitors Market All-Up
    • South Africa Corrosion Inhibitors Market All-Up
    • Saudi Arabia Corrosion Inhibitors Market All-Up
    • UAE Corrosion Inhibitors Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Corrosion Inhibitors Market All-Up

Major Players Operating in the Corrosion Inhibitors (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nouryon
  • Henkel AG & Co. KGaA
  • The Lubrizol Corporation
  • BASF SE
  • Ecolab
  • Solenis
  • Baker Hughes Company
  • Lonza
  • Dow
  • Suez SA