July 2022
18 Sep 2024
The global corrosion inhibitors market reached USD 8.46 billion in 2023 and is predicted to attain around USD 12.80 billion by 2033, growing at a CAGR of 4.23% during the forecast period. Growing development in infrastructure and industrialization are driving the corrosion inhibitors market. Growing environmental regulations are driving the demand of sustainable corrosion inhibiters that are increasing the market growth globally. Corrosion inhibitors market is growing due to the increased investments in research and developments by Governments.
Coatings to prevent corrosion for long time has been included corrosion inhibitors. In recent years, due to researchers have been searched for novel “green” corrosion inhibitors to include to coating, has increased the study of corrosion protection. It has been leading the introduction of new organic and inorganic corrosion inhibitors.
Stricter regulation is being implemented by the government and regulatory bodies to ensure the reliability and safety of industrial facilities. Adherence to regulations is important for companies to work in a legal and safe manner, which is fuelling the demand for efficient corrosion inhibitors solutions. Protection guaranty and ensuring assessments by industries have become more crucial, as the regulations are becoming more serious, expanding market growth globally.
Growing Eco-friendly concern driving the market growth
The corrosion inhibitors market is projected to grow due to the increased demand of oil & gas in industries. Due to the harsh natural environment encountered in, pipeline, rig, and drill equipment are always at risk for corrosion, which reduces their lifespan and leads to poor efficiency. Corrosion inhibitors offer an essential layer of corrosion protection, so they play as crucial tool in reducing such hazards.
However, strict environmental regulations can restrict the growth of market because of its restriction in use of the specific chemical compounds. As the non-biodegradable characteristics of the corrosion inhibiters has several impacts on human health and environment. Additionally, raising cost of raw materials that are increasing the production cost occurs the challenges for the market.
However, key players are focusing on the strategic partnerships to kept storage of stable raw material supplies as well as encouraging research and developments to create cost-effective productivity. Furthermore, companies are focusing to adhere with regulatory requirements and receiving attention from environmentally concerned customers due to giving preference to green chemistry and sustainable methods. This significant step towards sustainable corrosion protection solutions is driving the opportunities for market to grow in forecast period.
Recent Developments
Contribution of AkzoNobel in corrosion inhibitors market
| Company Name | AkzoNobel |
| Headquarters | Amsterdam, Netherlands |
| Recent Developments | In May 2024, new generation of marinized corrosion inhibitors was introduced by AkzoNobel. The use of this advanced inhibitors is to provide protection to ships against harsh marine environments. |
Innovation by PPG Industries in market growth
| Company Name | PPG Industries |
| Headquarters | Pittsburgh, Pennsylvania, United States |
| Recent Developments | In February 2024, advanced new line of coating was introduced by PPG Industries to prevent corrosion incorporation. These coatings are uses in high-performance anti-corrosion solutions in order to aerospace and defence. |
North America dominated the corrosion inhibitors market with presence of competitive landscape in oil & gas as well as chemical industries. The growing infrastructure are increasing the demand of effective corrosion protection to expanse their lifespan and reduce maintenance cost. Countries like US and Canada are driving the market in region with largest share sue to growing investment in oil & gas industries. The need of anti-corrosion solutions is seemed to be high due to this expanse. Moreover, these countries are encouraging the environmental regulation in order to support the adaption of eco-friendly corrosion inhibitors.
Asia Pacific region is accelerated as fastest growing in global corrosion inhibiters market. Nations like China, India, and Japan are driving the market growth due to increased population, industrializations and advanced infrastructures. Additionally, growing environmental concern in region increasing the need for water treatment chemical, that are influencing the corrosion inhibitors market growth. Additionally, export and imports of crude oil exerts by China, is expected to impact the growth of market.
The increased preference for non-toxic and eco-friendly corrosion inhibitors are likely to open doors for expanse the market in coming years. Due to environmental regulation and continuously raising demand for sustainable products are leading key players to create novel solutions that can have little impact on environment. Additionally, in recent years, companies have been investing in the developments of advanced and high-performance coatings tolerant to corrosion is expensing the market growth along with satisfying the requirement of greater durability and efficacy in certain industries.
Innovation of AI in corrosion inhibitors market growth
Businesses are projected to boost the length of material exposed to harsh environments and have great control on their procedure with the help of artificial intelligence. Additionally, with the help of large-scale data analysis industries are developing crucial inhibitors for particular uses, that are encouraging the enhancements in corrosion prevention technology. Growing utilization of artificial intelligence is responsible to improve efficient operations and excellent decision-making. Also, artificial intelligence has the potential to upcoming changes in the corrosion inhibitors sector.
Moreover, including automotive, electronics, and aerospace sectors, the applications for corrosion inhibitors are on way to become more common outside the traditional industries. As companies ongoing investments and developments of new materials and solutions, the adaption of specialized corrosion inhibitors is likely to increase.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 8.82 Billion |
| Market Revenue by 2033 | USD 12.80 Billion |
| CAGR | 4.23% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Compound
By Application
By Type
By End-User
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