Luton, Bedfordshire, United Kingdom, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Corrosion Inhibitors Market.
The corrosion inhibitors market is anticipated to have a prodigious CAGR of 4.7% during the period of 2022-2029. The Corrosion Inhibitors Market is anticipated to reach USD 11.33 billion by 2029, from USD 7.5 billion in 2021.
Corrosion inhibitor is a chemical compound when added to a liquid gas, decreases the corrosion rate of a material, that comes into contact with any liquid. The effectiveness of a corrosion inhibitor depends upon fluid composition, quantity of water and flow regime. Corrosion inhibitor maybe added to water to stop leaching of lead or copper from pipes.
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Corrosion inhibitors will be in higher demand as the water treatment market expands. Furthermore, the market is predicted to rise as the use of corrosion inhibitors for various steel and iron equipment, mostly used in the construction industry, grows. When corrosion inhibitors are employed to treat the insides of municipal pipelines, many water treatment plant managers find that they don’t corrode as much. Many companies in the oil and gas industry can benefit from corrosion inhibitors by reusing wastewater from other industries. One of these is the growing demand for ecologically friendly corrosion inhibitors over more traditional ones in industries all over the world.
Recent developments
- Jan 2022 Emerald Performance Materials has put four chemical factories in Henry, Illinois, up for sale. Previously, the processing and manufacturing units were used to produce antioxidants, accelerators, and specialty chemicals utilized in tyre manufacture and other rubber and elastomer industry applications. Emerald's operations were officially halted in September of last year, following the company's acquisition by the New York-based private equity firm American Securities LLC. In addition, a 4,000-square-foot production facility is for sale.
- Oct 2021 Azelis has established a new distribution deal with Hexigone, a smart corrosion inhibitor producer in the United Kingdom. Azelis will sell Hexigone corrosion inhibitors throughout Europe, Turkey, Ukraine, and the Baltics. The Hexigone product line is intended to enable Azelis to offer novel anti-corrosion coatings and applications.
Asia-Pacific dominates the corrosion inhibitors market owing to the increase in the research and development activities and presence of significant oil and gas reserves in the region.
The Asia Pacific region, headed by India and China, dominated the worldwide corrosion inhibitors market size and is expected to grow at the fastest rate throughout the forecast period. Increased building spending for commercial and residential projects is credited with the region’s growth.
Top Impacting Factors
Growth in market can be attributed to the development of biobased and more eco-friendly corrosion inhibitors. As a general shift towards the development of ecofriendly corrosion is that as governments have made new rules and regulations for chemical industry in order to protect environment from any mishaps so ecofriendly inhibitors may possibly lead the market towards sustainable development and increase in acceptance of corrosion inhibitors among sustainable end users. Corrosion inhibitors are used in water treatment, process and product activities and oil and gas production in various end user industries including power generation, oil and gas refineries, metal and mining, pharmaceutical utilities among others. They are used for slowing or controlling the process of corrosion in different parts of the corrosion inhibitors industry.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the corrosion inhibitors market, and information was gathered from secondary research to determine and verify the market size of several segments.
• By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
• By Designation: C Level Executives– 35%, Directors – 40%, and Others – 25%
• By Region: APAC – 40%, Europe – 10%, North America – 25%, the Middle East & Africa – 15%, and South America- 10%
Report Scope:
| Report Attribute/Metric | Details |
| Market Size | USD 7.5 billion in 2021 USD 11.33 billion by 2029 |
| CAGR | 4.7% (2022–2029) |
| Base Year | 2019 |
| Forecast Period | 2022-2029 |
| Historical Data | 2017 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (ROW) |
| Key Vendors | BASF, Ecolab, GE, and Ashland accounting for less than half of the entire market share. DuPont, Dow, AkzoNobel, Champion Technologies, Daubert, Lubrizol, Eastman, Cytec, Dai-Ichi, Henkel, Halox, and Cortec are some of the other major industry share providers. |
| Key Market Opportunities | The growing preference for green corrosion inhibitors due to stringent regulations against the use of inorganic corrosion inhibitors containing phosphates |
| Key Market Drivers | Corrosion inhibitors are in high demand in many industries, including power generation, metal processing, lubricants, oil and gas, construction, and automotive. |
List of companies
- Cortec Corporation (US),
- Air Products & Chemicals Inc. (US),
- ICL Advanced Additives (US),
- Ashland (US),
- Henkel AG & Co. (Germany),
- KGaA, Ecolab (US),
- Akzo Nobel NV (Netherlands),
- Solvay (Belgium),
- DowDupont (US),
- Ganesh Benzoplast Limited (India),
- ACURO ORGANICS LIMITED (India), and
- Chemtex Speciality Limited (India)
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Key Market Segments: Corrosion Inhibitors Market
Corrosion Inhibitors Market by Product, 2022-2029, (USD Million)
- Organic
- Inorganic
Corrosion Inhibitors Market by Application, 2022-2029, (USD Million)
- Water Based
- Oil/Solvent Based
Corrosion Inhibitors Market by End Use, 2022-2029, (USD Million)
- Power Generation
- Oil & Gas
- Pulp & Paper
- Metals Processing
- Chemicals
Market Trends
- Inorganic product mechanism includes anodic passivation, cathodic passivation, anion exchange and saponification of corrosion inhibitors.
- R&D has played a significant role in development of new technologies of corrosion mitigation by the application of corrosion inhibitors, example: ecofriendly inhibitors
- Though the corrosion cost is increasing, regulations by the U.S. government concerning the toxicity of corrosion have impacted the market.
- There are several water systems that use phosphate infused products in the country, which have restrictions to their application.
- In recent years, there has been significant development of bio-based corrosion inhibitors.
- Bio-corrosion inhibitors are comparatively low in cost, have less toxicity, and are readily available organic compounds which indirectly causes less pollutions and comparatively fewer toxic gases are realized which helps the environment
- For example, Delonix regia and rosemary leaves prevents the deterioration of aluminum metal while organic honey causes corrosion of copper.
- Water based corrosion inhibitors are readily soluble in water and usually sold in solid form, which forms a protective layer on the metal surface by altering the physical properties of the surface to resist oxidation of metallic surface.
- Oil based inhibitors are mainly preferred for long term protection by builders in constructions and severe environmental conditions because of their massive film formation and significant hydrophobic properties.
- Shale gas exploration, the development of power generating plants, growth in construction and water treatment process will provide significant opportunities within the market for corrosion inhibitors.
Market dynamics
Market Drivers
Corrosion inhibitors are in high demand in the water treatment industry. In fact, dramatic growth in the water treatment industry has driven enormous demand (and thus growth) in the corrosion inhibitors industry. Fresh and clean drinking water is becoming increasingly scarce around the world. This, combined with government restrictions on how industries can dispose of their wastewater, is driving tremendous growth in the corrosion inhibitors industry.
Many water treatment plant managers discover that using corrosion inhibitors to treat the insides of municipal pipes reduces corrosion. Corrosion inhibitors can assist many oil and gas companies in reusing wastewater from other industries.
Market Opportunities
In the global corrosion inhibitors industry, there are numerous opportunities. One of these is the growing preference for environmentally friendly corrosion inhibitors over more traditional ones in industries all over the world. This is prompting many companies in the global corrosion inhibitors industry to conduct extensive research and development in order to develop a new generation of green corrosion inhibitors with more innovative uses and applications that are less harmful to the environment.
Market Restraints
Corrosion inhibitors have a long shelf life. They also perform poorly when exposed to high temperatures. These and other factors are expected to contribute to a gradual decline in demand.
Market Challenges
Perhaps the greatest challenge that companies in the corrosion inhibitors industry face lie in continuing to make corrosion inhibitors that can withstand extremely high temperatures better.
Cumulative growth analysis
The CAGR for the corrosion inhibitors industry is projected to be 4.2% during the time period that this report covers. The corrosion inhibitors market value for this time period is expected to be USD 7.619.9 million.
Market Technology analysis
Air Products and Chemicals Inc is a major player in the United States. It has risen to the top of the industry by heavily investing in research and development. This enabled it to develop and market a new generation of corrosion inhibitors that are more environmentally friendly and have more useful and novel applications and uses. The company can also justify charging a higher price for these.
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