PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320156
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320156
Corrosion Inhibitors Market size was valued at USD 7,864.2 Million in 2022, expanding at a CAGR of 3.3% from 2023 to 2030.
Metal surfaces when exposed to corrosive environments can experience corrosion, which is the degradation of the materials, that can be prevented or reduced by corrosion inhibitors. They function by creating a shield on the metal surface that serves as a defense against corrosive substances such moisture, oxygen, acids, or salts.
Effective corrosion protection is necessary for the ongoing worldwide infrastructure development projects, which include the construction of bridges, buildings, pipelines, and industrial units. The lifespan of these structures can be increased with the use of corrosion inhibitors, which also help to lower maintenance costs and ensure long-term performance.
Further, growing manufacturing and industrialization are contributing to the market's expansion. Corrosion inhibitor demand has expanded because of the expansion of industrial sectors like oil & gas, petrochemicals, power generation, chemicals, and manufacturing. Due to the presence of extreme working conditions, high temperatures, and aggressive chemicals, these industries face considerable corrosion difficulties. Moreover, governments and regulatory agencies across the globe are putting in strict laws to preserve the environment and ensure worker safety. By preventing leaks, spills, and other mishaps brought on by corrosion-related failures, corrosion inhibitors aid in compliance with these standards by assuring safe operations and reducing any negative effects on the environment.
The Global Corrosion Inhibitors Market is segmented on the basis of Type, Product, End User, and Region.
The market is divided into two categories based on Type: organic and inorganic. The organic segment dominates the market. Several factors such as low toxicity, low cost and easy availability are contributing to market growth.
The market is divided into two categories based on Product: water-based and oil-based. The water-based segment dominates the market. Water-based products form a protective layer on the metal surfaces through altering the physical characteristics of the surface to stop oxidation of the metallic surface, thus offering rust protection.
The market is divided into seven categories based on End User: oil & gas, power generation, paper & pulp, metal processing, chemical processing, water treatment, and others. The oil & gas segment dominates the market. The rising concerns of oil leakage, protection is increasing the segment growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Owing to the rapid urbanization, power generation plants building, which influence the corrosion inhibitors market. Several distribution channels, including corporate websites, and Products, are used by businesses to sell their solutions & products. Product manufacturers compete on various factors, such as product pricing, performance, product creation, and marketing. reputation, and availability. Some of the primary techniques, and strategies used by corporations to consolidate their reach and expand their market share include new product launches, R&D expenditure, developing its distribution network and mergers & acquisitions. Some of the recent developments are mentioned below.
In February 2021, LANXASS acquired Emerald Kalama Chemical a U.S. based chemical manufacturer company to expand their product portfolio and market reach across the globe.
The scope of this report covers the market by its major segments, which include as follows: