Global Corrosion Inhibitors Market Research Report: Information by Product (Organic and Inorganic), Application (Water-Based and Solvent/Oil-Based), End-Use Industry (Power Generation, Oil & Gas, Chemical Processing, Metal Processing and others) and Region (North America, Europe, Asia-Pacific and Rest of World) - Forecast till 2030

Corrosion Inhibitors Market Overview

The CAGR for the corrosion inhibitors industry is projected to be 4.2% by 2030 . The corrosion inhibitors market value is expected to be USD 7,619.9 million by then. Manufacturers of electrical parts use corrosion inhibitors because these special chemicals keep production conduits and/or completion systems from corroding.

There are many ways that corrosion inhibitors can enter these items and systems. They can either be regularly injected through a downhole injection hole or they can be squeezed into a matrix. These inhibitors will mix with other fluids. Many companies in a variety of industries use corrosion inhibitors in their daily operations. These industries include power, mining, oil and gas, petrochemicals, paper, and many companies that protect the environment.

COVID-19 analysis

COVID-19 is a unique and new virus that has interesting properties. The fact that it can make some of those who get it very ill and even kill a few people makes most people want to avoid exposure to it. That’s why many people have been working remotely, practicing social distancing, and prefer to shop online (to avoid physical contact as much as possible!) Indeed, COVID-19 is sending the world hurtling toward the isolation that characterizes the digital world.

Governments realized that COVID-19 was a dangerous virus early on. That’s why they imposed lockdowns and quarantines immediately after the COVID-19 became more than just another global nuisance. These were temporary because they were not very effective. In any case, many companies in many industries around the world were negatively affected. They were forced to either halt production at least temporarily or dramatically scale back production. Many businesses were forced to close down permanently because of this.

The companies in the corrosion inhibitors industry were no exception. Many of these companies were forced to either halt production, at least temporarily or dramatically scale it back. This was because most of their customers were doing the same.

Competitive landscape

The global corrosion inhibitors industry is competitive and fragmented. What accounts for this is the fact that there are few barriers to entry. This is encouraging many new companies to enter the industry every year. Companies find that they have to invest heavily in research and development, merge with and acquire other companies, and enter into strategic partnerships with other successful companies to create a sustainable competitive advantage.

Cortec Corporation is a major American player in the global corrosion inhibitors industry. It has become an industry leader by creating a sustainable competitive advantage through intensive investments in research and development.

List of companies

• Cortec Corporation (US),


• Air Products & Chemicals Inc. (US),


• ICL Advanced Additives (US),


• Ashland (US),


• Henkel AG & Co. (Germany),


• KGaA, Ecolab (US),


• Akzo Nobel NV (Netherlands),


• Solvay (Belgium),


• DowDupont (US),


• Ganesh Benzoplast Limited (India),


• ACURO ORGANICS LIMITED (India), and


• Chemtex Speciality Limited (India).

Market dynamics

Drivers

The water treatment industry has the greatest demand for corrosion inhibitors. In fact, it’s been dramatic growth in the water treatment industry that’s been driving immense demand (and hence growth) in the corrosion inhibitors industry. Sources of fresh and clean drinking water are becoming scarce around the world. This along with the fact that governments are becoming stricter with the ways in which industries can dispose of their wastewater is driving tremendous growth in the corrosion inhibitors industry.

Many water treatment plant managers find that municipal pipes don’t corrode as much if corrosion inhibitors are used to treat the insides of these pipes. Corrosion inhibitors can help many companies in the oil and gas industry reuse wastewater from other industries.

Opportunities

There are many opportunities emerging in the global corrosion inhibitors industry. One of these is the growing preference for industries around the world to use environmentally friendly corrosion inhibitors as opposed to more traditional ones. This is prompting many companies in the global corrosion inhibitors industry to try to do lots of research and development in the attempt to try to come up with a new generation of green corrosion inhibitors that have more innovative uses and applications and don’t harm the environment nearly as much.

Restraints

Corrosion inhibitors last for a long time. They also don’t perform well when subjected to high temperatures. These factors and more are expected to contribute to a gradual decline in demand for them.

Challenges

Perhaps the greatest challenge that companies in the corrosion inhibitors industry face lie in continuing to make corrosion inhibitors that can withstand extremely high temperatures better.

Cumulative growth analysis

The CAGR for the corrosion inhibitors industry is projected to be 4.2% during the time period that this report covers. The corrosion inhibitors market value for this time period is expected to be USD 7.619.9 million.

Technology analysis

Air Products and Chemicals Inc is a major American player. It has become an industry leader by investing heavily in research and development. This allowed it to develop and market a new generation of corrosion inhibitors that are greener and have more useful and innovative applications and uses. The company can also justify selling these for a higher price.

Segment overview

By product

The global corrosion inhibitors industry can be grouped into the following sub-segments by-product:

• Organic


• Inorganic

The organic sub-segment had the greatest corrosion inhibitors market share three years ago. The corrosion inhibitors market value for this sub-segment was 4,975.5 million back then. The organic sub-segment is expected to have a CAGR of 4.13% for the time period that this report covers.

Organic corrosion inhibitors are more popular in industry because of their better quality. They also prevent more corrosion and flash rusting than other corrosion inhibitors do. Organic corrosion inhibitors prevent more water damage, cause metals to blister less, and are more resistant to chemicals as well.

The inorganic corrosion inhibitors market growth rate is expected to be 4.5% for this time period.

By application

The corrosion inhibitors industry can be grouped into the following sub-segments based on application:

• Water-based


• solvent/oil-based

The water-based sub-segment has a greater market share. Its value was USD 4,900.1 million in 2018. All industries need more water treatment chemicals. This is what’s largely been attributed to its growth. Some of these industries include power generation, metalworking, and oil and gas. It’s CAGR is expected to be 3.6% for the time period that this report covers.

By end-user industry

The corrosion inhibitors industry can be grouped into the following sub-segments based on end-user industry:

• Power generation


• Oil and gas


• Chemicals processing


• Metals processing


• Others

The power-subsegment had the largest corrosion inhibitors market share three years ago. It’s CAGR is expected to be 5.1% for the time period that this report covers. Since power plants require a lot of treated water to operate efficiently they rely heavily on corrosion inhibitors. These ensure that the plants operate smoothly and optimally.

Power companies and plants in all nations in the world are investing more in their plants and in corrosion inhibitors. This is what’s driving the corrosion inhibitors’ growth rate. The oil and gas industries in the Asia-Pacific region is expected to be another important driver of the growth rate in this industry as well.

Regional analysis

The corrosion inhibitors industry can be grouped into the following regions:

• Asia-Pacific


• The European Union


• North America


• Latin America


• The Middle East and North Africa


• The rest of the world

The Asia-Pacific region had the largest corrosion inhibitors market share of all of the regions in the world in 2018. The market value for this region back then was USD 3,142.1 million. The oil and gas industry is growing in most Asian nations. Most companies and governments in this region are investing heavily in this industry. The corrosion inhibitors market growth rate is projected to be 5.3% for the time period that this report covers.

The middle classes are growing rapidly in most nations in this region largely because of increased and rapid economic growth. The result has been a sudden and dramatic increase in demand for various petroleum, fuel, and energy products for use in various industries and applications.

Because these industries generate a lot of wastewater there is going to be an increased demand for corrosion inhibitors to treat this wastewater. This results in many opportunities and lucrative markets for companies in the corrosion inhibitors industry to sell to in the near and long term future. China had the largest corrosion inhibitors market share in the region in 2018.

The European Union is projected to have a CAGR of 2.7% until 2025. What’s driving growth in this region is the growing number of national regulations against wastewater discharge. This has led many companies to use reverse osmosis membranes and other mechanisms to recycle and reuse wastewater.

The North American region is expected to have a CAGR of 3% for the time period that the report covers. The American market alone accounted for 80.6% of all of the revenue that the North American market generated for the global corrosion inhibitors industry. What has accounted for this is the dramatic increase in shale gas extraction in North America. This requires a lot of water to do.

Latin American, the Middle East, and North Africa, and the rest of the world are all urbanizing and developing rapidly. This is what is accounting for a CAGR of 5% for the time period of this report.

Recent developments