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