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The global corrosion inhibitors market has been growing continuously over the past few years. Extensive usages of corrosion inhibitors in industries such as power, mining, oil & gas, petrochemicals, paper mills, and environmental protection is a key driving force behind the growth of the market. As a result, corrosion inhibitors garner considerable market prominence and demand throughout the year.
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According to Market Research Future (MRFR), the global corrosion inhibitors market had generated a valuation of USD 7,619.9 MN, in 2021, which would further get appreciated at a CAGR of 4.2% during the review period (2022 – 2030). Also, the increasing demand from the marine & shipbuilding industry alongside, the energy, transport, automotive, and other industries, drives the growth of the market, substantially.
Also, the growing water treatment industry predominantly drives the market demand due to the water scarcity and stringent regulations against wastewater disposal in the industrial sector. Furthermore, the increased use of hydraulic fracturing in the O&G industry has led to increasing the growth of the market, raising the demand for water treatment chemicals.
On the other hand, the adoption of thermoplastics in flow pipelines due to their superior benefits is expected to inhibit the market growth, reducing the demand for corrosion inhibitors. Nevertheless, growing preferences for green corrosion inhibitors led by the stringent regulations against the use of inorganic inhibitors would create lucrative opportunities for the players operating in the global corrosion inhibitors market.
Global Corrosion Inhibitors Market – Segmentation
The report is segmented into four market dynamics to widen the scope of understanding,
By Product : Organic Corrosion Inhibitor and Inorganic Corrosion Inhibitor
By Application : Water-based and Oil/Solvent-based Corrosion Inhibitor
By End-use Industry : Power Generation, Oil & Gas, Chemical Processing, and Metal Processing, among others.
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By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Corrosion Inhibitors Market – Regional Analysis
The Asia Pacific accounts for the largest region in the global corrosion inhibitors market due to the demand in various applications such as power generation and metal processing industry. The region is witnessing an increasing demand for these materials, especially in India, China, Taiwan, and South Korea. In 2018, the APAC corrosion inhibitors market had accounted for 41.2% of the market share, valuing at USD 3,142.1 MN. The region would grow at a 5.3% CAGR during the review period.
The oil and gas industry in the region is driving the regional market growth, majorly led by the increasing investments in O&G production & extraction activities to meet the rising demand for petroleum products, fuel, and energy. Additionally, the growth in chemical processing industries led by the increased demand for water treatment chemicals would provide impetus to the growth of the regional market.
North America is another lucrative market for corrosion inhibitors. The region is a substantially large production capacity of these materials. The region is expected to register around 3% CAGR during the review period. The US is the largest market in the region, generating about 80.6% of the total revenue in the market. This is attributed to the significant rise in shale gas extraction using hydraulic fracturing technology resulting in an increased need for water.
The corrosion inhibitors market in the European region is a briskly growing market. The growth is attributed to the increasing regulations against wastewater discharge leading to the adoption of reverse osmosis (RO) membranes & other processes to enable plants to reuse and recycle water. Due to rising demand for these materials in various applications such as oil & gas, shipbuilding, marine, energy, transport, automotive, and others, the region is projected to register around 2.7% CAGR during the review period (2022–2030).
Global Corrosion Inhibitors Market – Competitive Analysis
Highly competitive, the corrosion inhibitors market appears to be fragmented characterized by the presence of several large and small-scale players. Although well-established players in the market have tremendous geographical proximity, the entry of several new companies poses a fierce competition for them. In such a scenario, these players would incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch to maintain their market position.
Major Players
Players leading the global corrosion inhibitors market include Air Products & Chemicals Inc. (US), Cortec Corporation (US), ICL Advanced Additives (US), Ashland (US), Henkel AG & Co. KGaA, (Germany), Ecolab (US), Solvay (Belgium), Akzo Nobel NV (Netherlands), DowDupont (US), Acuro Organics Limited (India), Chemtex Speciality Limited (India), and Ganesh Benzoplast Limited (India), among others.
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Industry/ Innovation/ Related News
September 08, 2022 ---- CIM Investment Mangement Inc. (the US), announced that it has acquired over 801 shares in WD-40 (the US), a specialty chemicals company. These stocks valued at approximately USD 286,000.
February 27, 2022 ---- Lanxess AG (Germany), a specialty Chemicals Company announced the successful completion of capacity expansion for corrosion inhibitor products. The company has completed a challenging project which would result in a 15% increase in production capacity of its corrosion inhibition additives - Additin RC 4000 series. The addition of capacities is a result of process synergies identified following its acquisition of Chemtura Corporation, in 2017, which expanded its lubricant additives portfolio and global production network. With the increased footprint, Lanxess was able to unlock process synergies between its production sites in Germany & Canada, increasing the output of corrosion inhibitors products to meet market demand and further enhance its global production network.
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