Corrosion Inhibitors Market

The global corrosion inhibitors market was valued at USD 7,350.6 million in 2017 and is expected to register a CAGR of 4.26% to reach USD 9,388.4 million by the end of 2023.

Corrosion inhibitors are chemicals added to flow pipelines, coolants, fuels, hydraulic fluids, and engine oil, among others, to prevent corrosion or to reduce the rate of corrosion, thereby improving the performance of the processing equipment. The demand for corrosion inhibitors is mainly driven by the oil & gas industry with an increase in oil & gas extraction and production activities in both developed and developing regions to meet the growing demand for energy and fuel. Additionally, the growing water treatment industry because of water scarcity and increasing regulations against wastewater disposal in the industrial sector have resulted in the increased demand for water treatment chemicals, which is expected to drive the growth of the global corrosion inhibitors market. Furthermore, the increasing use of green corrosion inhibitors based on natural plant extracts due to increased corrosion efficiency, low cost, non-toxicity, and easy production is likely to support market growth in the coming years.

However, the adoption of thermoplastics in flow pipelines in several industries due to their superior benefits including improved performance and resistance to high temperatures and corrosion is likely to reduce the demand for corrosion inhibitors and, thus, affect market growth.

The global corrosion inhibitors market has been segmented by product, application, and end-use industry. Based on product, the global corrosion inhibitors market has been segmented into organic and inorganic corrosion inhibitors. The organic corrosion inhibitors segment accounted for the larger market share and was valued at USD 4,806.6 million in 2017; it is expected to reach USD 6,092.5 million by the end of 2023. This market growth can be attributed to the increasing use due to superior benefits such as reduced uniform corrosion and flash rusting, resistance to chemicals, reduced blistering, and water resistance.

Based on application, the global corrosion inhibitors market has been segmented into water-based and solvent/oil-based corrosion inhibitors. The water-based corrosion inhibitors segment accounted for the larger share of the global corrosion inhibitors market and was valued at USD 4,711.5 million in 2017; it is expected to reach USD 6,140.4 million by the end of 2023. The use of water-based corrosion inhibitors is increasing due to various advantages such as low volatile organic compound (VOC) content, biodegradability, cost-competitiveness, and compatibility.

Based on end-use industry, the global corrosion inhibitors market has been segmented into power generation, oil & gas, metal processing, chemical processing, and others. The power generation segment accounted for the largest share of the global corrosion inhibitors market and was valued at USD 1,941.3 million in 2017; it is expected to reach USD 2,601.8 million by the end of 2023. The growing emphasis on renewable energy sources such as wind, solar, and hydropower for power generation to eliminate carbon emissions has resulted in the growth of the power generation industry, which is expected to propel the growth of the global corrosion inhibitors market in the coming years

Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific accounted for a 40% share and was valued at USD 2,998.9 million in 2017; it is expected to reach USD 4,075.5 million by the end of 2023. The growth of the regional market can be attributed to the rise in oil & gas extraction and production activities in emerging economies such as China, India, and South-East Asian nations including Thailand, Malaysia, and Indonesia. North America and Europe are the other prominent markets for corrosion inhibitors because of the growth of end-use industries such as metalworking, lubricants, and oil & gas. The markets in Latin America and the Middle East & Africa are expected to register healthy CAGRs during the review period due to industrialization and urbanization in the regions.