The global corrosion inhibitors market size was valued at USD 7.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) 3.8% from 2020 to 2027. 

The growth in the market can be attributed to the development of biobased and more eco-friendly corrosion inhibitors. A gradual shift toward the development of environment-friendly corrosion inhibitors may potentially lead the market toward sustainable development and increase the acceptance of corrosion inhibitors among sustainable end users. A corrosion inhibitor functions by creating a barrier over the coated surface and preventing it from moisture, which is primarily the primary cause of erosion. The mechanisms of organic products include interfacial activity, anodic activity, cathodic activity, barrier activity, and adsorption activity.

Gather more insights about the market drivers, restrains and growth of the Corrosion Inhibitors Market

Detailed Segmentation:

Product Insights

The organic segment held largest market share of 73.8% in 2019. In recent years, there has been significant development concerning bio-based corrosion inhibitors. These are low in cost, have low toxicity, and are readily available organic compounds, which are obtained from plant extracts such as aromatic herbs, spices, and medicinal plants. Generally, bio-based corrosion inhibitors have aromatic structures with long aliphatic chains and free electron pairs. For instance, Delonix regia and rosemary leaves prevent the deterioration of aluminum metal, while natural honey inhibits corrosion of copper. The factors mentioned above are estimated to drive segment growth over the forecast period.

Type Insights

The water-based segment held the largest market share of 56.2% in 2019. Water-based corrosion inhibitors are readily soluble in water and are usually sold in solid form. They form a protective layer on the metal surface by altering the physical characteristics of the surface to resist oxidation of the metallic surface, thereby offering rust protection. Moreover, they are cost-effective, form transparent coating after drying, and can be easily applied by using spray, immersion, or brush before subsequent operations.

End-use Insights

The oil and gas segment held the largest market share of 33.1% in 2019. This is attributed to the rising number of internal corrosion problems in pipelines, refineries, and petrochemical plants. The corrosion inhibitors market is gaining popularity in the power generation sector in the developing economies of the Asia Pacific region due to rapid urbanization and industrialization. In power plants, erosion has been one of the significant factors that lead to critical downtime. The steam circuits in nuclear, thermal, and hydropower plants are susceptible to deterioration as the metal components are always in contact with water. To ensure effective power generation, most power plants monitor parameters such as pH value, conductivity, and the presence of corroding anions and cations, which indicate the corrosion rate. Also, they ensure the adequate presence of corrosion inhibitors such as phosphonates, phosphate, and zinc (for steel) and triazoles (for copper).

Regional Insights

Asia Pacific held the largest market share of 36.3% in 2019 and is projected to be one of the fastest-growing markets in the near future. The growth in the market can be attributed to rapid industrialization in the region, which has triggered the demand from the power generation and several other end-use industries as well. The growing chemical and metalworking sectors in developing economies of the region, including India and China, are also projected to contribute significantly to the market in the near future.

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Key Companies & Market Share Insights

The competitive landscape of the market is highly fragmented in nature, with the presence of a large number of key players coupled with high demand from end-users. Key players are concentrating on customized production by using advanced technology and adopting new strategic initiatives such as long-term agreements and mergers to strengthen their base and generate more revenue in the near future. Manufacturers involved in the market are integrated across the value chain. For instance, Arkema is integrated backward by using renewable raw materials for production. On the contrary, The Lubrizol Corporation is forward integrated. The company manufactures fuel additives by using its corrosion inhibitors in the formulation of the product (PowerZol 9548A). Cortec Corporation manufactures several strength-release components and coating products by using their Migratory Corrosion Inhibitors (MCIs). In addition, SUEZ supplies its corrosion inhibitors for several water treatment projects. Some of the prominent players operating in the corrosion inhibitors market include:

• Nouryon

• Cortec Corporation

• Ashland

• Ecolab

• Henkel Ibérica, S.A.

• The Lubrizol Company

• BASF SE

• Dow

• DuPont de Nemours, Inc.

• Baker Hughes, a GE company LLC

Corrosion Inhibitors Market Segmentation

Grand View Research has segmented the global corrosion inhibitors market on the basis of product, type, end use, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Organic

• Inorganic

• Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Water Based

• Oil Based

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Power Generation

• Oil & Gas

• Paper & Pulp

• Metal Processing

• Chemical Processing

• Water Treatment

• Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• North America

o The U.S

o Canada

o Mexico

• Europe

o Germany

o The U.K.

o France

o Italy

• Asia Pacific

o China

o India

o Japan

o South Korea

• Central & South America

o Brazil

o Argentina

• Middle East & Africa

o South Africa

o Saudi Arabia

o UAE

o Iran

o Iraq

o Kuwait

o Oman

o Bahrain

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