The $7.8 billion corrosion inhibitors market size offers new growth prospects for companies offering products for water treatment, metal treatment and lubricants, and oil and gas production applications. The report provides a comprehensive analysis of the global and regional corrosion inhibitors markets for companies interested in the industry. The report provides detailed insights into both water-based and oil-based corrosion inhibitors. In addition, market size forecasts of organic corrosion inhibitors and inorganic inhibitors across 6 regions are included in the study. Further, market growth forecasts across power generation, oil, and gas, metal processing, paper and pulp, water treatment, chemical processing, and other applications are also included in the industry analysis.
Introduction to Corrosion Inhibitors
Corrosion inhibitors are increasingly being added to a wide range of metals to inhibit metal corrosion. Stringent regulatory policies coupled with plans to lower corrosion-related costs are encouraging companies to procure corrosion inhibitors. In particular, amidst rapid industrialization across developing and developed markets, the demand for corrosion inhibitors remains robust.
Corrosion Inhibitors Market Size Outlook to 2030
The chart below presents Corrosion Inhibitor Market Size Outlook (US$ Billion) and Growth Forecasts (%), for 2021- 2030
The global corrosion inhibitors market is valued at $7.8 billion in 2022. The market growth is driven by increasing demand across end-user industries, with the market poised to register a 4.34% growth rate, compounded annually between 2023 and 2030.
Corrosion Inhibitors Recent News and Developments
BASF and Innospec signed a corrosion inhibitor distribution deal in 2022
In 2021, the European Chemicals Agency added eight new substances to the list of hazardous chemicals, which include Orthoboric acid, and sodium salt. It is regarded as toxic for reproduction and finds application as a solvent and corrosion inhibitor. Other substances included in the list include 2-(4-tert-butylbenzyl)propionaldehyde and its stereoisomers, 2,2-bis(bromomethyl)propane1,3-diol (BMP); 2,2-dimethylpropan-1-ol, tribromo derivative/3-Bromo-2,2-bis (bromomethyl)-1-propanol (TBNPA);2,3-dibromo-1-propanol (2,3-DBPA), Glutaral, Medium-chain chlorinated paraffin (MCCP), Phenol, alkylation products, 1,4-dioxane, and 4,4'- (1- methylpropylidene) bisphenol.
Market Share Analysis- Power generation is the leading user of corrosion inhibitors worldwide
Corrosion is one of the leading causes of downtimes in hydrocarbon-fuelled, hydropower, and nuclear power plants. Different types of corrosion including uniform corrosion, pitting corrosion, crevice corrosion, galvanic corrosion, and microbe-induced corrosion are observed in the power generation process.
The use of efficient corrosion inhibition can result in significant savings for plant operators and extend the lifetime of parts and components. For instance, the Samara gas-fuelled power plant (Volga, Russia) announced that it saved $120,000 annually through deploying the AZ8101 corrosion inhibitor technology of GE.
Zinc ions, phosphates, and phosphonates are widely used to avoid corrosion in steel piping. In the case of copper and copper alloys are involved, companies often use triazoles, such as tolytriazole, benzotriazole, and 2-mercaptobenzothiazole.
In addition to widespread use in the power generation industry, corrosion inhibitors are used significantly in oil and gas and downstream refining operations. This application segment and power generation segment accounted for almost half of the global corrosion inhibitors market size in value terms.
Market Trends- Significant research devoted to green corrosion inhibitors
Driven by the strong market potential for green corrosion inhibitors, a significant volume of R&D is being focused on developing green corrosion inhibitors such as chitosan and its derivatives, phenylmethanimine, imidazoline, ionic liquid, and others. As green products do not have the toxic effects of inorganic inhibitors, the manufacture of highly efficient corrosion inhibitors is being targeted from sources such as plant extracts and oils, microorganisms, amino acids, and biopolymers. However, the efficiency of green corrosion inhibitors in extreme operating conditions is yet to be established for most products, which restraints the widespread adoption across applications.
Asia Pacific dominates the global corrosion inhibitors in terms of market size
Asia Pacific is the largest market for corrosion inhibitors worldwide, contributing over 35% to the global corrosion inhibitors market size of US$7.7 billion. The region is characterized by the presence of a significant oil and gas industry, electricity generation sector, mining, and other industries. During 2020, the region has 36 million barrels per day of refining capacity, accounting for over 35.8% of global capacity. Similarly, the power generation in the Asia Pacific stood at 13,000 Twh, accounting for over 48% of the global electricity generation of 26,800 Twh. Similarly, around half of the global mining machinery is used in the Asia Pacific, driven by strong mining activity. In addition, large-scale industrial activity in China, India, Japan, and other Asian countries supports the Asia Pacific corrosion inhibitors market outlook.
Corrosion Inhibitor Market Segmentation
Applications
Type
Product
Companies
1. Executive Summary
1.1 Introduction to Corrosion Inhibitors Markets
1.2 Corrosion Inhibitors Market Size Outlook, 2021- 2030
1.3 Growth Opportunities in Corrosion Inhibitors Industry
1.4 Winning Strategies for the post-pandemic future
2. Report Guide
2.1 Market Definition and Scope
2.2 Market Segmentation
2.3 Research Methodology
2.4 Forecast Methodology
2.5 List of Abbreviations
3. Growth Opportunity Analysis
3.1 Key Corrosion Inhibitors Market Trends
3.1.1 Organic corrosion inhibitors continue to gain robust market growth
3.1.2 Water treatment facilities are widely targeted by companies
3.1.3 Focus on emerging countries
3.2 Key Corrosion Inhibitors Market Growth Drivers
3.2.1 Power industry applications support corrosion inhibitor market
3.2.2 Rapid industrialization in Asia Pacific region
3.2.3 Foray of new high-temperature corrosion inhibitors
3.3 Key Corrosion Inhibitors Market Growth Restraints
3.3.1 Corrosion-resistant materials and coatings
3.3.2 Need for eco-friendly corrosion inhibitors
4 Corrosion Inhibitors Market Outlook – Scenario Analysis
4.1 Low Growth Case Scenario Forecasts: Corrosion Inhibitors Market Size Outlook to 2030
4.2 Reference Growth Case Scenario Forecasts: Corrosion Inhibitors Market Size Outlook to 2030
4.3 High Growth Case Scenario Forecasts: Corrosion Inhibitors Market Size Outlook to 2030
5. Corrosion Inhibitors Market Segmentation- Outlook by Type
5.1 Corrosion Inhibitors Market Share Analysis by Type, 2023
5.2 Water-based Corrosion Inhibitors Market Outlook to 2030
5.3 Oil-based Corrosion Inhibitors Market Outlook to 2030
5.4 Vapor-based Corrosion Inhibitors Market Outlook to 2030
6. Corrosion Inhibitors Market Segmentation- Outlook by Product Type
6.1 Corrosion Inhibitors Market Share Analysis by Product Type, 2023
6.2 Organic Corrosion Inhibitors Market Outlook to 2030
6.3 Inorganic Corrosion Inhibitors Market Outlook to 2030
7. Corrosion Inhibitors Market Segmentation- Outlook by Application
7.1 Corrosion Inhibitors Market Share Analysis by Application, 2023
7.2 Power Generation: Corrosion Inhibitors Market Outlook to 2030
7.3 Oil and Gas Production and Refining: Corrosion Inhibitors Market Outlook to 2030
7.4 Metal Processing: Corrosion Inhibitors Market Outlook to 2030
7.5 Paper and Pulp: Corrosion Inhibitors Market Outlook to 2030
7.6 Water Treatment: Corrosion Inhibitors Market Outlook to 2030
7.7 Chemical Processing: Corrosion Inhibitors Market Outlook to 2030
7.8 Others
8. North America Corrosion Inhibitors Market Outlook and Opportunities to 2030
8.1 Market Snapshot, 2023
8.2 North America Corrosion Inhibitors Market Growth Opportunities
8.2.1 North America Corrosion Inhibitors Market Outlook by Type, 2021 to 2030
8.2.2 North America Corrosion Inhibitors Market Outlook by Application, 2021 to 2030
8.2.3 North America Corrosion Inhibitors Market Outlook by Country, 2021 to 2030
8.3 United States Corrosion Inhibitors Market Outlook, 2021 to 2030
8.4 Canada Corrosion Inhibitors Market Outlook, 2021 to 2030
8.5 Mexico Corrosion Inhibitors Market Outlook, 2021 to 2030
9. Europe Corrosion Inhibitors Market Outlook and Opportunities to 2030
9.1 Market Snapshot, 2023
9.2 Europe Corrosion Inhibitors Market Growth Opportunities
9.2.1 Europe Corrosion Inhibitors Market Outlook by Type, 2021 to 2030
9.2.2 Europe Corrosion Inhibitors Market Outlook by Application, 2021 to 2030
9.2.3 Europe Corrosion Inhibitors Market Outlook by Country, 2021 to 2030
9.3 Germany Corrosion Inhibitors Market Outlook, 2021 to 2030
9.4 France Corrosion Inhibitors Market Outlook, 2021 to 2030
9.5 United Kingdom Corrosion Inhibitors Market Outlook, 2021 to 2030
9.6 Spain Corrosion Inhibitors Market Outlook, 2021 to 2030
9.7 Italy Corrosion Inhibitors Market Outlook, 2021 to 2030
9.8 Other Europe Corrosion Inhibitors Market Outlook, 2021 to 2030
10. Asia Pacific Corrosion Inhibitors Market Outlook and Opportunities to 2030
10.1 Market Snapshot, 2023
10.2 Asia Pacific Corrosion Inhibitors Market Growth Opportunities
10.2.1 Asia Pacific Corrosion Inhibitors Market Outlook by Type, 2021 to 2030
10.2.2 Asia Pacific Corrosion Inhibitors Market Outlook by Application, 2021 to 2030
10.2.3 Asia Pacific Corrosion Inhibitors Market Outlook by Country, 2021 to 2030
10.3 China Corrosion Inhibitors Market Outlook, 2021 to 2030
10.4 Japan Corrosion Inhibitors Market Outlook, 2021 to 2030
10.5 India Corrosion Inhibitors Market Outlook, 2021 to 2030
10.6 South Korea Corrosion Inhibitors Market Outlook, 2021 to 2030
10.7 Indonesia Corrosion Inhibitors Market Outlook, 2021 to 2030
10.8 Other Asia Pacific Corrosion Inhibitors Market Outlook, 2021 to 2030
11. South and Central America Corrosion Inhibitors Market Outlook and Opportunities to 2030
11.1 Market Snapshot, 2023
11.2 South and Central America Corrosion Inhibitors Market Growth Opportunities
11.2.1 South and Central America Corrosion Inhibitors Market Outlook by Type, 2021 to 2030
11.2.2 South and Central America Corrosion Inhibitors Market Outlook by Application, 2021 to 2030
11.2.3 South and Central America Corrosion Inhibitors Market Outlook by Country, 2021 to 2030
11.3 Brazil Corrosion Inhibitors Market Outlook, 2021 to 2030
11.4 Argentina Corrosion Inhibitors Market Outlook, 2021 to 2030
11.5 Other Latin America Corrosion Inhibitors Market Outlook, 2021 to 2030
12. Middle East and Africa Corrosion Inhibitors Market Outlook and Opportunities to 2030
12.1 Market Snapshot, 2023
12.2 Middle East and Africa Corrosion Inhibitors Market Growth Opportunities
12.2.1 Middle East and Africa Corrosion Inhibitors Market Outlook by Type, 2021 to 2030
12.2.2 Middle East and Africa Corrosion Inhibitors Market Outlook by Application, 2021 to 2030
12.2.3 Middle East and Africa Corrosion Inhibitors Market Outlook by Country, 2021 to 2030
12.3 Saudi Arabia Corrosion Inhibitors Market Outlook, 2021 to 2030
12.4 United Arab Emirates (the UAE) Corrosion Inhibitors Market Outlook, 2021 to 2030
12.5 Other Middle East Corrosion Inhibitors Market Outlook, 2021 to 2030
12.6 Egypt Corrosion Inhibitors Market Outlook, 2021 to 2030
12.7 South Africa Corrosion Inhibitors Market Outlook, 2021 to 2030
12.8 Other Africa Corrosion Inhibitors Market Outlook, 2021 to 2030
13. Profiles of major world Corrosion Inhibitors Companies
13.1 Baker Hughes Company
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.2 Ecolab
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.3 BASF SE
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.4 Solenis
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.5 Nouryon
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.6 Lanxess AG
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.7 Henkel Corporation
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.8 DOW Chemical Company
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
- Financial Profile
13.9 Lubrizol Corporation
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
- Financial Profile
14. Appendix
14.1 Publisher’s Expertise
14.2 List of Tables and Charts
14.3 List of Exhibits
14.4 Legal Disclaimer
Power industry applications support the corrosion inhibitor market, Rapid industrialization in the Asia Pacific region, Foray of new high-temperature corrosion inhibitors, Organic corrosion inhibitors continue to gain robust market growth, Water treatment facilities are widely targeted by companies, Focus on emerging countries, and others
The global corrosion inhibitors market is valued at $7.8 billion in 2022.
The corrosion inhibitors market growth is driven by increasing demand across end-user industries, with the market poised to register a 4.34% growth rate, compounded annually between 2023 and 2030.
Baker Hughes Company, Ecolab, BASF SE, Solenis, Nouryon, Lanxess AG, Henkel Corporation, DOW Chemical Company, Lubrizol Corporation, and others
Organic corrosion inhibitors offer significant growth potential for companies developing new products and expanding their capacities.