Corrosion, a natural process that deteriorates materials, affects numerous industries worldwide, leading to substantial economic losses. From infrastructure to manufacturing, corrosion poses significant challenges. However, with the advent of corrosion inhibitors, industries have gained a powerful weapon to combat this menace. The corrosion inhibitors market has witnessed remarkable growth in recent years, as these chemicals offer effective protection against corrosion, extending the lifespan of assets and reducing maintenance costs. 

The global corrosion inhibitors market size is projected to reach USD 10.1 billion by 2026 at a CAGR of 4.9% from 2021. The increasing demand for corrosion protection chemicals in various end-use segments coupled with stringent regulatory and sustainability mandates concerning the environment is driving the market for corrosion inhibitors.

Browse 190 market data Tables and 50 Figures spread through 260 Pages and in-depth TOC on "Corrosion Inhibitors Market by Compound(Organic, Inorganic), Type(Water Based, Oil Based and VCI), Application, End-Use (Power Generation, Oil & Gas, Metal & Mining, Pulp & Paper, Utilities, Chemical), and Region - Global Forecast to 2026"

Major players operating in the global corrosion inhibitor market include Solenis (US), Nouryon (The Netherlands), Baker Hughes Company (US), Ecolab (US), BASF SE (Germany), SUEZ Water Technologies & Solutions (France), DOW Chemical Company (US), Lubrizol Corporation (US), Lanxess (Germany), and Henkel Corporation (Germany).

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246

Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. It is one of the leading providers of oilfield services, products, technologies, and systems used in the oil & gas industry. It also provides products and services for other businesses such as downstream chemicals and process and pipeline services. Recently, GE (US) and Baker Hughes Inc. merged their oil and gas equipment and services operations. The company offers corrosion inhibitors in the oilfield services and equipment segment. The company has a strong global presence with a wide product portfolio. The company merged its oil & gas equipment and services operations with GE. The development helped the company to expand its corrosion inhibitors product offerings in the oil & gas industry. 

Understanding Corrosion and Its Implications:

Corrosion, a chemical or electrochemical reaction, results in the degradation of materials such as metals and alloys due to exposure to moisture, chemicals, or other environmental factors. It leads to weakened structures, reduced operational efficiency, and safety hazards. The impact of corrosion is far-reaching, affecting industries such as oil and gas, power generation, automotive, marine, and construction.

Role of Corrosion Inhibitors:

Corrosion inhibitors are chemical compounds that, when added to a corrosive environment, reduce the rate of corrosion by forming a protective layer on the metal surface. They function through various mechanisms, including adsorption, passivation, and film formation. Corrosion inhibitors can be classified into organic and inorganic compounds, with organic inhibitors being the most widely used due to their versatility and effectiveness.

Market Growth Factors:

1. Expanding Industries: The increasing demand for corrosion-resistant materials in sectors such as oil and gas, petrochemicals, and power generation is driving the corrosion inhibitors market. The need for asset protection and extended lifespan has become crucial to ensure operational continuity.

2. Technological Advancements: Continuous research and development efforts have led to the introduction of advanced corrosion inhibitors with improved efficiency, longer-lasting protection, and environmentally friendly characteristics. Innovations such as smart coatings and self-healing inhibitors are revolutionizing the market.

3. Stringent Regulations: Regulatory bodies across the globe are implementing stringent environmental and safety regulations, compelling industries to adopt corrosion inhibitors to minimize the environmental impact and enhance worker safety. Compliance with these regulations further drives the market growth.

4. Infrastructure Development: Rapid infrastructure development in emerging economies necessitates the use of corrosion inhibitors in construction and transportation sectors. Bridges, pipelines, and other critical infrastructure require protection against corrosion to ensure their longevity and functionality.

Challenges and Future Opportunities:

While the corrosion inhibitors market shows promising growth prospects, it faces challenges such as fluctuating raw material prices and the emergence of alternative technologies. Additionally, the demand for environmentally friendly inhibitors is gaining momentum, presenting an opportunity for market players to develop sustainable solutions.

Water Treatment application will account for the major share of the corrosion inhibitor market, based on application in terms of value.

Water treatment accounted for 44.4% of the total corrosion inhibitor market in terms of application, in 2020. Corrosion can cause many concerns such as rusting of pipelines, equipment surfaces, and lowered efficiency of the equipment mainly in the industrial sector.  Feed water use in various industries contains carbon dioxide which is corrosive to steel. If this carbon dioxide is left untreated, iron deposits on the boilers. These corrosion inhibitors are fed downstream of the deaerating equipment. It is volatilized and carried out with the steam after reacting with carbon dioxide.  Corrosion inhibitors for boiler treatment include neutralizing and filming amines for condensate linings. Morpholine, cyclohexylamine, diethylethanolamine (DEAE), aminomethyl propanol, and aqua ammonia octadecylamine (ODA) are some of the common corrosion inhibitors used to protect boiler systems from corrosion.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=246

Regional Outlook:

The corrosion inhibitors market exhibits significant regional variations. North America and Europe lead the market due to their robust industrial infrastructure and stringent environmental regulations. The Asia Pacific region is witnessing substantial growth, primarily driven by rapid industrialization, urbanization, and infrastructure development in countries like China and India.

The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market, in terms of value.

The region has emerging markets, such as Saudi Arabia, the UAE, Iran, Kuwait, and South Africa. The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Huge investments, rising population, growing disposable income, and integration of production activities are likely to increase output in the form of fuel and feedstock and, in turn, drive the corrosion inhibitors market.