Corrosion Inhibitors Market Size, Share, Growth, Expert Review & Forecast

Posted by Stephen Lobo on December 20th, 2022

Corrosion Inhibitors Market Overview

Corrosion inhibitors are chemical substances that are used to prevent or reduce the corrosion of metals. They work by forming a barrier between the metal surface and the corrosive environment, or by reacting with the corrosive agents to form a protective film on the metal surface. Corrosion inhibitors are used in a wide range of industries, including oil and gas, power generation, aerospace, automotive, marine, and construction.

The global corrosion inhibitors market is expected to grow at a moderate rate during the forecast period, due to the increasing demand for corrosion inhibitors in various end-use industries. The growth of the corrosion inhibitors market is driven by the increasing infrastructure development and the need to protect metal structures from corrosion. In addition, the increasing demand for corrosion inhibitors in the oil and gas industry is expected to drive the market growth. Corrosion Inhibitors Market report shares analysis by Compound (Organic, Inorganic), Type (Water Based, Oil Based and VCI), Application, End-Use (Power Generation, Oil & Gas, Metal & Mining, Pulp & Paper, Utilities, Chemical), and Region - Global Forecast to 2026.

Corrosion Inhibitors Market Drivers and Restraints

Corrosion inhibitors are chemical compounds that are added to a system (such as a fuel, oil, water, or other liquid) to prevent or reduce the corrosion of metals. The global market for corrosion inhibitors is driven by a number of factors, including:

1.      Increasing demand for corrosion inhibitors in various end-use industries, such as oil and gas, chemical processing, power generation, and water treatment.
2.      Stringent regulations on the use of corrosion inhibitors in various industries, which has led to the development of more effective and environmentally friendly corrosion inhibitors.
3.      The growing use of corrosion inhibitors in the transportation sector, particularly in the automotive and aerospace industries.
4.      The increasing use of corrosion inhibitors in the construction and infrastructure sectors to protect against corrosion of steel and other metals in buildings, bridges, and other structures.

There are also several restraints that may impact the growth of the corrosion inhibitors market, including:

1.      The high cost of corrosion inhibitors, which can be a barrier to adoption in some industries.
2.      The potential environmental impact of corrosion inhibitors, as some chemicals used in corrosion inhibitors can be harmful to the environment.
3.      The availability of alternative methods for corrosion prevention, such as coatings and cathodic protection, which may be more cost-effective in some cases.
4.      The potential for corrosion inhibitors to interact with other chemicals in a system, which can affect their effectiveness and safety.

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Corrosion Inhibitors Market Key Players

There are many vendors in the corrosion inhibitors market. Some examples of companies that manufacture and sell corrosion inhibitors include:

• Solenis (US)
• Nouryon (The Netherlands)
• Baker Hughes Company (US)
• Ecolab (US)
• BASF SE (Germany)
• SUEZ Water Technologies & Solutions (France)
• DOW Chemical Company (US)
• Lubrizol Corporation (US)
• Lanxess (Germany)
• Henkel Corporation (Germany).

Corrosion Inhibitors Market Segmentation

Based on compound:

• Organic corrosion inhibitors
• Inorganic corrosion inhibitors

Based on applications

• Water Treatment
• Process and Product Additives
• Oil & Gas Production

Based on the type:

• Water-based Corrosion Inhibitors
• Oil-based Corrosion Inhibitors
• Volatile Corrosion Inhibitors

Volatile Corrosion Inhibitor is projected to be the fastest-growing market, based on type.

Volatile Corrosion Inhibitors (VCI) will register the highest CAGR for the type segment of corrosion inhibitor market, during the forecast period. VCIs work by changing the pH of the outside atmosphere to less acidic conditions to regulate corrosion. Examples include morpholine and hydrazine, which are used to control the corrosion of the condenser pipes in boilers. Key industrial applications are polymer films, paper, foam, powder and oil, and grease industrial applications.

Based on the end-use industry:

• Oil & gas
• Power generation
• Chemicals 
• Metals processing
• Pulp & paper
• Others (food & beverage, pharmaceuticals, hydrometallurgy, construction, automotive, aerospace)

Based on the region:

• APAC
• Europe
• North America
• Middle East & Africa
• South America

The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market, in terms of value.

The region has emerging markets, such as Saudi Arabia, the UAE, Iran, Kuwait, and South Africa. The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. 

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