Corrosion Inhibitors Market to Grow at 4.11% Cagr Through 2028
Growing demand from agriculture industries and the paint & coating sector to drive the demand for the global corrosion inhibitors market in the forecast period, 2023-2028. According to TechSci Research report, “Corrosion Inhibitors Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global corrosion inhibitors market stood at USD8487.86 million in 2022 and is anticipated to increase at CAGR of4.11% in the forecast period, 2024-2028. Increasing demand for the water treatment system and from the oil & gas sector is the primary factor driving the market's share of corrosion inhibitors. Due to its multifunctional capabilities, the demand for corrosion inhibitors from metal processing is rising as it provides resistance to corrosion and can enhance the metal lifecycle. The shift towards substitute products, high costs associated with research & development, and strict environmental regulations restrain the corrosion inhibitors market growth.
In thermal power stations, significant volumes of water is needed to keep their machine in working condition. Thus, the issues with biological fouling, sludge formation, salt deposits, and corrosion on functioning surfaces of heat-generating equipment. According to the world resources institute, there are almost 399 such thermal power plants where the need for corrosion inhibitors is rising. Thus, the global corrosion inhibitors market demand is expected to rise in the projected period.
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The global corrosion inhibitors market is segmented based on composition, type, and end user.
Based on the composition, the market is divided into organic and inorganic. The organic segment will hold the largest market share and is expected to rise with 4.58% CAGR till 2028. They have high water densities, are cheap, and are in a wide range of temperatures suitable with protected materials. They generate an electrochemical protective coating on metal surfaces to lower the corrosion rate. In addition, the rising number of oil & gas and power generation projects are propelling the demand for organic corrosion inhibitors are also expected to increase and dominate the segment significantly.
Based on type, the market is divided into water-based, oil-based, and vapor corrosion inhibitors. The water-based segment will hold the largest market share and expected to grow with 4.27% CAGR through 2028. The interface's anode, cathode, and neutral portions form a protective coating sheet as water corrosion inhibitors. In the presence of oxygen, this coating consistently shields the surface from chemical and electrochemical corrosion. Owing to its environmentally friendly and effective nature than its competitor, it is more demanded in different applications in the water-based corrosive inhibitors market, such as cooling towers, water treatment systems, and boilers. This led to water-based corrosive inhibitors dominating the market.
Based on application, the market is divided into power generation, oil & gas, pulp & paper, metals processing, chemicals, and others. The oil & gas segment is expected to fastest growing market with 5.26% CAGR till 2028. The oil and gas sector's transmission system are the core on which the movement of unrefined and reformulated petroleum depend. However, it is entirely impossible to avoid continuously exposing the pipeline surfaces to contaminants and agents of corrosion like Sulphur and chromate. As it provides safety from corrosion protection of metallurgical equipment, the need for corrosive inhibitors is high. Apart from these, growing economies and rising projects propel the demand for oil & gas in the segment.
Major companies operating in global corrosion inhibitors market are:
Nouryan Chemicals Holdings B.V.
BASF SE
The Dow Chemicals Company
Ecolab, Inc.
Lanxess AG
Cortec Corporation
Ashland Global Holdings, Inc
The Lubrizol Corporation
Henkel AG & Co. KGaA
DuPont de Nemours, Inc.
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“Globally, growing demand for corrosion inhibitors for water treatment and from application for providing corrosion resistance to their final product. Ongoing R&D activities and government projects such as water treatment plants and metal processing are propelling the global corrosion inhibitors market demand. In addition, growing demand from end-user industries, including power generation, oil & gas, pulp & paper, metals processing, chemicals, and others, are propelling the market share and creating favorable conditions to drive the global corrosion inhibitors market growth till 2028." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Corrosion Inhibitors Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Composition (Organic, Inorganic), By Type (Water based, Oil based, Vapor Corrosion Inhibitors), By Application (Power Generation, Oil & Gas Refinery, Metalwork & Mining, Automotive Coolants, Lubricants & Fuels, Chemical Processing, Desalination Plant, Paper & Pulp), By Company, By Region and By Competition, has evaluated the future growth potential of global corrosion inhibitors market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global corrosion inhibitors market.”
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