corrosion-inhibitor-market

Corrosion Inhibitor Market by Product (Organic, Inorganic), by Based on (Oil based, Water based), by Application (Metal industry, Chemical industry, Oil and Gas industry, Water treatment, Construction), by Covid-19 impact (Pre Covid-19 situation, Post Covid-19 situation) - Growth, Share, Opportunities and Competitive Analysis, 2021 – 2029

19 Jul 2021 Format PDF icon PPT icon XLS icon Request Sample

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.

Corrosion Inhibitor Market

Organic Chemicals Drive the Market Growth

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.

Market is Currently Recovering Post Lockdown Impact

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.

Asia Pacific Continues To Dominate in its Revenue Contribution

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.

Key Players

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:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Corrosion Inhibitor market and their expected impact during the forecast period.

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
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Product
  • Organic
  • Inorganic

Based
  • Oil based
  • Water based

Application
  • Metal industry
  • Chemical industry
  • Oil and Gas industry
  • Water treatment
  • Construction

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Corrosion Inhibitor market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Corrosion Inhibitor market?
  • Which is the largest regional market for Corrosion Inhibitor market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Corrosion Inhibitor market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Corrosion Inhibitor market worldwide?
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