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)

In the year 2024, the industry size of corrosion inhibitors is evaluated at USD 8.84 Billion.

The 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. Increasing water treatment plants and rising applications in oil and gas industries are the major factors driving the market growth.

North America industry is anticipated to have the highest growth through 2036, due to increasing sales of vehicles in the region.

BASF SE, The Dow Chemical Company, Brad-Chem Ltd, LANXESS AG, Cortec Group, SM-Service Ltd., Baker Hughes Company, Lubrizol Corporation, Henkel Company, Ecolab

Corrosion Inhibitors Market Trends