Global Corrosion Inhibitors Market - 2024-2031

Report Overview

Global Corrosion Inhibitors Market reached US$ 8.29 billion in 2023 and is expected to reach US$ 11.84 billion by 2031 growing with a CAGR of 4.56% during the forecast period 2024-2031.

The global corrosion inhibitors market is being driven by the adoption of bio-based corrosion inhibitors that helps industries comply with regulations, reduce their carbon footprint and promote sustainable practices. Bio-based corrosion inhibitors are rising since they are generated from renewable resources, are biodegradable and have lesser environmental implications than conventional counterparts.

Organic corrosion inhibitors are expected to account for nearly 30% of the global corrosion inhibitors market during the forecast period. Organic corrosion inhibitors are a safer preference since they are non-toxic, non-flammable and emit no or little volatile organic compound (VOC). Due to their safer nature, the segment is appropriate for use in sectors where worker health and safety are critical

Market Dynamics

The Rising Demand from Oil & Gas Industry as it is More Prone to Corrosion

According to NACE International (National Association of Corrosion Engineers), the yearly cost of corrosion to the oil and gas sector in U.S. is estimated to be US$ 27 billion. Costs can be reduced by using corrosion-resistant materials throughout and using corrosion-related processes. Corrosion inhibitors are used in industries to minimize maintenance and repair costs, extend the functional lifespan of equipment and reduce production loss, driving the global corrosion inhibitors market during the forecast period.

As of June 30, 2023, the Gas Authority of India Ltd (GAIL) has the largest natural gas pipeline network in India, with 33,815 km. The market for organic corrosion inhibitors will rise significantly as oil and gas and power production projects expand. As a result, the rising oil & gas projects is expected to boost the global organic corrosion inhibitors market during the forecast period.

Maintenance and Repair Sector

As industries and infrastructure age, they require routine maintenance and repair to guarantee maximum performance and lifespan. Corrosion is a major issue for many industries, including oil & gas, power production, chemical processing, transportation and manufacturing. Corrosion inhibitors are critical instruments in the fight against the prevention of corrosion, making them essential in the maintenance and repair business.

Corrosion inhibitors are crucial for avoiding asset failures. Corrosion may cause considerable degradation in equipment and buildings, resulting in malfunctions, interruptions in operations and serious safety issues. Corrosion inhibitors are an efficient option for preventing corrosion in equipment, pipelines and buildings, lowering the chance of failure and resulting need for costly repairs.

The Harmful Impact on Environment

Heavy metal salts and inorganic salts have long been utilized as corrosion inhibitors. Chromates, between 2- and 5-zinc phosphates, polyphosphates and orthophosphates are the most prevalent and cost-effective coatings and paints. Since it has been discovered that these materials are hazardous to both humans and the environment, their widespread usage is now restricted.

Various regulations followed, such as the Emergency Planning and Community Right to Know Act of 1986, OSHA (U.S. Occupational Safety and Health Administration) regulations in 19938 and the CHARM (Chemical Hazard Assessment and Risk Management) model followed by UK and some European countries. It has resulted in a huge number of publications in the last 10-15 years about less hazardous corrosion inhibitors.

Market Segment Analysis

The global corrosion inhibitors market is segmented based on product, type, end-user and region.

The Growing Corrosion in Oil & Gas Pipelines

The oil & gas end-user segment, which is the largest, is projected to account for a significant share of the global corrosion inhibitors market, owing to the rising usage of corrosion inhibitors in the oil & gas sector. Corrosion is common in oil and gas pipelines. According to the Association for Materials Protection and Performance (AMPP, formerly NACE), corrosion causes about US$ 2.5 trillion in losses and damages to the worldwide economy each year.

Pipelines are always exposed to corrosion risks due to their function as a method of transferring oil and gas from well heads to processing facilities, from the period of commissioning until decommissioning. As per U.S. Energy Information Administration, global liquid fuel consumption will rise by 1.6 million barrels per day (b/d) in 2023, from an average of 99.4 million b/d in 2023. According to their projection, consumption will increase by 1.7 million b/d in 2024.

Market Geographical Share

The Growing Infrastructure Projects in North America

North America is expected to develop at the fastest CAGR in the global corrosion inhibitors market during the forecast period, owing to the region's well-established industries such as oil and gas, chemical and power generation. The region's corrosion inhibitor demand is driven by these sectors' significant requirement for corrosion inhibitors to protect their machinery and infrastructure.

Furthermore, according to the International Energy Agency, U.S. is the world's second biggest renewable energy market, investing much in the maintenance and operation of turbines, gearboxes, pipelines and other equipment. In addition, there are several contemporary corrosion inhibitor production plants and research and development centres in North America. Therefore, the area is able to develop cutting-edge corrosion inhibitors of the highest quality that can suit the diverse needs of numerous industries.

Market Competitive Landscape

The major global players include Nouryon, Cortec Corporation, Ashland Inc., Ecolab, Henkel Iberica, S.A., The Lubrizol Company, BASF SE, Solvay SA, DuPont de Nemours, Inc. and Dai - Ichi India Pvt Ltd.

COVID-19 Impact Analysis

As a result of the unexpected outbreak of the COVID-19 pandemic, nations throughout the world adopted lockdown rules, affecting corrosion inhibitor import and export. Corrosion inhibitors are used in various applications such as water treatment, process and product additives and oil & gas production in a variety of end-use industries.

Because of the epidemic and shutdown, there is a decrease in the buying of goods and services, which has intentionally affected the corrosion inhibitors business. Travel restrictions and lockdown have had a significant influence on the sector, making it difficult to market the goods abroad. Finally, the situation may be over now that all limitations have been lifted. The global economy might experience a fast rebound due to the rapid rate of recovery.

Russia-Ukraine War Impact Analysis

Russia-Ukraine war has raised geopolitical risk and uncertainty, affecting market stability and investor confidence. The geopolitical situation could impact how corrosion inhibitors are traded and sourced. The conflict has the potential to cause uncertainty and instability in the region, which might have an influence on overall corrosion inhibitor market demand.

Oil and gas industries, which rely heavily on corrosion inhibitors, may experience operational disruptions as a result of geopolitical tensions or infrastructural damage. Reduced industrial activity may lead to a decrease in demand for corrosion inhibitors in impacted areas.

By Product

• Organic
• In-organic

By Type

• Water-based
• Oil-based

By End-User

• Power Generation
• Oil & Gas
• Pulp And Paper
• Metal Processing
• Chemical Processing
• Water Treatment
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In March 2023, Cortec Group stated that a novel corrosion inhibitor for hydrostatic testing has been certified to fulfill the ANSI/NSF Standard 61 requirements. As a result, it was safe to use in drinking water system components, creating opportunities for individuals who want to build, install or service drinking water systems that meet hydro testing safety standards.
• In January 2022, BASF SE collaborated with Innospec Fuel Specialties LLC to increase the value of the ethanol yield business. The relationship was formed through an agreement to provide DCI-1 Plus ClearTrak to ethanol plants in the United States. The DCI was a concentrated corrosion inhibitor intended to prevent metal corrosion while maintaining the pH of ethanol.

Why Purchase the Report?

• To visualize the global corrosion inhibitors market segmentation based on product, type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of corrosion inhibitors market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global corrosion inhibitors market report would provide approximately 61 tables, 59 figures and 201 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies