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Corrosion Inhibitor Market to Grow at a CAGR of 4.5%

According to a new market report published by Acute Market Reports Corrosion Inhibitors Market – Growth, Future Prospects and Competitive Analysis, 2019-2029,” The Corrosion Inhibitor Market is expected to expand at a CAGR of 4.5 % from 2021 to 2029.

Browse the full Global Corrosion Inhibitors Market by Product Type, Application, End-Use Industry and Geography – Growth, Future Prospects & Competitive Analysis, 2019 – 2029 report at https://www.acutemarketreports.com/report/corrosion-inhibitor-market

Corrosion inhibitors are chemical substances that, when added in small amounts to the environment in which a metal would corrode, will reduce, slow down or prevent corrosion of the metal. Most of fundamental adsorption and oxidation inhibitors were developed by the 1950s while precipitation inhibitors were mainly thereafter. The key application areas include metal, chemical, oil and gas, water treatment, construction sectors. The metal industry and chemical industry are showing positive trend currently and in the future. The annual global cost of corrosion is $2.5 trillion, equivalent to roughly 3.4% of the world’s gross domestic product. Implementing corrosion prevention best practices is expected to result in global savings of 15-35% of that cost, or $375-$875 billion. Among the various methods to avoid or prevent corrosion or degradation of metal surface, the corrosion inhibitor is one of the best known methods of corrosion protection and it also cost saving.

There are many industrial systems and commercial applications where inhibitors are used such as cooling systems, refinery units, pipelines, chemicals, oil & gas production units, boilers & water processing, paints, pigments, lubricants & so on. Since years 1950’s & 1960’s, there was significant advances in the development of technology for corrosion inhibitor as the application of electrochemistry to evaluate corrosion inhibitors. In association with the World Corrosion Organization (WCO), the Chinese Society of Corrosion and Prevention (CSCP) and the European Federation of Corrosion (EFC) have collaborated to create an international award to celebrate outstanding achievement in raising public awareness of corrosion. The Asia Pacific accounts to the largest share of 37% in 2020 followed by Europe and North America. The growth in industrialization is the key growth factor ensuring the market growth in various sectors.

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.

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.v 

Key Market Movements:

  • Corrosion Inhibitor market is developing significantly with an expected CAGR of 4.5% from 2021 – 2029.
  • Advancement in inhibitor quality & technology are the key growth factors.
  • Metal industry dominates the application segment.
  • Covid-19 had a negative impact on the production, sales and revenue generation  
  • Asia Pacific gained the largest share in 2020, followed by Europe & North America in the market.
  • Key players in this industry 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.

Corrosion Inhibitor Market is segmented into: 

ATTRIBUTEDETAILS
Research Period 2019-2029
Base Year 2020
Forecast Period2021-2029
Historical Year2019
UnitUSD Million
Segmentation Product Segment (2019-2029; US$ Mn)
 Base segment(2019-2029; US$ Mn)
 Application area Segment ( 2019-2029; US$ Mn)
 Region Segment (2019-2029; US$ Mn)
 Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

 *Detailed Segments are available on the report page

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