Due to the high demand for corrosion inhibitors mainly from the industrial sector, the global corrosion inhibitors market is expected to grow significantly during the period between 2013 and 2019. The global corrosion inhibitors market was worth US$5.20 billion in 2012 and due to positive growth at a CAGR of 4.7% during the forecast period, the market is expected to reach US$7.14 billion in 2019.

Environmental Regulations to Restrict Growth of Global Corrosion Inhibitors Market

Corrosion inhibitors, normally distributed from a solution or dispersion, form a layer over a metallic substrate, thereby reducing the destruction and degradation of the metals. Phosphonates, triazoles, and molybdates are the common inorganic and organic chemicals used in corrosion inhibitors. Since water accelerates corrosion in metals, the growth of the water treatment chemicals market will be one of the key market drivers of the global corrosion inhibitors market. Development in infrastructure has led to rising construction activities across the globe. This has boosted the demand for corrosion inhibitors to save the metals used in construction from corrosion.

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However, corrosion inhibitors are usually chemicals with high level of toxicity and bioaccumulation. Environmental issues related to the raw materials in corrosion inhibitors will hamper the growth of the global corrosion inhibitors market. This restraint has emerged as an opportunity for key players, as manufacturers are now focusing on green corrosion inhibitors, which are biodegradable and environment-friendly. Application of nanotechnology in corrosion inhibition will open further opportunities for the global corrosion inhibitors market.

Organic Corrosion Inhibitors Accounted for More than 70% of Global Corrosion Inhibitors Market

The global corrosion inhibitors market has been broadly segmented into organic and inorganic corrosion inhibitors. In 2012, the global corrosion inhibitors market was dominated by organic corrosion inhibitors, accounting for more than 70% of the total market. In terms of application, the global corrosion inhibitors market is divided into water-based corrosion inhibitors and oil/solvent-based corrosion inhibitors. Water-based corrosion inhibitors are low foam and are usually designed to protect metals such as copper, brass, bronze, and iron. Some of the water-based corrosion inhibitors are also used on steel surfaces. Oil/solvent-based corrosion inhibitors are non-staining and water-displacing preventives that provide humidity and salt-spray protection. These are used over alloys such as zinc phosphate, black oxide, and bare ferrous alloys. The water-based corrosion inhibitors segment accounted for more than 75% of the global corrosion inhibitors market in 2012.

Power Generation Segment Held the Majority Share of the Global Corrosion Inhibitors Market

Industries such as oil and gas, pulp and paper, metal processing, chemicals processing, power generation, and others are the main end-use segments of the global corrosion inhibitors market. Power generation led the global corrosion inhibitors market, accounting for more than 25% of the global demand in 2012. Due to the presence of corrosive materials in crude oil which results in the corrosion of the equipment and pipelines, the oil and gas segment accounted for 19.4% of the global corrosion inhibitors market.

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Asia Pacific was Key Regional Segment of Global Corrosion Inhibitors Market in 2012

Region-wise, Asia Pacific region held more than 35% of the global corrosion inhibitors market, thereby becoming the largest regional segment of the market in 2012. In the same year, Europe and North America together accounted for 50% of the global demand. Infrastructural development combined with construction activities has led to the growth of the global corrosion inhibitors market in these regions.

The key players of the global corrosion inhibitors market include Lubrizol, AkzoNobel, Cortec, Champion Technologies, BASF SE, Dow, Ecolab, and Solutia.

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