Corrosion Inhibitors Market size was over USD 8.42 Billion in 2023 and is poised to cross USD 16.27 Billion by 2036, growing at more than 5.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of corrosion inhibitors is evaluated at USD 8.84 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.
Growth Driver
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.2% |
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Base Year Market Size (2023) |
USD 8.42 Billion |
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Forecast Year Market Size (2036) |
USD 16.27 Billion |
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Regional Scope |
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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 2036. 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 2036. 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:
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By Compound |
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By Type |
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By End User |
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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 2036. 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 2036. 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 2036. 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.
Author Credits: Rajrani Baghel
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