Market Research Future (MRFR) has announced a new research report on the Global Corrosion Inhibitors Market.
According to the report, the global corrosion inhibitors market was valued at USD 7,350.6 million in 2017 and is expected to register a CAGR of 4.26% to reach USD 9,388.4 million by the end of 2023. The market volume is projected to increase at 3.53% CAGR over the forecast period (2018-2025).
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Corrosion inhibitors are chemicals added to flow pipelines, coolants, fuels, hydraulic fluids, and engine oil, among others, to prevent corrosion or to reduce the rate of corrosion. These may be organic or inorganic in nature, depending upon the nature of the job in hand and the relevance of the peculiar characteristics of each type. These chemicals prevent the entry of corrosive radicals such as oxygen, helping preserve the original solidity of the base material. In this way, they perform a crucial role in applications where any leakage caused by rusting can be highly hazardous, such as the oil and gas industry and the chemical processing industry.
The global COVID-19 Impact ON Corrosion inhibitors Market is likely to grow at a steady growth rate over the forecast period due to the growing demand for corrosion inhibitors from the oil and gas industry. Increasing production efforts in the oil and gas industry have driven the demand for the numerous accessories required in the industry, including corrosion inhibitors. These activities are not limited only to developed countries but are present in a number of developing countries as well. This is likely to be a major driver for the market over the forecast period. On the other hand, the increasing adoption of thermoplastics in the key end-use industries of corrosion inhibitors could emerge as a major restraint against the corrosion inhibitors market over the forecast period.
Key players in the corrosion inhibitors market include Solvay (Belgium), Ecolab (U.S.), Chemtex Specialty Limited (India), DowDupont (U.S.), Acuro Organics Limited (India), Ashland (U.S.), Air Products and Chemicals Inc. (U.S.), Ganesh Benzoplast Limited (India), AkzoNobel NV (The Netherlands), Cortec Corporation (U.S.), Henkel AG & CO. KGaA (Germany), and ICL/Advanced Additives (U.S.).
The report segments the corrosion inhibitors market by product, application, end-use industry, and region in order to provide readers with a comprehensive look at the market.
The product segmentation of the global corrosion inhibitors market includes organic and inorganic corrosion inhibitors. The organic corrosion inhibitors segment is likely to dominate the market over the forecast period due to its advantages such as higher resistance to chemicals, water resistance, and lower chances of blistering. The organic corrosion inhibitors segment is expected to reach a valuation of USD 6,092.5 million by 2023.
By application, the global corrosion inhibitors market is segmented into water-based and solvent/oil-based corrosion inhibitors. The water-based corrosion inhibitors segment dominates the global market due to the lower presence of volatile organic compounds in water-based corrosion inhibitors, which makes them environmentally more viable. The water-based corrosion inhibitors segment was valued at USD 4,711.5 million in 2017 and is expected to reach USD 6,140.4 million by the end of 2023.
Based on end use, the market is segmented into power generation, metal processing, oil and gas, chemical processing, and others. Of these, the power generation industry is likely to hold the largest share in the corrosion inhibitors market over the forecast period, rising to a valuation of USD 2,601.8 million by the end of 2023.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, and Rest-of-the-World (RoW). Asia Pacific is likely to lead the corrosion inhibitors market over the forecast period due to the growing industrialization in the region. The Asia Pacific market for corrosion inhibitors accounted for a 40% share in the global market in 2017 and is likely to rise to a valuation of USD 4,075.5 million by 2023. The growing oil and gas sector in countries such as China and India is likely to be a major driver for the market. The growth of the power sector is also likely to be a major driver for the corrosion inhibitors market in the region.