Corrosion Inhibitors Market Trends

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	2023
Forecast Year	2024-2036
CAGR	5.2%
Base Year Market Size (2023)	USD 8.42 Billion
Forecast Year Market Size (2036)	USD 16.27 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)

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 Trends