Global Corrosion Inhibitor Market: Industry Analysis and Forecast 2021-2027

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Global Corrosion Inhibitor Market is anticipated to reach US$ 10.20 Bn by 2027 from US$ 7.70 Bn in 2019 at a CAGR of 4.8% during a forecast period.
Global Corrosion Inhibitor Market Overview

Corrosion inhibitors are chemical substances that prevent or slow the corrosion of metals or alloys on their exposed surfaces. Corrosion inhibitors come in a variety of forms, including solid, liquid, powder, and gaseous. Corrosion inhibitors are used in a variety of industries, including pulp and paper, oil and gas, water and wastewater treatment, refineries, and more.

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The report has covered the market trends from 2015 to forecast the market through 2027. Where 2019 is considered a base year to forecast the market from 2021 to 2027. However, 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe.
Global Corrosion Inhibitor Market Dynamics

The Rising demand for non-toxic corrosion inhibitors in various sectors such as automotive, aerospace, and power generation has led to the growth of the market over the forecast period. Corrosion inhibitors work to protect the material against air moisture and harsh weather by forming a protective layer on the surface. As a result of the increasing need for corrosion inhibitors, fuel costs for oil and gas have risen globally.

The substantial expansion of the construction industry worldwide is expected to drive the sales volume of global corrosion inhibitors throughout the forecast period. The common application for a product is the covering of construction materials such as steel and steel bars, bolts, nuts, and metal components. The usage of the product enables the material to withstand corrosion produced by air humidity and tough climatic conditions that increase the life and durability of the product. Similarly, the market is expected to provide significant potential for corrosion inhibitors through shale gas growth, an increase in power generation facilities, and water treatment methods.

The global corrosion inhibitors market is strictly controlled and regulated by environmental regulations, particularly in terms of disposal and human exposure. For example, increased product consumption leads to the disposal of hazardous raw materials such as chromium, zinc, and phosphorous utilized in the industry. This is expected to hinder the global market growth during the forecast period.
Global Corrosion Inhibitor Market Segmentation Analysis

By Compound, The organic segment held the largest market share of 73.8 percent in 2019. They have high water densities, are cheap, and are in a wide range of temperatures suitable with protected materials. They generate an electrochemical protective coating on metal surfaces to lower the corrosion rate.

By Type, in 2019, water-based corrosion inhibitors accounted for 69.8% of the market. Water-based corrosion inhibitors are mostly used in industrial and municipal environments because no compounds are permitted for use in treatment with drinking water. Often across several end-use industries, these inhibitors are used in cooling towers and boilers.
Global Corrosion Inhibitor Market Regional Insights

The Asia Pacific is the fastest-growing market during the forecast period, holding its largest market share of 36.3 percent in 2019. The rising need for water-treatment chemicals in the region may be ascribed to factors including high population, industrialization, and growing environmental concern. The region's developing countries, particularly India and China, are expected to contribute to the growth of the market during the forecast period.

Europe is one of the major users of corrosion inhibitors due to large drug use in industrial fields such as sugar and ethanol and petrochemical production. Water treatment concerns in Europe play a critical part in corrosion control activities, as well as preserving the operational integrity of heat transfer equipment and decreasing the negative impact on process unit energy efficiency.
Global Corrosion Inhibitor Market Scope: Inquire before buying

Global Corrosion Inhibitor Market
Global Corrosion Inhibitor Market by Region

• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Corrosion Inhibitor Market Key Players

• BASF SE
• Ashland Inc
• AkzoNobel N.V.
• Champion Technologies
• Dai-Ichi Karkaria Ltd
• Ecolab, Inc
• Lubrizol Corporation
• Cytec Industries Inc
• Akzo Nobel NV
• DuPont de Nemours Inc
• Evonik Industries AG
• General Electric Co
• Israel Chemicals Ltd
• Schlumberger Ltd
• Solvay SA
Frequently Asked Questions

1. What is the projected market size & growth rate of the Global Corrosion Inhibitor Market?
Ans- Corrosion Inhibitor Market was valued at USD 7.70 billion in 2019 and is projected to reach USD 10.20 billion by 2027, growing at a CAGR of 4.8% during the forecast period.

2. What are the key driving factors for the growth of the Global Corrosion Inhibitor Market?
Ans- The Rising demand for non-toxic corrosion inhibitors in various sectors such as automotive, aerospace, and power generation has led to the growth of the market over the forecast period. The substantial expansion of the construction industry worldwide is expected to drive the sales volume of global corrosion inhibitors throughout the forecast period.

3. Which region accounted for the largest Global Corrosion Inhibitor Market share?
Ans- The Asia Pacific is the fastest-growing market during the forecast period, holding its largest market share of 36.3 percent in 2019. The rising need for water-treatment chemicals in the region may be ascribed to factors including high population, industrialization, and growing environmental concern.

4. What makes Europe a Lucrative Market for the Global Corrosion Inhibitor Market?
Ans- Europe is one of the major users of corrosion inhibitors due to large drug use in industrial fields such as sugar and ethanol and petrochemical production. Water treatment concerns in Europe play a critical part in corrosion control activities, as well as preserving the operational integrity of heat transfer equipment and decreasing the negative impact on process unit energy efficiency.

5. What are the top players operating in the Global Corrosion Inhibitor Market?
Ans- The major players operating in the Corrosion Inhibitor market include BASF SE, Ashland Inc, AkzoNobel N.V., Champion Technologies, Dai-Ichi Karkaria Ltd, Ecolab, Inc, Lubrizol Corporation, Cytec Industries Inc, Akzo Nobel NV, and DuPont de Nemours Inc.

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