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.
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.
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.
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.
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.
This research report presents the analysis of each segment from 2021 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period of 2021 to 2029.
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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 research report presents the analysis of each segment from 2021 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period of 2021 to 2029.
Key questions answered in this report
- What are the key market segments in current scenario and in the future by product categories?
- What are the key market segments in current scenario and in the future by regions?
- What is the key impact of Covid-19 over market revenues and market determinants in the Corrosion Inhibitor Market?
- What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
- What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
- How to overcome the current market challenges and leverage the opportunities in each of the market segment?
- Who are the key players in the Corrosion Inhibitor market and what are their key product categories and strategies?
- What are the key strategies - mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?
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Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 CI Market, By Product
Chapter 5 CI Market, By Based
Chapter 6 CI Market, By Application area
Chapter 7 North America CI Market Analysis
Chapter 8 Europe CI Market Analysis
Chapter 9 Asia Pacific CI Market Analysis
Chapter 10 Rest of the World CI Market Analysis
Chapter 11 Company profiles
Companies Mentioned
- 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.
