Corrosion Inhibitors Market Size & Share, by Compound (Inorganic, Organic); Type (Water Based, Oil Based, Volatile); End-user (Oil & Gas, Power Generation, Metal & Mining, Pulp & Paper, Utilities, Chemical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4926
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Corrosion Inhibitors Market size is estimated to reach ~USD 15 Billion by the end of 2035, growing at a CAGR of ~5% during the forecast period, i.e., 2023 – 2035. in the year 2022, the industry size of corrosion inhibitors was ~USD 8 Billion. The growth of the market can be attributed to the increasing usage of metal in various end-user industries. The increasing construction sector across the world utilizes large amounts of metal for building various types of infrastructure from beginning to end is estimated to hike the market growth during the forecast period. Ongoing research and development to discover new corrosion inhibitors at less cost and highly efficient are propelling the growth of the market as per the estimations and market analysis. The construction sector in the U.S. contributed over USD 1 trillion market value and more than 4% of USD GDP was made from the construction sector in the U.S. as per the reports of 2020.

Further, the rising number of oil and gas industries across the world owing to the high demand in the automotive sector is estimated to have a positive impact on the market growth. The growing automotive sector around the world with rising disposable income and the use of metal for automotive parts is anticipated to promote growth opportunities in the market during the forecast period. The increasing number of vehicles on the road with the rise in the transportation sector is projected to drive market growth. The increasing use of steel, stainless steel, and other metals in the aviation sector, navy, and military is propelling the market growth as per the estimations. The aviation sector attributed to 5% of the US GDP which was estimated to be USD 1 trillion by the end of 2022.


Corrosion Inhibitors Market
Get more information on this report: Request Free Sample PDF

Corrosion Inhibitors Sector: Growth Drivers and Challenges

Growth Driver

  • Rising Water Treatment Plants across the World Using Metal Tanks – Corrosion in water treatment plants is very often as many chemicals are used in the treatment procedure and also the exposure to water which is a highly corrosive agent is estimated to propel the market growth. The increasing number of residential, commercial, and industrial water plants for the generation of distilled and purified water is driving market growth during the forecast period. As of 2021, the capacity of water treatment in India was more than 27% and the capacity of sewage treatment was 18% as per the available data.
  • Increasing Use of Stainless-Steel Containers in the Oil and Gas Industry – The net cost of corrosion in the production of the oil and gas industry across the world every year was estimated to be over USD 15 billion as of 2020.
  • Growing Pharmaceutical Sector and Laboratories using Metal Tanks – The pharmaceutical sector in India in 2021 was worth USD 42 billion across the world as per the data of Invest India.
  • High Demand for Corrosion Inhibitors in the Construction of Automobiles – The annual cost of corrosion damage in the automotive sector as per the estimations was more than USD 30 billion in the United States in 2020.
  • Increasing Industries with Rapid Urbanization and Industrialization - As of 2021, the total financial cost of corrosion damage in industries owing to damage to steel buildings and infrastructure was USD 3 trillion across the world.

Challenges

  • Requirement for eco-friendly products
  • Use of corrosion-resistant products –Many industries utilize corrosion-resistant materials such as ceramics, plastics, composite materials, and other alloys in the place of metals and iron materials to reduce the risk of corrosion. Also, the use of corrosion-resistant alloys is increasing as they are more sustainable materials. Further, the rising concern for environmental damage and the development of super duplex stainless steel and duplex stainless-steel materials for the oil and gas industries is estimated to hamper the market growth in the coming years.
  • Presence of alternative corrosion inhibitor technologies

Corrosion Inhibitors Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 8 Billion

Forecast Year Market Size (2035)

~ USD 15 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Corrosion Inhibitors Segmentation

Type (Water Based Corrosion Inhibitors, Water Based Corrosion Inhibitors, Volatile Corrosion Inhibitors)

The global industry is segmented and analyzed for demand and supply by type into water-based, oil-based, and volatile corrosion inhibitors. Out of the three types, the volatile corrosion inhibitors segment is estimated to gain the largest market share of about ~46% in the year 2035. The growth of the segment can be attributed to the increasing rusting and corrosion of metals and iron used in the construction sector. The growing use of volatile inhibitors in the water treatment sector to treat and recycle polluted water is propelling the market segment’s growth. The expansion of end-users such as automobiles, aerospace, mining, and metallurgy is also estimated to rise the demand for volatile corrosion inhibitors as per the market analysis. The increasing applications in power generation and chemical processing units are expected to have a positive impact on market segment growth. The rising packaging and manufacturing sector is anticipated to fuel the growth of the market segment during the forecast period. As per the estimations, more than USD 180 billion was generated from the packaging sector in the United States.

End User (Oil & Gas, Power Generation, Metal & Mining, Pulp & Paper, Utilities, Chemical)

The global corrosion inhibitors market is also segmented and analyzed for demand and supply by end-user into oil & gas, power generation, metal & mining, pulp & paper, utilities, and chemical. Amongst these three segments, the oil & gas segment is expected to garner a significant share of around ~26% in the year 2035. The increasing crude oil emissions across the world with the increasing arrangement of pipelines, tankers, and storage containers are estimated to hike the market segment growth. The rising number of airports with huge quantities of oil containers with the rising aviation sector is estimated to propel the market segment growth. The increasing automobile sector is also estimated to rise the market segment demand owing to the high utilization of fossil fuels for the manufacturing and operation of the machinery during production is driving the market segment growth. Also, the increasing mining activities with growing demand for minerals are estimated to hike the market segment growth.

Our in-depth analysis of the global market includes the following segments:

   By Compound

  • Inorganic
  • Organic

   By Type

  • Water Based Corrosion Inhibitors
  • Oil Based Corrosion Inhibitors
  • Volatile Corrosion Inhibitors

   By End User

  • Oil & Gas
  • Power Generation
  • Metal & Mining
  • Pulp & Paper
  • Utilities
  • Chemical

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Corrosion Inhibitors Industry - Regional Synopsis

North American Market Forecast

The market share of corrosion inhibitors in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increasing sales of vehicles in the U.S. during the forecast period. The production and manufacturing sector is on the rise during the forecast period with high demand for agriculture, food, petroleum refiners, mining, and oil production estimated to contribute to the growth opportunities. The rising aircraft and shipping sector with the growing construction of aircraft and ships is estimated to drive the market growth. The storage of nuclear waste produced from radiopharmaceuticals, dismantled nuclear weapons, and spent fuel is also estimated to hike the market growth. The construction of highways, bridges, and roads is estimated to propel the market growth during the forecast period. As per the reports of 2023, more than USD 100 billion was spent on the construction of highways and street projects in the U.S. The high demand for automobiles in the region and metro stations is estimated to increase the use of metal which is expected to fuel the market growth.

APAC Market Statistics

The Asia Pacific corrosion inhibitors market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the increasing population and growing number of industries in the region. Increasing water treatment plants with high demand for purified water is estimated to propel the market growth. The rising mining sector and demand for agricultural production in the region are anticipated to drive market growth. The rising application in the food processing sector, manufacturing, and packaging units is estimated to hike the market growth. The high use of machinery in the construction sector made of iron and metal is expected to promote growth opportunities in the market. The high number of chemical and pharmaceutical products with growing healthcare expenditure is projected to fuel the market growth in the region. The increasing medical device sector with the use of metals and other stainless-steel materials for the manufacturing of various surgical instruments is propelling the market growth in the coming years.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing use of electronics and electrical appliances in households and organizations. Increasing demand for smart household appliances with the rising spending capacity of people is anticipated to hike the market growth. The number of corrosion-prone materials used in the manufacturing of automotive parts is estimated to propel the market growth. The increased number of ethanol and petrochemical industries in the region is estimated to have a direct impact on the purchasing demand for corrosion materials. The power generation plants and increasing oil and gas imports are driving the growth of the market. The market growth is also attributed to the rapid infrastructure development in the region. Further, the rising consumption of petroleum products in various sectors is estimated to rise the demand for market growth in the coming years. The rising paper and pulp industry in the region with rising applications of paper in the packaging sector is driving the market growth.

Research Nester
Corrosion Inhibitors Market Share
Get more information on this report: Request Free Sample PDF

Companies Dominating the Corrosion Inhibitors Landscape

top-features-companies
    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • The Dow Chemical Company
    • Brad-Chem Ltd
    • LANXESS AG
    • Cortec Group
    • SM-Service Ltd.
    • Baker Hughes Company
    • Lubrizol Corporation
    • Henkel Company
    • Ecolab

In-the-news

In The News

  • Cortec Group announced that a new corrosion inhibitor for hydrostatic testing was certified to meet the standards of ANSI/NSF Standard 61. So, it was safe to use in drinking water system components and opened an opportunity for those who want to fabricate, install, or service drinking water systems with hydro testing safety requirements.
  • BASF SE partnered with Innospec Fuel Specialties LLC to enhance the value of the ethanol yield industry. The collaboration was made with an agreement to distribute DCI-1 Plus ClearTrak to ethanol plants in the United States. The DCI was a concentrated corrosion inhibitor used to prevent the corrosion of metal and maintain pHe of ethanol.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4926
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing water treatment plants and rising applications in oil and gas industries are the major factors driving the market growth.

The market size of corrosion inhibitors is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023-2035.

The availability of alternatives and rising demand for eco-friendly products are estimated to be the growth-hindering factors for market expansion.

The volatile corrosion inhibitors market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are BASF SE, The Dow Chemical Company, Brad-Chem Ltd, LANXESS AG, Cortec Group, SM-Service Ltd., Baker Hughes Company, Lubrizol Corporation, Henkel Company, Ecolab, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by compound, type, end user, and by region.

The segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Corrosion Inhibitors Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying