The report “Corrosion Inhibitors Market 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″, size is projected to grow from USD 7.9 billion in 2021 to USD 10.1 billion by 2026, at a CAGR of 4.9% between 2021 and 2026. Corrosion inhibitor is a chemical compound that, when added to a liquid or gas, decreases the corrosion rate of a material, typically a metal or an alloy. Corrosion inhibitors will remain one of the largest product segments within the water treatment chemicals market.
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Some of the prominent key players are:
- 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)
Opportunity: Increasing industrialization in developing economies
Infrastructural development in economies such as China, India, Brazil, and South Korea, are expected to undergo infrastructural development and boost industrial activities for the growth of their economies. Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to boost the market for corrosion inhibitors in the next five years. The global spending on infrastructure is expected to reach USD 94 trillion by 2040, and an additional USD 3.4 trillion would be required to attain United Nations & Sustainable Development Goals for electricity and water, according to Oxford Economics. Countries in Asia Pacific, China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, will be among the fastest-growing infrastructure spending countries, according to an Oxford Economics study. This has led to the increasing consumption of industrial water in emerging economies. This creates an opportunity for manufacturers to offer a wide range of corrosion inhibitors to various specific applications in order to protect them from corrosion.
Water Treatment application will account for the major share of the corrosion inhibitor market, based on application in terms of value.
Water treatment accounted for 44.4% of the total corrosion inhibitor market in terms of application, in 2020. Corrosion can cause many concerns such as rusting of pipelines, equipment surfaces, and lowered efficiency of the equipment mainly in the industrial sector. Feed water use in various industries contains carbon dioxide which is corrosive to steel. If this carbon dioxide is left untreated, iron deposits on the boilers. These corrosion inhibitors are fed downstream of the deaerating equipment. It is volatilized and carried out with the steam after reacting with carbon dioxide. Corrosion inhibitors for boiler treatment include neutralizing and filming amines for condensate linings. Morpholine, cyclohexylamine, diethylethanolamine (DEAE), aminomethyl propanol, and aqua ammonia octadecylamine (ODA) are some of the common corrosion inhibitors used to protect boiler systems from corrosion.
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. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Huge investments, rising population, growing disposable income, and integration of production activities are likely to increase output in the form of fuel and feedstock and, in turn, drive the corrosion inhibitors market.