The global corrosion inhibitors market size is estimated at USD 7.9 billion in 2021 and is projected to reach USD 10.1 billion by 2026, at a CAGR of 4.9%. Alternative and emerging corrosion inhibitor technologies available in the market is a major restraining factor for the corrosion inhibitors market.
Corrosion inhibitors are used for the protection of metal surfaces in various end use industries. Ecolab (US) and Solenis LLC (US) have a strong emphasis on R&D and have developed various types of corrosion inhibitors.
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Based on types, corrosion inhibitors have been segmented into Water-Based, Oil/Solvent-based, Volatile Corrosion inhibitors. The growing demand for cost-effective and efficient corrosion inhibitors is driving the demand for these type of corrosion inhibitors in the market.
Based on end user, the power generation segment is projected to lead the corrosion inhibitors market in terms of volume during the forecast period. The growth of this segment of the market can be attributed to the rapid urbanization and continuously growing population across the globe. Moreover, an increase in the number of projects being commissioned and tendered in various emerging economies across the globe is also contributing to the demand for corrosion inhibitors in the power generation user segment.
Water treatment application captures the major share of corrosion inhibitors demand as water is used at residential, commercial, and industrial levels. However, corrosion inhibitors are majorly used for industrial and municipal applications, as all the compounds are not regulatory feasible for drinking water treatment. Unlike industrial process systems, the classes of compounds allowed as per regulatory norms, for use in drinking water is extremely constrained by health concerns as there is the concern about the health effects
Asia-Pacific is projected to be leading the corrosion inhibitors market in the forecast period and also expected to be the largest and fastest-growing region. Rising population, increasing electrification, growth in disposable income, rapid industrialization, and increased urbanization are driving the Asia-Pacific corrosion inhibitors market. Increasing consumption of oil and gas for power, growing population, and rising demand for petrochemicals are responsible for the high growth of the market in this segment. In the construction industry, growth is mainly driven by rapid infrastructure development in countries such as India, Malaysia, Indonesia, and South Korea.
However, Growing need for eco-friendly chemical formulations and increasing incidences of patent copying are the major challenges for the growth of the corrosion inhibitors market between 2021 and 2026.
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