Corrosion Inhibitors Market to Grow at 4.11% CAGR Through 2028
Growing demand from
agriculture industries and the paint & coating sector to drive the demand
for the global corrosion inhibitors market in the forecast period, 2023-2028.
According to TechSci Research report, “Corrosion Inhibitors Market- – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global corrosion inhibitors market stood at USD8487.86 million in
2022 and is anticipated to increase at CAGR of4.11% in the forecast period,
2024-2028. Increasing
demand for the water treatment system and from the oil & gas sector is the
primary factor driving the market's share of corrosion inhibitors. Due to its
multifunctional capabilities, the demand for corrosion inhibitors from metal
processing is rising as it provides resistance to corrosion and can enhance the
metal lifecycle. The shift towards substitute products, high costs associated
with research & development, and strict environmental regulations restrain
the corrosion inhibitors market growth.
In thermal power stations, significant
volumes of water is needed to keep their machine in working condition. Thus,
the issues with biological fouling, sludge formation, salt deposits, and
corrosion on functioning surfaces of heat-generating equipment. According to
the world resources institute, there are almost 399 such thermal power plants
where the need for corrosion inhibitors is rising. Thus, the global corrosion
inhibitors market demand is expected to rise in the projected period.
Browse over 137 market
data Figures spread through 222 Pages and an in-depth TOC on "Corrosion Inhibitors Market"
The global corrosion
inhibitors market is segmented based on composition, type, and end user.
Based on the composition,
the market is divided into organic and inorganic. The organic segment will hold
the largest market share and is expected to rise with 4.58% CAGR till 2028.
They have high water densities, are cheap, and are in a wide range of
temperatures suitable with protected materials. They generate an electrochemical
protective coating on metal surfaces to lower the corrosion rate. In addition,
the rising number of oil & gas and power generation projects are propelling
the demand for organic corrosion inhibitors are also expected to increase and
dominate the segment significantly.
Based on type, the market is
divided into water-based, oil-based, and vapor corrosion inhibitors. The
water-based segment will hold the largest market share and expected to grow
with 4.27% CAGR through 2028. The interface's anode, cathode, and neutral
portions form a protective coating sheet as water corrosion inhibitors. In the
presence of oxygen, this coating consistently shields the surface from chemical
and electrochemical corrosion. Owing to its environmentally friendly and effective
nature than its competitor, it is more demanded in different applications in
the water-based corrosive inhibitors market, such as cooling towers, water
treatment systems, and boilers. This led to water-based corrosive inhibitors
dominating the market.
Based on application, the
market is divided into power generation, oil & gas, pulp & paper,
metals processing, chemicals, and others. The oil & gas segment is expected
to fastest growing market with 5.26% CAGR till 2028. The oil and gas sector's
transmission system are the core on which the movement of unrefined and
reformulated petroleum depend. However, it is entirely impossible to avoid
continuously exposing the pipeline surfaces to contaminants and agents of
corrosion like Sulphur and chromate. As it provides safety from corrosion
protection of metallurgical equipment, the need for corrosive inhibitors is
high. Apart from these, growing economies and rising projects propel the demand
for oil & gas in the segment.
Major companies operating
in global corrosion inhibitors market are:
- Nouryan Chemicals Holdings B.V.
- BASF SE
- The Dow Chemicals Company
- Ecolab, Inc.
- Lanxess AG
- Cortec Corporation
- Ashland Global Holdings, Inc
- The Lubrizol Corporation
- Henkel AG & Co. KGaA
- DuPont de Nemours, Inc.
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“Globally, growing demand for corrosion
inhibitors for water treatment and from application for providing corrosion
resistance to their final product. Ongoing R&D activities and government
projects such as water treatment plants and metal processing are propelling the
global corrosion inhibitors market demand. In addition, growing demand from end-user
industries, including power generation, oil & gas, pulp & paper, metals
processing, chemicals, and others, are propelling the market share and creating
favorable conditions to drive the global corrosion inhibitors market growth
till 2028." said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Corrosion Inhibitors
Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Composition (Organic, Inorganic),
By Type (Water based, Oil based, Vapor Corrosion Inhibitors), By Application (Power
Generation, Oil & Gas Refinery, Metalwork & Mining, Automotive
Coolants, Lubricants & Fuels, Chemical Processing, Desalination Plant,
Paper & Pulp), By Company,
By Region and By Competition, has evaluated the future growth
potential of global corrosion inhibitors market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in global corrosion inhibitors market.”
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