The proliferation of end-use industries in North America is driving innovation and advancement in corrosion inhibitor technology, propelling the corrosion inhibitors market’s growth. The United States is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) at 3.9% within the forecast period, ultimately reaching a market value of US$ 4.4 billion.
According to a recent study done by FMI, the Corrosion Inhibitors Market is anticipated to have a prodigious CAGR of 4.1% during the period of 2022-2032. The Corrosion Inhibitors Market is anticipated to reach US$ 12.4 Billion in 2032, from US$ 8.3 Billion in 2022. The market was valued at US$ 7.9 Billion in 2021 and is expected to grow with a Y-O-Y growth rate of 5.0%.
This study explains that an increase in the demand for corrosion inhibitors in various industries such as pulp & paper, chemical processing, oil & gas, petroleum, and metals to protect from corrosion has led to higher demand from emerging countries. Infrastructural development in economies such as China, India, Brazil, and South Korea, are expected to undergo infrastructural development and boost industrial activities for the growth of their economies.
Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to boost the market for corrosion inhibitors in the forthcoming years. An increase in the demand for corrosion inhibitors in various industries such as pulp & paper, chemical processing, oil & gas, petroleum, and metals to protect from corrosion has led to higher demand from emerging countries, in particular. Cooling water is the largest segment for corrosion inhibitors in the water treatment process to protect the metal machinery from the water flow.
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Key Takeaways from the Market Study
- Global corrosion inhibitors market to be valued at US$ 8.3 Billion by 2022-end
- U.S to account for the highest value share of US$ 4.4 Billion of global market demand for Corrosion Inhibitors Market in 2032
- From 2015 to 2021, corrosion inhibitors demand expanded at a CAGR of 6%
- By compound, organic corrosion inhibitors segment constitutes the bulk of Corrosion Inhibitors Market with a CAGR of 0%.
- By type, eater-based corrosion inhibitors to exhibit a CAGR of 2%.
“Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to influence the Corrosion Inhibitors Market during the forecast period,” remarks an FMI analyst.
Competitive Landscape
Players in the global Corrosion Inhibitors Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In February 2021, LANXESS signed a binding agreement to acquire 100 percent shares in Emerald Kalama Chemical on February 14, 2021. The US-based company is a globally leading manufacturer of specialty chemicals, especially for the consumer segment, and is majority-owned by affiliates of the US private equity firm, American Securities LLC.
- In August 2019, Nouryon planned to double capacity at its surfactants plant in Stenungsund, Sweden, to support the growth of several existing products as well as new sustainable technologies for markets, including oil and gas, lubricants, and fuels, and asphalt. The USD 14-million expansion and upgrade project include the installation of a new reactor and is expected to be completed by the first quarter of 2021. It will increase the production and innovation in corrosion inhibitors.
- In October 2018, SUEZ announced the signature of 19 contracts in Ecuador, Colombia, Brazil, Mexico, and Costa Rica. These contracts are part of the Group’s development drive in Latin America and the Caribbean, which account for 7% of its global turnover and represent over 7000 employees in 10 countries. With these new contracts, SUEZ strengthened its presence in water services management in large cities and developed in new markets of waste management and industrial services.
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Key Segments Covered In The Corrosion Inhibitors Market Study
Corrosion Inhibitors Market by Compound:
- Organic Corrosion Inhibitors
- Inorganic Corrosion Inhibitors
Corrosion Inhibitors Market by Application:
- Corrosion Inhibitors for Water Treatment
- Corrosion Inhibitors for Process and Product Additives
- Corrosion Inhibitors for Oil and Gas Production
Corrosion Inhibitors Market by Type:
- Water-based Corrosion Inhibitors
- Oil-based Corrosion Inhibitors
- Volatile Corrosion Inhibitors
Corrosion Inhibitors Market by End-Use Industry:
- Corrosion Inhibitors for Oil and Gas
- Corrosion Inhibitors for Power Generation
- Corrosion Inhibitors for Chemicals
- Corrosion Inhibitors for Metals Processing
- Corrosion Inhibitors for Pulp & Paper
About Future Market Insights (FMI)
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