Corrosion Inhibitors Market Analysis

Corrosion Inhibitors Market Overview

The Corrosion Inhibitors Market Size was valued at USD 8.44 Billion in 2023. The corrosion inhibitors industry is projected to grow from USD 8.79 Billion in 2024 to USD 12.22 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2024 - 2032). Manufacturers of electrical parts use corrosion inhibitors because these special chemicals keep production conduits and/or completion systems from corroding.

There are many ways that corrosion inhibitors can enter these items and systems. They can either be regularly injected through a downhole injection hole or they can be squeezed into a matrix. These inhibitors will mix with other fluids. Many companies in a variety of industries use corrosion inhibitors in their daily operations. These industries include power, mining, oil and gas, petrochemicals, paper, and many companies that protect the environment.

January 2022

Emerald Performance Materials has put four chemical factories in Henry, Illinois, up for sale. Previously, the processing and manufacturing units were used to produce antioxidants, accelerators, and specialty chemicals utilized in tyre manufacture and other rubber and elastomer industry applications. Emerald's operations were officially halted in September of last year, following the company's acquisition by the New York-based private equity firm American Securities LLC. In addition, a 4,000-square-foot production facility is for sale. The plant generated aqueous solutions utilized as corrosion inhibitors, binding agents, chemical intermediates, processing aids, and dyes.

COVID-19 analysis

COVID-19 is a unique and new virus that has interesting properties. The fact that it can make some of those who get it very ill and even kill a few people makes most people want to avoid exposure to it. That’s why many people have been working remotely, practicing social distancing, and prefer to shop online (to avoid physical contact as much as possible!) Indeed, COVID-19 is sending the world hurtling toward the isolation that characterizes the digital world.

Governments realized that COVID-19 was a dangerous virus early on. That’s why they imposed lockdowns and quarantines immediately after the COVID-19 became more than just another global nuisance. These were temporary because they were not very effective. In any case, many companies in many industries around the world were negatively affected. They were forced to either halt production at least temporarily or dramatically scale back production. Many businesses were forced to close down permanently because of this.

The companies in the corrosion inhibitors industry were no exception. Many of these companies were forced to either halt production, at least temporarily or dramatically scale it back. This was because most of their customers were doing the same.

August 2022

The COVID-19 outbreak affected various sectors, especially the mining and energy sectors. However, a few companies remained steady in their growth in the corrosion inhibitors industry. For instance, PECOM, a company that develops solutions and services for the energy and mining industry, started up its new laboratory at its base in Tocancipá (Cundinamarca) to expand its chemical products in the Andean region. 

With an investment of USD 345,000, the brand-new laboratory has modern equipment such as Sparge Beaker and LPR that evaluates corrosion rates under dynamic conditions with CO2 gas, to develop products in the case of corrosion inhibitors; In addition, this equipment is complemented by linear polarization probes (LPR).

Competitive landscape

The global corrosion inhibitors industry is competitive and fragmented. What accounts for this is the fact that there are few barriers to entry. This is encouraging many new companies to enter the industry every year. Companies find that they have to invest heavily in research and development, merge with and acquire other companies, and enter into strategic partnerships with other successful companies to create a sustainable competitive advantage.

Cortec Corporation is a major American player in the global corrosion inhibitors industry. It has become an industry leader by creating a sustainable competitive advantage through intensive investments in research and development.

List of companies

• Cortec Corporation (US),


• Air Products & Chemicals Inc. (US),


• ICL Advanced Additives (US),


• Ashland (US),


• Henkel AG & Co. (Germany),


• KGaA, Ecolab (US),


• Akzo Nobel NV (Netherlands),


• Solvay (Belgium),


• DowDupont (US),


• Ganesh Benzoplast Limited (India),


• ACURO ORGANICS LIMITED (India), and


• Chemtex Speciality Limited (India).

Market dynamics

Drivers

The water treatment industry has the greatest demand for corrosion inhibitors. In fact, it’s been dramatic growth in the water treatment industry that’s been driving immense demand (and hence growth) in the corrosion inhibitors industry. Sources of fresh and clean drinking water are becoming scarce around the world. This along with the fact that governments are becoming stricter with the ways in which industries can dispose of their wastewater is driving tremendous growth in the corrosion inhibitors industry.

Many water treatment plant managers find that municipal pipes don’t corrode as much if corrosion inhibitors are used to treat the insides of these pipes. Corrosion inhibitors can help many companies in the oil and gas industry reuse wastewater from other industries.

Opportunities

There are many opportunities emerging in the global corrosion inhibitors industry. One of these is the growing preference for industries around the world to use environmentally friendly corrosion inhibitors as opposed to more traditional ones. This is prompting many companies in the global corrosion inhibitors industry to try to do lots of research and development in the attempt to try to come up with a new generation of green corrosion inhibitors that have more innovative uses and applications and don’t harm the environment nearly as much.

Restraints

Corrosion inhibitors last for a long time. They also don’t perform well when subjected to high temperatures. These factors and more are expected to contribute to a gradual decline in demand for them.

Challenges

Perhaps the greatest challenge that companies in the corrosion inhibitors industry face lie in continuing to make corrosion inhibitors that can withstand extremely high temperatures better.

May 2022

Hexigone, with their Intelli-Ion AX1 product.Intelli-Ion AX1 is a chemically smart, sustainable corrosion inhibitor based on benzotriazole (BTA) and a smart-release ion-exchange reservoir. This patented technology keeps the BTA inert in the ion-exchange reservoir until corrosion is detected. At that time and location in the coating film, the BTA is released and becomes active. In this way, the corrosion inhibitor is released exactly where corrosion is occurring and can do its job without causing incompatibilities and disruption in the coating film.

Technology analysis

Air Products and Chemicals Inc is a major American player. It has become an industry leader by investing heavily in research and development. This allowed it to develop and market a new generation of corrosion inhibitors that are greener and have more useful and innovative applications and uses. The company can also justify selling these for a higher price.

Segment overview

By product

The global corrosion inhibitors industry can be grouped into the following sub-segments by-product:

• Organic


• Inorganic

The organic sub-segment had the greatest corrosion inhibitors market share three years ago. The corrosion inhibitors market value for this sub-segment was 4,975.5 million back then. The organic sub-segment is expected to have a CAGR of 4.13% for the time period that this report covers.

Organic corrosion inhibitors are more popular in industry because of their better quality. They also prevent more corrosion and flash rusting than other corrosion inhibitors do. Organic corrosion inhibitors prevent more water damage, cause metals to blister less, and are more resistant to chemicals as well.

The inorganic corrosion inhibitors market growth rate is expected to be 4.5% for this time period.

By application

The corrosion inhibitors industry can be grouped into the following sub-segments based on application:

• Water-based


• solvent/oil-based

The water-based sub-segment has a greater market share. Its value was USD 4,900.1 million in 2018. All industries need more water treatment chemicals. This is what’s largely been attributed to its growth. Some of these industries include power generation, metalworking, and oil and gas. It’s CAGR is expected to be 3.6% for the time period that this report covers.

By end-user industry

The corrosion inhibitors industry can be grouped into the following sub-segments based on end-user industry:

• Power generation


• Oil and gas


• Chemicals processing


• Metals processing


• Others

The power-subsegment had the largest corrosion inhibitors market share three years ago. It’s CAGR is expected to be 5.1% for the time period that this report covers. Since power plants require a lot of treated water to operate efficiently they rely heavily on corrosion inhibitors. These ensure that the plants operate smoothly and optimally.

Power companies and plants in all nations in the world are investing more in their plants and in corrosion inhibitors. This is what’s driving the corrosion inhibitors’ growth rate. The oil and gas industries in the Asia-Pacific region is expected to be another important driver of the growth rate in this industry as well.

August 2022

MWM is introducing a new coolant for MWM gas and diesel engines to the market. MWM Antifreeze Advanced is a silicate-free high-performance coolant with inhibitor technology for reliable frost and corrosion protection. The new coolant is suitable for all MWM gas engine series and plant configurations and can easily be refilled during maintenance work.

The corrosion protection inhibitors are not consumed during operation and thus enable a long useful life of the coolant. As MWM Antifreeze Advanced is a ready-to-use mixture, the coolant always has the right inhibitor and glycol concentration. This prevents incorrect dosing.

Regional analysis

The corrosion inhibitors industry can be grouped into the following regions:

• Asia-Pacific


• The European Union


• North America


• Latin America


• The Middle East and North Africa


• The rest of the world

The Asia-Pacific region had the largest corrosion inhibitors market share of all of the regions in the world in 2018. The market value for this region back then was USD 3,142.1 million. The oil and gas industry is growing in most Asian nations. Most companies and governments in this region are investing heavily in this industry. The corrosion inhibitors market growth rate is projected to be 5.3% for the time period that this report covers.

The middle classes are growing rapidly in most nations in this region largely because of increased and rapid economic growth. The result has been a sudden and dramatic increase in demand for various petroleum, fuel, and energy products for use in various industries and applications.

Because these industries generate a lot of wastewater there is going to be an increased demand for corrosion inhibitors to treat this wastewater. This results in many opportunities and lucrative markets for companies in the corrosion inhibitors industry to sell to in the near and long term future. China had the largest corrosion inhibitors market share in the region in 2018.

The European Union is projected to have a CAGR of 2.7% until 2025. What’s driving growth in this region is the growing number of national regulations against wastewater discharge. This has led many companies to use reverse osmosis membranes and other mechanisms to recycle and reuse wastewater.

The North American region is expected to have a CAGR of 3% for the time period that the report covers. The American market alone accounted for 80.6% of all of the revenue that the North American market generated for the global corrosion inhibitors industry. What has accounted for this is the dramatic increase in shale gas extraction in North America. This requires a lot of water to do.

Latin American, the Middle East, and North Africa, and the rest of the world are all urbanizing and developing rapidly. This is what is accounting for a CAGR of 5% for the time period of this report.

June 2022

Suprabha Protective Products Pvt Ltd (India) an eco-friendly and sustainable Corrosion Prevention Partner, is set to launch its brand-new Monsoon Packaging System to prevent accelerated Corrosion during the Monsoons in India.

Utilizing the Suprabha Organic Vapour Corrosion Inhibition Technology Integrated Monsoon Packaging System, organizations will now be able to minimize the rate of rejection and consequent losses caused by the Drying and Wetting Cycle prevalent in the Indian sub-continent during the Monsoon.

Recent developments

June 2024: BASF, a leading chemicals company, has launched a new line of environmentally friendly anti-rust products targeting the auto and manufacturing sectors. While conforming to harsh environmental rules, these innovative offerings by BASF have been designed to provide superior protection. The adoption of this new range by BASF will considerably reduce the impact of corrosion prevention on the environment across various applications.

May 2024: AkzoNobel revealed its new type of marinized corrosion inhibitors. The present breed is programmed to yield increased security against hostile sea surroundings where ships and offshore installations are meant to last much longer. This measure is part of AkzoNobel’s sustainable growth strategy.

April 2024: Henkel brought in a new type of anti-rust agent that was compatible with its entire range of industrial lubricants. It is a fresh addition aimed at ensuring durable industrial machines with minimal maintenance by offering excellent rust-prevention properties in extreme situations. Henkel’s innovation efforts continue to lead to progress in industrial maintenance solutions.

In February 2024, PPG Industries launched yet another line of coatings resistant to corrosion that also contain advanced inhibitors. For instance, they are ideal for defense and aerospace applications where there is a need for high-performance anti-corrosion coatings. The longevity and effectiveness of PPG’s newest introductions are projected to surpass existing benchmarks by far.

January 2024: Dow Chemical announced a strategic alliance with one petroleum exploration company aiming at developing more powerful corrosion inhibitors for pipelines. This partnership aims to better safety and productivity in pipeline operations by amalgamating cutting-edge Dow’s chemicals with industry know-how.

December 2023: Sherwin-Williams has recently brought out a new series of protective coatings designed for infrastructure applications. For instance, these coatings are anticipated to offer strong corrosion protection and boost the lifespan of bridges, tunnels and other important infrastructure elements in harsh surroundings.