Corrosion Inhibitors Market Share

North American Market Forecast

North America industry is anticipated to account for largest revenue share of 35% by 2037. 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 2037. 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 2037. 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.