Corrosion Inhibitors Market - Forecast(2024 - 2030)

Report Code: CMR 68177 Report Format: PDF + Excel

Corrosion Inhibitors Market Overview

Corrosion Inhibitors market size is forecast to reach US$ 9.2 billion by 2027, after growing at a CAGR of 3.7% during 2022-2027. A corrosion inhibitor is a chemical solvent that is applied in a given environment to reduce the rate of corrosion of the metal which is subjected to that specific environment, such as air or water. Corrosion inhibitors can be classified into four general types based on the method in which they work on the metal to prevent corrosion. They are cathodic, anodic, mixed, and volatile corrosion inhibitors. Corrosion inhibitors are made of various organic and inorganic chemicals such as molybdates, phosphonates, silicates, and triazoles among others. The greatest corrosion in oil and gas industries is caused by Carbon dioxide (CO2). The application of corrosion inhibitors is considered the most effective method of combating CO2. Hydrogen sulfide (H2S) is predominantly used in oil wells as the dissolution of H2S gas in produced water makes the fluid corrosive. Zinc phosphate is an environmentally protective and efficient anti-corrosion pigment. Corrosion inhibitors are mainly used in the industries like power generation, oil and gas, pipelines, and others. Therefore, these growths are owing to the corrosion inhibitors industry during the forecast period.

 COVID-19 Impact

As a result of the sudden outbreak of the COVID-19 pandemic, countries across the world implemented lockdown regulations, disrupting the import and export of corrosion inhibitors. Corrosion inhibitors are used in applications, such as water treatment, process & product additives, and oil & gas production in various end-use industries, including power generation, oil & gas, refinery, metal & mining, pharmaceutical, and utilities, among others. Due to the pandemic and lockdown, there is a decrease in the purchase of goods and services, this hampered the corrosion inhibitors industry deliberately. Travel restrictions and lockdown have impacted the industry tremendously and made it hard to distribute the product globally. Lastly, the crisis could come to an end with all restrictions are lifted as of now. With the high rate of recovery, the global economy could experience a sharp rebound. Growth rates for industries relevant to mining indicate the highest decline for crude oil and natural gas extraction more than 20% in 2020. A much smaller decline was recorded for the following trades mining metal ores together with other non-metallic mineral products and other mining and quarrying below ?5%. Therefore, the decline in the trade of the mining industry is affecting the corrosion inhibitors market.

Report Coverage

The “Corrosion Inhibitors Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Corrosion Inhibitors Industry.

By Product: Organic and Inorganic
By Type: Water-based and Oil Based
By Inhibitor Type: Cathodic Inhibitor, Anodic Inhibitor, Mixed Inhibitor, and Volatile Corrosion Inhibitor.
By Application: Power Generation, Oil& Gas, Pipelines, Pulp& Paper, Metal Processing, Chemical Processing, Refineries, Packaging, Fabrication, Marine, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa).

Key Takeaways

  • The corrosion inhibitor finds widespread application in the industry as its components used in oil & gas exploration are exposed to extreme climatic conditions and require protection against corrosion.
  • The oil/solvent-based applications involve copper, steel, zinc, aluminum cast iron, and alloys. Oil/solvent-based coatings provide reliable performance over the prolonged duration is driving the market.
  • Corrosion inhibition is the most effective way to protect the internal corrosion of metals, which provides protection when a corrosion inhibitor is added. This corrosion inhibitor property is projected to increase growth in the market.

Figure: Asia-Pacific Corrosion Inhibitors Market Revenue, 2021-2027 (US$ Billion)
Corrosion Inhibitors Market

For More Details on This Report - Request for Sample

Corrosion Inhibitors Market Segment Analysis – By Product

The Organic segment held the largest share in the Corrosion Inhibitors market in 2021 and is growing at a CAGR of 4.4% during 2022-2027. Organic amines, benzotriazole, phosphonates, tolyl triazole, and mercaptobenzothiazole are the major organic products used in the industry owing to their superior characteristics including stability. Organic inhibitors usually designated as 'film-forming', protect the metal by forming a hydrophobic film on the metal surface. Organic inhibitors will be adsorbed according to the ionic charge of the inhibitor and the charge on the surface. Cationic inhibitors, such as amines, or anionic inhibitors, such as sulfonates, will be adsorbed preferentially depending on whether the metal is charged negatively or positively. The strength of the adsorption bond is the dominant factor for soluble organic inhibitors. For the production of organic corrosion, companies are moving towards more environmentally friendly substances. China is the largest consumer and producer of aliphatic amines accounting for almost 60% of the global production. The size of the aliphatic amines industry globally is $4.1 billion in 2020, which represents just 0.1% of the $4,100 billion global chemical industry. Therefore, the increase in demand for organic corrosion inhibitors is expected to provide substantial growth opportunities to the industry players.

Corrosion Inhibitors Market Segment Analysis – By Type

The oil and gas segments accounted for approximately 22.0% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Oil and gas pipelines are normally subject to corrosion. Due to their function as a means of transporting oil and gas from the wellheads to the processing facilities, pipelines are constantly exposed to corrosion risks, from the date of commissioning until decommissioning. However, the application has a limited spectrum while operating across closed systems as it possesses higher flammability characteristics, which may negatively influence demand. The association for Materials protection and performance (AMPP, previously NACE), corrosion is responsible for over US$ 2.5 Trillion of loss and damages each year to the global economy. For those keeping scores, that’s 3.4% of global GDP. Thus, the increase in the oil and gas industry is owing to the growth of the corrosion inhibitor industry during the forecast period

Corrosion Inhibitors Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the corrosion inhibitors market in 2021 up to 29.0% owing to the growth of end-use industries like power generation, oil & gas, pipelines, pulp & paper, metal processing, chemical processing, refineries, packaging, fabrication, marine, and others are enhancing the corrosion inhibitors market. China dominates the oilfields chemical market and it is the second largest in oil mining industry. According to the International Association of Oil & Gas Producers (IOGP), Oil and gas continue to provide a significant proportion of the world’s energy to meet growing demands for heat, light and transport and has produce 40% of oil and gas in 2021. There will be an upsurge in the demand for corrosion inhibitors, which is anticipated to drive the corrosion inhibitors market in the Asia Pacific region.

Corrosion Inhibitors Market – Drivers

Growing demand from Power Generation and Oil & Gas Sector:

 The increase in demand for oil and gas has caused an increase in the cost of oil and gas. According to NACE International (National Association of Corrosion Engineers), using corrosion-resistant materials more widely and applying corrosion-related methods can reduce costs. Metal corrosion can be reduced or suppressed with corrosion inhibitors. Metals and alloys are protected by insulating them or by retarding corrosion caused by cathodic and anodic processes. The use of corrosion inhibitors in these industries lowers maintenance and repair costs, extends the life of equipment, and reduces production loss from corrosion. Corrosion inhibitors are therefore a necessary component to reduce corrosion costs. According to the business energy and industrial strategy of the UK, energy consumption in the third quarter of 2021 was up 6.4% from 2020 and returning to pre-pandemic levels for most sectors of the economy. Thus, an increase in the demand for power generation and the oil and gas sector is leading to the growth of the corrosion inhibitor industry.

Corrosion Inhibitors Market – Challenges

Necessity of eco-friendly formulations

The primary factors inhibiting the growth of the corrosion inhibitor market are the stringent environmental legislation. The increasing concern regarding the impact of chemicals on the environment and health has led to stringent regulatory constraints for corrosion inhibitors manufacturers. In the present scenario, the manufacturers of corrosion inhibitors are motivated to opt for non-toxic alternatives. The property of the non-toxic corrosion inhibitors formulations to perform under severe conditions makes it difficult for the manufacturers to provide a replacement for standard formulations. Therefore, the presence of substitute products and inclination towards eco-friendly products may hamper the market growth.

Corrosion Inhibitors Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Corrosion Inhibitors market. Corrosion Inhibitors market top 10 companies are

  1. BASF
  2. Ecolab
  3. GE
  4. DuPont
  5. Dow
  6. AkzoNobel
  7. Champion Technologies
  8. Daubert
  9. Eastman
  10. Dai-Ichi

Recent Developments

  • In May 2021, Helmholtz-Zentrum Hereon developed sustainable corrosion protection through digitization and coordinating a 5.5 million Euro EU project in creating a platform for innovative corrosion protection technologies
  • In September 2019, A new corrosion inhibitor was developed by BASF scientists after years of research and tests to enhance and complement the broader refurbishment and repair portfolio for concrete.

Relevant Reports

Organic Corrosion Inhibitors Market – Forecast (2022 - 2027)

Report Code: CMR 0041

Oil And Gas Corrosion Protection Market - Forecast ( 2022-2027)

Report Code: CMR 82154

Corrosion Protective Coatings Market - Forecast (2021-2026)

Report Code: CMR 17823

For more Chemicals and Materials Market reports, please click here


1. Corrosion Inhibitors Market- Market Overview
    1.1. Definitions and Scope
2. Corrosion Inhibitors Market - Executive Summary
    2.1. Key Trends by Product
    2.2. Key Trends by Type
    2.3. Key Trends by Inhibitor Type
    2.4. Key Trends by Application
    2.5. Key Trends by Geography
3. Corrosion Inhibitors Market – Comparative analysis
    3.1. Market Share Analysis- Major Companies
    3.2. Product Benchmarking- Major Companies
    3.3. Top 5 Financials Analysis
    3.4. Patent Analysis- Major Companies
    3.5. Pricing Analysis (ASPs will be provided)
4. Corrosion Inhibitors Market - Startup companies Scenario Premium Premium
    4.1. Major startup company analysis:
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Product portfolio
        4.1.4. Venture Capital and Funding Scenario
5. Corrosion Inhibitors Market – Industry Market Entry Scenario Premium Premium
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Successful Venture Profiles
    5.4. Customer Analysis – Major companies
6. Corrosion Inhibitors Market - Market Forces
    6.1. Market Drivers
    6.2. Market Constraints
        6.2.1. Porters Five Force Model
        6.2.2. Bargaining Power of Suppliers
        6.2.3. Bargaining Powers of Buyers
        6.2.4. Threat of New Entrants
        6.2.5. Competitive Rivalry
        6.2.6. Threat of Substitutes
7. Corrosion Inhibitors Market – Strategic Analysis
    7.1. Value/Supply Chain Analysis
    7.2. Opportunity Analysis
    7.3. Product/Market Life Cycle
    7.4. Distributor Analysis – Major Companies
8. Corrosion Inhibitors Market– By Product (Market Size $Million/Billion)
    8.1. Organic
    8.2. Inorganic
9. Corrosion Inhibitors Market – By Type (Market Size -$Million/Billion)
    9.1. Water Based
    9.2. Oil Based
10. Corrosion Inhibitors Market – By Inhibitor Type (Market Size -$Million/Billion)
    10.1. Cathodic inhibitor
    10.2. Anodic inhibitor
    10.3. Mixed Inhibitor
    10.4. Volatile Corrosion inhibitor
11. Corrosion Inhibitors Market – By Application Type (Market Size -$Million/Billion)
    11.1. Power Generation 
    11.2. Oil and Gas
    11.3. Pulp & Paper 
    11.4. Metal Processing
    11.5. Chemical Processing
    11.6. Refineries
    11.7. Packaging
    11.8. Marine 
    11.9.Others
12. Corrosion Inhibitors Market - By Geography (Market Size -$Million/Billion)
    12.1.North America
        12.1.1. USA
        12.1.2. Canada
        12.1.3. Mexico
    12.2.Europe
        12.2.1. UK
        12.2.2. Germany
        12.2.3. France
        12.2.4. Italy
        12.2.5. Netherlands
        12.2.6. Spain
        12.2.7. Russia
        12.2.8. Belgium
        12.2.9. Rest of Europe
    12.3.Asia-Pacific
        12.3.1. China
        12.3.2. Japan
        12.3.3. India
        12.3.4. South Korea
        12.3.5. Australia and New Zeeland
        12.3.6. Indonesia
        12.3.7. Taiwan
        12.3.8. Malaysia
        12.3.9. Rest of APAC
    12.4.America
        12.4.1. Brazil
        12.4.2. Argentina
        12.4.3. Colombia
        12.4.4. Chile
        12.4.5. Rest of South America
    12.5.Rest of the World
        12.5.1. Middle East
        12.5.2. Saudi Arabia
        12.5.3. UAE
        12.5.4. Israel
        12.5.5. Rest of the Middle East
    12.6.Africa
        12.6.1. South Africa
        12.6.2. Nigeria
        12.6.3. Rest of Africa
13. Corrosion Inhibitors Market – Entropy
    13.1.New Product Launches
    13.2.M&As, Collaborations, JVs and Partnerships
14. Corrosion Inhibitors Market – Industry/Segment Competition Analysis Premium
    14.1.Company Benchmarking Matrix – Major Companies
    14.2.Market Share at Global Level - Major companies
    14.3.Market Share by Key Region - Major companies
    14.4.Market Share by Key Country - Major companies
    14.5.Market Share by Key Application - Major companies
    14.6.Market Share by Key Product Type/Product category - Major companies
15. Corrosion Inhibitors Market – Key Company List by Country Premium Premium
16. Corrosion Inhibitors Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1.Company 1
    16.2.Company 2
    16.3.Company 3
    16.4.Company 4
    16.5.Company 5
    16.6.Company 6
    16.7.Company 7
    16.8.Company 8
    16.9.Company 9
    16.10. Company 10 and more
"*Financials would be provided on a best effort basis for private companies*"

LIST OF TABLES

1.Global Corrosion Inhibitors Market:Product Segment Analysis Market 2019-2024 ($M)
1.1 corrosion inhibitor market:Product segment overview Market 2019-2024 ($M) - Global Industry Research
2.Global Corrosion Inhibitors Market:Application Analysis Market 2019-2024 ($M)
2.1 corrosion inhibitors market:Application overview Market 2019-2024 ($M) - Global Industry Research
3.Global Corrosion Inhibitors Market:Product Segment Analysis Market 2019-2024 (Volume/Units)
3.1 corrosion inhibitor market:Product segment overview Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Corrosion Inhibitors Market:Application Analysis Market 2019-2024 (Volume/Units)
4.1 corrosion inhibitors market:Application overview Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Corrosion Inhibitors Market:Product Segment Analysis Market 2019-2024 ($M)
5.1 corrosion inhibitor market:Product segment overview Market 2019-2024 ($M) - Regional Industry Research
6.North America Corrosion Inhibitors Market:Application Analysis Market 2019-2024 ($M)
6.1 corrosion inhibitors market:Application overview Market 2019-2024 ($M) - Regional Industry Research
7.South America Corrosion Inhibitors Market:Product Segment Analysis Market 2019-2024 ($M)
7.1 corrosion inhibitor market:Product segment overview Market 2019-2024 ($M) - Regional Industry Research
8.South America Corrosion Inhibitors Market:Application Analysis Market 2019-2024 ($M)
8.1 corrosion inhibitors market:Application overview Market 2019-2024 ($M) - Regional Industry Research
9.Europe Corrosion Inhibitors Market:Product Segment Analysis Market 2019-2024 ($M)
9.1 corrosion inhibitor market:Product segment overview Market 2019-2024 ($M) - Regional Industry Research
10.Europe Corrosion Inhibitors Market:Application Analysis Market 2019-2024 ($M)
10.1 corrosion inhibitors market:Application overview Market 2019-2024 ($M) - Regional Industry Research
11.APAC Corrosion Inhibitors Market:Product Segment Analysis Market 2019-2024 ($M)
11.1 corrosion inhibitor market:Product segment overview Market 2019-2024 ($M) - Regional Industry Research
12.APAC Corrosion Inhibitors Market:Application Analysis Market 2019-2024 ($M)
12.1 corrosion inhibitors market:Application overview Market 2019-2024 ($M) - Regional Industry Research
13.MENA Corrosion Inhibitors Market:Product Segment Analysis Market 2019-2024 ($M)
13.1 corrosion inhibitor market:Product segment overview Market 2019-2024 ($M) - Regional Industry Research
14.MENA Corrosion Inhibitors Market:Application Analysis Market 2019-2024 ($M)
14.1 corrosion inhibitors market:Application overview Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
2.Canada Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
3.Mexico Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
4.Brazil Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
5.Argentina Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
6.Peru Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
7.Colombia Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
8.Chile Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
9.Rest of South America Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
10.UK Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
11.Germany Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
12.France Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
13.Italy Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
14.Spain Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
15.Rest of Europe Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
16.China Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
17.India Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
18.Japan Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
19.South Korea Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
20.South Africa Corrosion Inhibitors Market Revenue, 2019-2024 ($M)
21.North America Corrosion Inhibitors By Application
22.South America Corrosion Inhibitors By Application
23.Europe Corrosion Inhibitors By Application
24.APAC Corrosion Inhibitors By Application
25.MENA Corrosion Inhibitors By Application
26.Ashland Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.AkzoNobel N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.BASF SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Champion Technologies Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Cortec Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Cytec Industries Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Dai-Ichi Karkaria Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Daubert Cromwell LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Dow Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Ecolab, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.GE Water Process Technologies, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Henkel AG Company, KGaA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Marott Graphic Services, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Solutia Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.The Lubrizol Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.W.R. Grace Co., Sales /Revenue, 2015-2018 ($Mn/$Bn)