The Global Corrosion Inhibitor market is projected to grow at a CAGR of 4.5%. A corrosion inhibitor is a chemical compound, when added to a liquid or gas decreases the corrosion rate of a material typically on a metal or an alloy that comes into contact with the fluid. The effectiveness of a corrosion inhibitor depends on fluid composition, quantity of water & flow regime. Corrosion inhibitors are common in industry & also found in over the counter products, typically in spray form in combination with a lubricant. The use of corrosion inhibitor includes coating or adding to the stored liquid to ensure minimum corrosion. The key application includes metal, chemical, oil and gas, water treatment, construction sectors across the globe. The metal industry and chemical industry drives the market growth and is expected to grow in future. The annual global cost of corrosion is $2.5 trillion, equivalent to roughly 3.4% of the world's gross domestic product, according to a study by NACE International. Implementing corrosion prevention best practices is expected to result in a global saving of 15-35% of the total cost.
Wide application of metals & alloy for production is one of the key driver generating market revenues in this market segment. Acid pickling prevents the attack on metals due to the acid solution in which metal gets cleaned & also prevents the subsequent hydrogen evolution. Inhibitors are added; typically organic must be soluble or dispersed in the solution. For example: thiourea amino its derivatives, propargyl alcohol. The change in atmosphere ensure the corrosion of the metals, smoke exhausted by chemicals, continuous contact with gas and water. The commonly used corrosion inhibitors are urotropine, thiourea, o-xylene thiourea, ruthenium, industrial xylene thiourea, and so on. Huge focus on organic chemicals due to increasing environment stress has opened up new opportunities in the market segment.
As many industries were shutdown corrosion inhibitor market had a negative impact as a result of pandemic. The supply & demand was lowered leading to restricted to revenue generation. The pandemic had a strong and adverse impact on various end user industries of corrosion inhibitors. The impact on this sector will not be restrained for long period as the industry is already opening up and there is a demand for maintenance of devices, metals to ensure their performance. Coating chemicals, post lockdown evidenced an increase of 2.7 % of chemical production in 2020.
The Asia Pacific accounts for the largest share of 37% in 2020 followed by Europe and North America. The factors such as climatic change, over voltage, physical property of materials play a key role in increase in usage of corrosion inhibitors across the globe. The metal segment remains the key end user segment. The growth in industrialization is the key growth factor ensuring market growth in various sectors.
Some global market players include Nouryon, Cortec Corporation, Henkel Ibérica, BASF SE, Dow, QED Chemicals Ltd, Ecolab, Kurita Water Industries Ltd, Eastman Chemical Company, Ashland INC, Air products & chemicals INC, GE Water & process technologies. The key strategy includes offering innovative and sustainable solutions and strengthening of portfolio with respect to organic chemicals.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Corrosion Inhibitor market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
