Corrosion Inhibitors Market Overview
Corrosion inhibitors are chemical substances that are used to prevent or reduce the corrosion of metals. They work by forming a barrier between the metal surface and the corrosive environment, or by reacting with the corrosive agents to form a protective film on the metal surface. Corrosion inhibitors are used in a wide range of industries, including hashtag#oilandgas, power generation, aerospace, automotive, marine, and construction.
The global corrosion inhibitors market size is projected to reach USD 10.1 billion by 2026 at a CAGR of 4.9% from 2021. The increasing demand for corrosion protection chemicals in various end-use segments coupled with stringent regulatory and sustainability mandates concerning the environment is driving the market for corrosion inhibitors. Report also includes comprehensive analysis of corrosion inhibitor market size, share, key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
The global hashtag#corrosioninhibitors market is expected to grow at a moderate rate during the forecast period, due to the increasing demand for corrosion inhibitors in various end-use industries. The growth of the corrosion inhibitors market is driven by the increasing infrastructure development and the need to protect metal structures from corrosion. Report includes in-depth segmentation and market size data by compound, types, applications, end useand geographies. In addition, the increasing demand for corrosion inhibitors in the oil and gas industry is expected to drive the market growth. Corrosion Inhibitors Market report shares analysis by Compound (Organic, Inorganic), Type (Water Based, Oil Based and VCI), Application, End-Use (Power Generation, Oil & Gas, Metal & Mining, Pulp & Paper, Utilities, Chemical), and Region - Global Forecast to 2026.
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Corrosion Inhibitors Market Drivers and Restraints
Corrosion inhibitors are chemical compounds that are added to a system (such as a fuel, oil, water, or other liquid) to prevent or reduce the corrosion of metals. The global market for corrosion inhibitors is driven by a number of factors, including:
- Increasing demand for corrosion inhibitors in various end-use industries, such as oil and gas, chemical processing, power generation, and water treatment.
- Stringent regulations on the use of corrosion inhibitors in various industries, which has led to the development of more effective and environmentally friendly corrosion inhibitors.
- The growing use of corrosion inhibitors in the transportation sector, particularly in the automotive and aerospace industries.
- The increasing use of corrosion inhibitors in the construction and infrastructure sectors to protect against corrosion of steel and other metals in buildings, bridges, and other structures.
There are also several restraints that may impact the growth of the corrosion inhibitors market, including:
- The high cost of corrosion inhibitors, which can be a barrier to adoption in some industries.
- The potential environmental impact of corrosion inhibitors, as some chemicals used in corrosion inhibitors can be harmful to the environment.
- The availability of alternative methods for corrosion prevention, such as coatings and cathodic protection, which may be more cost-effective in some cases.
- The potential for corrosion inhibitors to interact with other chemicals in a system, which can affect their effectiveness and safety.
In terms of value, the organic segment is projected to account for the largest share of the corrosion inhibitor market, by compound, during the forecast period.
Organic inhibitor is projected to be the largest compound segment in the corrosion inhibitor market. Organic corrosion inhibitors are widely used in various industries because of their effectiveness at a wide range of temperatures, compatibility with protected materials, good solubility of water, and low costs. These inhibitors absorb on the surface to form a protective film, which displaces water and protects it against corrosion.
Power generation is projected to register the highest CAGR during the forecast period.
The power plants are designed on the presumption to be continuously operated for many years to come. Across the world, demand for reliable economic power has raised the need to operate these systems at full capacity and as low a cost as possible. Rapid industrialization has led to economic growth, which resulted in improved quality of life, and in turn, propelled the demand for electricity in emerging economies. The power generation sector uses corrosion inhibitors mainly for treating boiler feed water, boiler makeup water, and cooling water.
Volatile Corrosion Inhibitor is projected to be the fastest-growing market, based on type.
Volatile Corrosion Inhibitors (VCI), will register the highest CAGR for the type segment of corrosion inhibitor market, during the forecast period. VCIs work by changing the pH of the outside atmosphere to less acidic conditions to regulate corrosion. Examples include morpholine and hydrazine, which are used to control the corrosion of the condenser pipes in boilers. Key industrial applications are polymer films, paper, foam, powder and oil, and grease industrial applications.
Water Treatment application will account for the major share of the corrosion inhibitor market, based on application in terms of value.
Water treatment accounted for 44.4% of the total corrosion inhibitor market in terms of application, in 2020. Corrosion can cause many concerns such as rusting of pipelines, equipment surfaces, and lowered efficiency of the equipment mainly in the industrial sector. Feed water use in various industries contains carbon dioxide which is corrosive to steel. If this carbon dioxide is left untreated, iron deposits on the boilers. These corrosion inhibitors are fed downstream of the deaerating equipment. It is volatilized and carried out with the steam after reacting with carbon dioxide. Corrosion inhibitors for boiler treatment include neutralizing and filming amines for condensate linings. Morpholine, cyclohexylamine, diethylethanolamine (DEAE), aminomethyl propanol, and aqua ammonia octadecylamine (ODA) are some of the common corrosion inhibitors used to protect boiler systems from corrosion.
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The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market, in terms of value.
The region has emerging markets, such as Saudi Arabia, the UAE, Iran, Kuwait, and South Africa. The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Huge investments, rising population, growing disposable income, and integration of production activities are likely to increase output in the form of fuel and feedstock and, in turn, drive the corrosion inhibitors market.
Corrosion Inhibitors Market Key Players
The increase in demand for corrosion inhibitors and the growing industrial development in the emerging economies, such as APAC and South America, are driving the market. The key players in the corrosion inhibitors market include Nouryon (Amsterdam), Henkel (Germany), The Lubrizol (US), BASF SE (Germany), Ecolab Inc. (US), Solenis LLC (US), Baker Hughes (US), The Dow Chemical Company (US), and Suez S.A. (France).