REPORT HIGHLIGHT
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.
Corrosion Inhibitors Market- Market Dynamics:
Growing industrialization along with infrastructure development is expected to propel the Corrosion Inhibitors demand.
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.
Corrosion Inhibitors Market- Key Insights:
- As per the analysis shared by our research analyst, the global Corrosion Inhibitors market is estimated to grow annually at a CAGR of around 3.3% over the forecast period (2023-2030)
- The Corrosion Inhibitors industry is projected to grow at a significant rate due to the growing focus on animal health and nutrition.
- Based on Product, organic segment was predicted to show maximum market share in the year 2022.
- Based on End User, oil & gas segment is expected to hold significant market share by 2030.
- Based on Type segmentation, water-based segment was the leading in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
Corrosion Inhibitors Market- Segmentation Analysis:
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.
Corrosion Inhibitors Market- Geographical Insights:
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.
Corrosion Inhibitors Market- Competitive Landscape:
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.
Recent Developments:
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.
Key features of the study:
- This proposed research study on Corrosion Inhibitors market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Corrosion Inhibitors market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Corrosion Inhibitors market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Corrosion Inhibitors market
- Impact of COVID-19 on Corrosion Inhibitors market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Corrosion Inhibitors market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Corrosion Inhibitors market, we have also included competitive landscape and key innovator analysis for the Corrosion Inhibitors market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial inTypeation and strategic initiatives of players operating in the Corrosion Inhibitors market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Corrosion Inhibitors market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CORROSION INHIBITORS MARKET KEY PLAYERS
- Ecolab Inc.
- BASF SE
- SUEZ Water Technologies & Solutions
- Akzo Nobel N.V.
- The Dow Chemical Company
- LANXASS
- Henkel AG & Co. KGaA
- Baker Hughes
- ChemTreat Inc.
- Cortec Corporation
- Innospec Inc.
- Arkema SA
- Clariant
- ChampionX Corporation
- Lubrizol Corporation
- Daubert Cromwell
GLOBAL CORROSION INHIBITORS MARKET, BY TYPE
GLOBAL CORROSION INHIBITORS MARKET, BY PRODUCT
GLOBAL CORROSION INHIBITORS MARKET, BY END USER
- Oil & gas
- Power generation
- Paper & pulp
- Metal processing
- Chemical processing
- Water treatment
- Others
GLOBAL CORROSION INHIBITORS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA