Corrosion Inhibitors Market Size

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.