Global corrosion inhibitors market was valued at USD 7.4 Billion in 2019. It is projected to grow at a compound annual rate (CAGR), 3.8% between 2020 and 2027. The development of more environmentally-friendly and biobased corrosion inhibitors is responsible for the market's growth. The market could shift towards the development of environmentally-friendly corrosion inhibitors, which may lead to sustainable development. This will also increase acceptance of corrosion inhibitors by sustainable end users. The corrosion inhibitor works by creating a protective layer on the surface to prevent moisture from causing erosion. Interfacial activity and cathodic activities are some of the mechanisms that organic products use.
Anodic, cathodic, anion exchange and saponification are all examples of inorganic product mechanism. Research played an important role in the development and application of corrosion inhibitors. Numerous product innovations have characterized the market, many of which are the result of R&D by manufacturers to improve product performance.
The market has been affected by regulations from the U.S. government regarding the toxicity of corrosion inhibitors, in addition to rising corrosion costs. Although many water systems in the country use phosphate-infused products, there are limitations to their use. The limitation is further exacerbated by factors such as their impact on wastewater treatment plants or reactions with aluminum.
In 2019, the organic segment held the largest market share at 73.8%. Bio-based corrosion inhibitors have seen significant progress in recent years. These organic compounds are inexpensive, low-toxicity, and readily available. They can be obtained from plant extracts, such as spices, herbs, and medicinal plants. Bio-based corrosion inhibitors are aromatic compounds with long aliphatic chain lengths and free electron pairs. Delonix regia, rosemary leaves, and natural honey, for example, prevent the deterioration or oxidation of aluminum metal. These factors are expected to drive segment growth during the forecast period.
One of the most common and simple ways to increase a metal's passivity is by coating it with inorganic inhibitors. Inorganic corrosion inhibitors are most commonly used by chromate (nitrate), molybdate and phosphate as well as silicate salts, mercury, platinum, palladium and rhodium. Platinum, palladium and rhodium are all members of the platinum group. They are stable thermodynamically across the pH range because they aren't attacked by non-oxidizing acids and don't corrode in moist air. Inorganic corrosion inhibitors have been shown to significantly increase product demand.
In 2019, the market share for water-based products was 56.2%. Water-based corrosion inhibitors dissolve easily in water and are often sold in solid form. They create a protective layer on the metallic surface by altering its physical characteristics to resist oxidation. They are also cost-effective and form a transparent coating upon drying.
Because of their hydrophobic and massive film formation, oil-based corrosion inhibitors are preferred for protection in extreme environmental conditions and long-term protection. The structure of thick coatings, which prevent water from coming into contact with metal surfaces, is what they rely on. They are the most cost-effective way to prevent corrosion because they permit one to use less costly metals, salts, and organic compounds in a corrosive environment.
Oil and gas held 33.1% of the market in 2019, which was the largest share. This is due to rising corrosion issues in oil and gas pipelines, refineries, petrochemical plants, and other industrial facilities. Due to rapid industrialization and urbanization, the corrosion inhibitors market is growing in popularity in power generation in developing countries in the Asia Pacific region. Erosion has been a major factor in power plant downtime. Because the metal components of steam circuits in hydropower, nuclear, and thermal plants are constantly in direct contact with water, they are vulnerable to deterioration. Power plants monitor parameters like pH value, conductivity, as well as the presence of corroding ions and cations to ensure power generation is efficient. These parameters indicate the rate of corrosion. They also ensure that the proper amount of corrosion inhibitors like phosphonates and phosphate (for steel) or triazoles (for Copper) is present.
Also, pulp and paper manufacturing processes are exposed to highly corrosive environments. Equipment like paper making machines, storage tanks, digesters, recovery boilers and bleachers are then exposed to water and air. The bleaching process is used to brighten and whiten pulp for paper making. It produces wastewater that contains chlorinated compounds like dioxins. This can significantly damage the materials in contact, increasing the likelihood of pitting corrosion in expensive equipment. The pulp and paper industry is in high demand for corrosion inhibitors.
Asia Pacific accounted for 36.3% of the global market in 2019, and will continue to grow rapidly. Rapid industrialization has led to a significant increase in demand for power generation and other end-use industries. In the near future, the market will be impacted by the growth of the chemical and metalworking industries in the developing economies in the region, such as India and China.
Europe is a major consumer of corrosion inhibitors due to its large consumption of water in industrial sectors like sugar, ethanol, and petrochemical production. Europe's water treatment problems play a crucial role in determining the corrosion control operations. They also help to maintain the operational integrity and energy efficiency of heat transfer equipment.
With a high level of competition in the market, there are a lot of key players and high demand from end users. To increase their revenue and strengthen their base, key players are focusing on custom production using the latest technology. The market is characterized by manufacturers that are integrated throughout the value chain. Arkema, for example, is integrated backwards by using renewable raw material as production. However, The Lubrizol Corporation has a forward-integrated approach. PowerZol 9548A is used by the company to make fuel additives. Cortec Corporation uses their Migratory Corrosion Inhibitors to produce several strength-release components as well as coating products. SUEZ also supplies corrosion inhibitors to several water treatment plants. The market for corrosion inhibitors is dominated by the following players:
Nouryon
Cortec Corporation
Ashland
Ecolab
Henkel Iberica, S.A.
The Lubrizol Company
BASF SE
Dow
DuPont de Nemours, Inc.
Baker Hughes LLC, a GE Company LLC
Up Market Research published a new report titled “Corrosion Inhibitors Market research report which is segmented by Product (Organic, Inorganic), by Type (Water Based, Oil Based), By Players/Companies DuPont de Nemours Inc, Henkel Ib©rica SA, Baker Hughes a GE company LLC, The Lubrizol Company, Ecolab, Dow, Cortec Corporation, Nouryon, BASF SE, Ashland”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Corrosion Inhibitors Market Research Report |
By Product | Organic, Inorganic |
By Type | Water Based, Oil Based |
By Companies | DuPont de Nemours Inc, Henkel Ib©rica SA, Baker Hughes a GE company LLC, The Lubrizol Company, Ecolab, Dow, Cortec Corporation, Nouryon, BASF SE, Ashland |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 244 |
Number of Tables & Figures | 171 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Organic, Inorganic), by Type (Water Based, Oil Based).
Corrosion Inhibitors Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Corrosion Inhibitors Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Corrosion Inhibitors Market Report:
Some other reports from this category!