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Global Corrosion Inhibitors Market Insight January 30, 2022 Comments

The Corrosion Inhibitors is forecast to fast increase over the next few years.According to the WK-chem Research “Global Corrosion Inhibitors Professional Survey Report 2022, Forecast to 2027″, Corrosion inhibitor is a chemical compound that, when added to a liquid or gas, decreases the corrosion rate of a material, typically 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, and flow regime. Corrosion inhibitors are common in industry, and also found in over-the-counter products, typically in spray form in combination with a lubricant and sometimes a penetrating oil. They may be added to water to prevent leaching of lead or copper from pipes.The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 4.9 % base on WK-chem Research regression analysis model.

Analysts’ Viewpoint:

” Growing concerns about the environmental and health effects of chemicals have led to stringent regulatory restrictions on corrosion inhibitor manufacturers. Manufacturers are advised to choose non-toxic alternatives. And research and develop new technologies, which also brings opportunities for new entrants with new technologies.” Said Lisa , Senior analyst, Chemical industry Market Research Center in WK-chem Research.

Market insight:

The cost incurred on end-use industries due to corrosion is an important factor driving the demand for corrosion inhibitors. Total costs of corrosion include the design & construction or manufacturing, the cost of corrosion-related maintenance, repair & rehabilitation, and the cost of depreciation or replacement of structures damaged due to corrosion. These costs vary from industry to industry. According to NACE International (National Association of Corrosion Engineers), the annual cost of corrosion to the oil & gas industry in the US alone is estimated at USD 27 billion. The costs can be reduced by the broader application of corrosion-resistant materials and the application of corrosion-related technical practices. Corrosion inhibitors suppress or mitigate the corrosion process of metals. They protect the metals or alloys by acting as a barrier by forming an absorbing layer or by retarding the cathodic, anodic processes causing corrosion. The use of corrosion inhibitors in these industries lowers the maintenance and repair costs, extends the useful life of the equipment, and reduces the production loss from corrosion damage. This directly reduces the corrosive costs and drives the market for corrosion inhibitors.
The primary factors inhibiting the growth of the corrosion inhibitor market are the stringent environmental legislation. The increasing concern regarding the impact of chemicals on the environment and health has led to stringent regulatory constraints for corrosion inhibitors manufacturers. Currently, the manufacturers of corrosion inhibitors are encouraged to opt for non-toxic alternatives. The property of the non-toxic corrosion inhibitors formulations to perform under severe conditions makes it difficult for the manufacturers to provide a replacement for standard formulations. For instance, an alternative in the oil & gas industry has been zinc phosphate. Although effective, this inhibitor does not match the performance of chromate complexes like hexavalent chromium. This chemical is known for causing cancer in humans and animals, as per the United States Department of Labor.

Competition Landscape:

This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Corrosion Inhibitors companies that include Nouryon, Henkel, The Lubrizol, BASF SE , Ecolab Inc., Solenis LLC , Baker Hughes, Lonza, The Dow Chemical Company, and Suez S.A.

Segmentation of Corrosion Inhibitors Market:

On the basis of type, the market is bifurcated into Organic, Inorganic. The organic inhibitor is the fastest and the largest growing market during the forecast period. They are effective at a wide range of temperature, have good solubility with water, low cost and compatible with protected materials. These compounds include the presence of oxygen, nitrogen, or sulfur atoms as double bonds. The lone pair electrons of atoms facilitate the adsorption process. The process is neither physical nor purely chemical adsorption. Adsorption is influenced by the organic inhibitor’s chemical structure, nature & surface charge, distribution of charge in the molecule, and type of aggressive media.Based on Application, the market is bifurcated into Power Generation, Oil & Gas, Metal & Mining, Pulp & Paper, Utilities, Chemical. The Oil & Gas is the fastest and the largest growing market during the forecast period. Due to their vastness, the oil & gas industry has a significant impact on a country’s GDP. This industry requires a variety of equipment, such as pipelines, vessels, and subsea equipment, for routine operations. In the oil & gas industry corrosion inhibitors are used in various application areas, namely, exploration & production, transportation & storage, refining & petrochemical.

Corrosion Inhibitors Market: Regional Analysis

In terms of geography, the Global Corrosion Inhibitors Market is classified into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is the fastest-growing region for the corrosion inhibitor market. The growth in demand for water treatment chemicals in the region can be largely attributed to factors such as high population, increasing industrial growth, and growing concern for the environment. Moreover, the rising number of end-use industries in the region is also leading to innovations and developments in the field of corrosion inhibitor, thereby fueling the growth of the Asia Pacific water treatment chemicals market.

Cagr: 4.9 %
Largest share area:Asia Pacific

Largest share country:China
Product Type:Organic, Inorganic
Application:Power Generation, Oil & Gas, Metal & Mining, Pulp & Paper, Utilities, Chemical
Leading Company:Nouryon, Henkel, The Lubrizol, BASF SE , Ecolab Inc.