Global Corrosion Inhibitors Industry Report 2023: Increasing Demand from Many End User Industries Including Oil and Gas & Agriculture - Trends, Opportunities, and Forecasts, 2018-2022 & 2023-2028

DUBLIN, March 27, 2023 /PRNewswire/ -- The "Corrosion Inhibitors Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Water Based, Oil/Solvent Based), By Composition (Organic, Inorganic), By Application, By Region" report has been added to  ResearchAndMarkets.com's offering.

Global corrosion inhibitors market stood at USD8487.86 million in 2022 and is anticipated to increase at a CAGR rate of 4.11% through 2028, due to increasing demand from various end user industries including oil and gas, agriculture, and others.

Corrosion Inhibitors, also known as anti-corrosive, is a chemical composition which is mixed with liquid to lower the corrosion rate of a material. It is typically used on metal or alloy that comes across in contact with the fluid.

It is a typical method of preventing corrosion that involves the enhancement of a coating and is frequently called a passivation layer, which blocks the access of the corrosive chemical to the metal. It is a preventative measure to make metal corrosion accessible and is deemed to be the first line of defence against corrosion.

Corrosion Inhibitors are used in various applications such as cooling water recirculation systems, oil production, oil refining, and acid pickling of steel components. Growing demand from oil & gas industries and water treatment systems are propelling the demand for corrosion inhibitors, globally.

Rising Demand of Corrosion Inhibitors for Water Treatment System

Demand for a water treatment system has grown recently due to the rise in cases of diseases caused due to consumption of polluted water. According to the WHO, in 2020, number of deaths caused due to unsafe or polluted water were 485,000. This has in turn increased the demand for chemicals or substances which can help in preventing water treatment systems from corrosion or damage.

Corrosion inhibitors are a type of chemical product which are added to water or any other process fluid to slow down the rate of corrosion. Corrosion inhibitors are necessary for water treatment systems as the water treatment consists of pipes made up of different metal or alloy materials.

It helps in prevention against corrosion, maintains pressure or loss of water, and can work for the long term. Therefore, the rising demand for the water and wastewater treatment and the increasing need for cleaning water from the rapidly growing population is driving the growth of global corrosion inhibitors market.

Increasing Demand from Various End User Industries

Due to anti-corrosion characteristics, corrosion inhibitors are used in different end-user industries such as power generation, oil, gas and refinery, metal & mining, and others to prevent their metal product or machinery from corrosion.

For instance, in oil, gas, and refinery, the blend of amines and solvents are used as an oil-soluble and filming corrosion inhibitor. It helps to provide efficient corrosion mechanisms while making disposal wells, injection wells, pipelines, wells, and refinery applications.

Apart from these, metal processing provides a coating on the metal surface with a chromate layer that helps to stop rusting and anodic corrosion of metals. Apart from these, government initiatives and projects like hydropower plants, water treatment systems, and oil and gas extraction are going to increase the demand for global corrosion inhibitors market growth in the anticipated period.

Growing Demand from Emerging Countries

The emerging demand for liquid corrosion inhibitors from growing economies such as Malaysia, China, Brazil, India, Indonesia, Chile, Argentina, and Vietnam are propelling market growth in the region.

Firms are increasing their investment in R&D to develop innovative products like Clotrimazole and Fluconazole. Clotrimazole and Fluconazole are effective corrosion inhibitors for aluminium if exposed to Hydrochloric acid. Hence, such an initiative to find new products is expected to create lucrative market growth for corrosion inhibitors worldwide.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global corrosion inhibitors market.

• Nouryan Chemicals Holdings B.V.
• BASF SE
• The Dow Chemicals Company
• Ecolab, Inc.
• Lanxess AG
• Cortec Corporation
• Ashland Global Holdings, Inc
• The Lubrizol Corporation
• Henkel AG & Co. KGaA
• DuPont de Nemours, Inc

Report Scope:

Global Corrosion Inhibitors Market, By Type:

• Water based
• Oil/solvent based

Global Corrosion Inhibitors Market, By Composition:

• Organic
• Inorganic

Global Corrosion Inhibitors Market, By Application:

• Power Generation
• Oil & Gas Refinery
• Metalwork & Mining
• Automotive Fuel
• Automotive Coolants & Lubricants
• Chemical Processing
• Desalination Plant
• Paper & Pulp

Global Corrosion Inhibitors Market, By region:

• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• China
• India
• Malaysia
• Australia
• Japan
• Europe
• Germany
• France
• United Kingdom
• Spain
• Italy
• Middle East & Africa
• Saudi Arabia
• South Africa
• UAE
• South America
• Brazil
• Argentina
• Colombia

For more information about this report visit https://www.researchandmarkets.com/r/f33f6g

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