Global Corrosion Inhibitors Market Size to Reach USD 17.67 Billion in 2032 | Emergen Research

Increasing development of bio-based and more ecofriendly products is a major factor driving market revenue growth

Vancouver, Sept. 04, 2023 (GLOBE NEWSWIRE) — The projected value of the global corrosion inhibitors market is anticipated to attain USD 17.67 billion by 2032, displaying a consistent compound annual growth rate (CAGR) of 5.0% throughout the forecast period, as indicated by the most recent analysis conducted by Emergen Research. A significant catalyst behind the advancement in market revenue is the rigorous directives pertaining to the utilization of corrosion inhibitors across various industries. These directives have been established with the primary goal of safeguarding both human well-being and the environment, while simultaneously ensuring the safety of products and systems that integrate corrosion inhibitors.

A notable sector affected by stringent regulations is the water treatment industry. The industry confronts stringent guidelines, prompting a surge in the demand for corrosion inhibitors due to the potential consequences of corrosion on the quality of potable water. For instance, on January 15, 2021, the Environmental Protection Agency (EPA) introduced the ‘National Primary Drinking Water Regulation: Lead and Copper Rule Revisions’ through the Federal Register. All public water systems catering to communities and non-transient non-community entities are obligated to comply with the Lead and Copper Rule Revisions by October 16, 2024. Meeting this compliance deadline is pivotal in ensuring continuous progress in identifying lead service lines, a critical stride toward minimizing lead exposure.

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However, the expanding utilization of corrosion-resistant alloys emerges as a pivotal aspect that could potentially impede the progression of market revenue growth. These alloys are meticulously engineered by incorporating elements that inherently exhibit resistance to corrosion across diverse environmental conditions. Comprising a blend of two or more metals, often intertwined with non-metal constituents like carbon or sulfur, these alloy formulations yield materials endowed with distinctive attributes not singularly present in any individual element.

The heightened resistance of alloys to corrosion is predominantly rooted in the development of a protective stratum on their surface. This safeguarding layer assumes the role of a barricade, effectively safeguarding the alloy against the deleterious consequences stemming from moisture and oxygen exposure – factors that frequently trigger corrosion in elemental metals. Furthermore, this protective layer serves as a potent deterrent against electrolysis, an additional prevalent catalyst for the deterioration and erosion of metals. This dual safeguarding mechanism has the potential to limit the advance of market revenue growth.

Furthermore, it’s important to acknowledge that the application of corrosion-resistant alloys is not without its challenges. The production and manipulation of these specialized alloys can entail intricate processes, often demanding meticulous control over various parameters to achieve the desired material properties. This complexity in manufacturing can result in higher production costs, which may pose a restraint on the widespread adoption of these alloys.

Additionally, the selection of the most appropriate corrosion-resistant alloy for a specific application requires a comprehensive understanding of the environmental conditions, potential stressors, and operating temperatures the material will encounter. The intricate interplay between these factors underscores the need for thorough analysis and expertise during the decision-making process.

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Scope of Research

Major Companies and Competitive Landscape

The global corrosion inhibitors market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global corrosion inhibitors market report are:

• Nouryon
• Dow
• Cortec Corporation
• Ashland
• Ecolab
• Henkel Ibérica, S.A.
• The Lubrizol Company
• BASF SE
• DuPont de Nemours, Inc.
• Baker Hughes, a GE company LLC

Strategic Development

On 8 February 2023, General Air Products and Cortec Corporation collaborated to create a specialized system for delivering vapor phase corrosion inhibitors to combat corrosion in fire sprinkler systems. The system utilizes compressed air to facilitate the diffusion of vapor phase corrosion inhibitors throughout the entire piping network, forming a protective layer on metal surfaces. This protection persists as long as the system remains closed, eliminating the need for a continuous electricity supply for corrosion mitigation.

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Some Key Highlights From the Report

• The organic corrosion inhibitors segment is expected to account for largest revenue share in the global corrosion inhibitors market during the forecast period. The segment is further sub-segmented into amines, fatty acid, polyamines and imidazolines. This is due to increasing use of organic corrosion inhibitors in various industries due to their effectiveness across a wide range of temperatures, compatibility with the materials these inhibitors protect, good solubility in water, low expenses, and relatively low toxicity. These inhibitors adhere to the metal surface, forming a protective film that displaces water and shields it from deterioration. Effective organic corrosion inhibitors contain elements such as nitrogen, oxygen, sulfur, and phosphorus, which possess lone electron pairs. In addition, these may incorporate structural moieties with π-electrons that interact with the metal, facilitating the adsorption process.
• The water-based corrosion inhibitors segment is expected to register steadily fast revenue growth rate in the global corrosion inhibitors market over the forecast period. This is because water-soluble corrosion inhibitors surpass oil-based ones in terms of effectiveness and have an extended treatment life and effectively prevent scale formation. In addition, these exhibit lower toxicity compared to their oil-soluble counterparts, resulting in no adverse side effects. Besides their efficacy, water-soluble corrosion inhibitors offer longer service life when compared to oil-soluble variants. In comparison to other types of corrosion inhibitors, the water-soluble ones present several advantages, including reduced toxicity and biodegradability. Moreover, these are also environment-friendly and compatible with various materials, making them a versatile choice for different applications. These characteristics, especially their biodegradability and low ecotoxicity, make them highly suitable for various uses, including in the oil industry, where compatibility with oil-soluble additives is crucial.
• The North America market is expected to account for largest revenue share in the global corrosion inhibitors market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, on 27 March 2023, Petra Automotive Products, a rapidly expanding manufacturer of top-tier automotive products worldwide, introduced a range of maintenance products tailored to cater to the specific requirements of passenger cars and trucks. Among their offerings is the Petra UltraCool EV Coolant (50/50), which incorporates their innovative Super Low Conductivity technology. This ready-to-use ethylene glycol-based coolant boasts extremely low electrical conductivity. It is formulated with specialty corrosion inhibitors that provide a durable and consistent electrical conductivity, crucial for ensuring the safe and efficient operation of hybrid and battery Electric Vehicles (EVs) across a wide range of Original Equipment Manufacturer (OEM) EV vehicles.

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For the purpose of this report, Emergen Research has segmented the global corrosion inhibitors market based on compound, type, application, end-use, and region:

• Compound Outlook (Revenue, USD Billion; 2019–2032)
  • Organic Corrosion Inhibitors
    • Amines
    • Fatty Acids
    • Polyamines
    • Imidazolines
  • Inorganic Corrosion Inhibitors
    • Zinc-based Inhibitors
    • Phosphate-based Inhibitors
    • Molybdate-based Inhibitors
    • Silicate-based Inhibitors
  • Hybrid Corrosion Inhibitors
• Type Outlook (Revenue, USD Billion; 2019–2032)
  • Water-based Corrosion Inhibitors
  • Oil-based Corrosion Inhibitors
  • Volatile Corrosion Inhibitors
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Water Treatment
    • Cooling Water Systems
    • Boiler Systems
    • Desalination Plants
  • Process and product additives
    • Upstream (Exploration & Production)
    • Midstream (Pipelines & Transportation)
    • Downstream (Refining & Petrochemicals)
  • Industrial & Institutional Cleaning
    • Hard Surface Cleaners
    • Vehicle Wash Solutions
    • Floor Cleaners
    • Industrial Degreasers
    • Others
  • Power Generation
  • Metal Processing
  • Pulp & Paper
  • Chemical Processing
  • Others (Automotive, Aerospace, Marine, etc.)
• End-Use Outlook (Revenue, USD Billion; 2019–2032)
  • Oil & Gas (O&G)
  • Power Generation
  • Metal Processing
  • Metals Processing
  • Pulp & Paper
  • Others (Food & Beverage (F&B), Pharmaceuticals, Hydrometallurgy, Construction, Automotive, Aerospace)
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of Middle East & Africa

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