Corrosion Inhibitor Market Size, Share, Industry Report 2032

Report Description

Corrosion Inhibitor Market Outlook 2032

The global corrosion inhibitor market size was USD 9.65 Billion in 2023 and is projected to reach USD 13.61 Billion by 2032, expanding at a CAGR of 5.1 % during 2024–2032. The market growth is attributed to the increasing demand for corrosion protection solutions across various industries.

Growing investments in research and development are leading to the introduction of advanced, environmentally friendly corrosion inhibitor formulations. Industries are prioritizing sustainable solutions, which align with the stringent standards set by environmental agencies. Furthermore, the market is witnessing a trend toward multifunctional inhibitors that provide enhanced performance and long-lasting protection.

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Increasing demand for corrosion protection solutions across industries such as oil & gas, automotive, marine, and infrastructure are driving the market. Corrosion inhibitors are essential for safeguarding metal surfaces and equipment from environmental damage, thereby extending their lifespan and maintaining operational efficiency. Regulatory bodies and government regulations are mandating effective corrosion protection measures to ensure safety and compliance in industrial operations. For instance,

• In January 2023, the European Chemicals Agency (ECHA) updated its regulations under the Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) framework to include stricter guidelines on hazardous substances in corrosion inhibitors. These regulations aim to promote safe and environmentally friendly corrosion protection solutions, driving the industry toward sustainable practices and compliance with stringent environmental standards.

Impact of Artificial Intelligence (AI) in the Corrosion Inhibitor Market

The impact of artificial intelligence (AI) on the corrosion inhibitor market is significant, as AI technologies enhance predictive maintenance and corrosion monitoring capabilities. AI algorithms identify early signs of corrosion, by analyzing large datasets from sensors and monitoring systems, enabling timely and precise intervention. This proactive approach reduces maintenance costs and extends the lifespan of industrial equipment.

Additionally, AI-driven models optimize the formulation and application of corrosion inhibitors, ensuring effective and efficient protection solutions tailored to specific industrial environments. For instance,

• In July 2023, the US Department of Energy (DOE) introduced new guidelines for the integration of AI technologies in industrial maintenance programs, including corrosion management. These guidelines emphasize the importance of using AI for predictive analytics to improve the efficiency and safety of industrial operations.

Corrosion Inhibitor Market Dynamics

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Major Drivers

Increasing industrialization and infrastructure development are driving the market. Industries such as oil & gas, automotive, and marine rely on these inhibitors to protect critical equipment and infrastructure from corrosion, ensuring operational efficiency and longevity. This surge in industrial activities is expected to propel the market.

Growing environmental regulations are projected to influence the market positively. Regulatory bodies are mandating the use of eco-friendly corrosion inhibitors to minimize environmental impact and promote sustainable practices. This regulatory push encourages innovation and adoption of advanced, environmentally safe corrosion protection solutions.

Rising maintenance costs and operational downtimes due to corrosion issues are estimated to spur the adoption of corrosion inhibitors. Companies prioritize preventive maintenance strategies to reduce expenses and enhance equipment lifespan. Effective corrosion management with inhibitors helps in mitigating unplanned downtimes, contributing to improved productivity and cost savings.

Existing Restraints

Stringent environmental regulations on certain chemical compositions of corrosion inhibitors are expected to challenge manufacturers. Compliance with these regulations requires significant investment in research and development to formulate eco-friendly alternatives, increasing production costs.

High costs associated with advanced corrosion inhibitors are anticipated to limit their adoption among small & medium-sized enterprises. Despite their long-term benefits, these businesses find it difficult to justify the expenditure on high-performance inhibitors.

Emerging Opportunities

Growing focus on renewable energy sectors is expected to create new opportunities in the market. Wind turbines, solar panels, and other renewable energy infrastructures require robust corrosion protection coating to ensure longevity and efficiency. This shift toward sustainable energy solutions drives demand for advanced corrosion inhibitors designed for these applications.

Rising demand for eco-friendly corrosion inhibitors is projected to open new avenues in the market. Consumers and industries are becoming environmentally conscious, prompting a shift toward sustainable and non-toxic corrosion protection solutions. This demand drives innovation and the development of green inhibitors, offering a competitive edge to companies that meet these sustainability criteria. For instance,

• In May 2022, Hexigone introduced Intelli-Ion AX1 product. Intelli-Ion AX1 is a chemically smart, sustainable corrosion inhibitor based on benzotriazole (BTA) and a smart-release ion-exchange reservoir. This patented technology keeps the BTA inert in the ion exchange reservoir until corrosion is detected.

Increasing investments in infrastructure development and maintenance projects are anticipated to boost the market. Governments and private sectors worldwide are allocating significant resources to upgrade and maintain aging infrastructure, including bridges, pipelines, and industrial facilities. This trend underscores the need for effective corrosion management solutions, presenting substantial growth opportunities for inhibitor manufacturers. For instance,

• In March 2023, ExxonMobil implemented an AI-driven corrosion monitoring system across its refineries. This system uses machine learning algorithms to analyze real-time data from sensors installed on equipment, predicting corrosion-related failures before they occur.

Scope of the Corrosion Inhibitor Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Regional Outlook

In terms of region, the global corrosion inhibitor market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2023, due to the high demand from the oil & gas industry, extensive infrastructure development, and stringent government regulations promoting the use of effective corrosion protection measures. Additionally, the presence of major market players and continuous advancements in corrosion inhibitor technologies further drive the market in this region.

The market in Asia Pacific is projected to grow at a significant pace in the forecast period, owing to rapid industrialization, increasing investments in infrastructure projects, and rising awareness about asset protection in emerging economies such as China and India. Furthermore, the expanding automotive and construction industries in this region boost the demand for corrosion inhibitors, creating substantial growth opportunities for market players. For instance,

• In June 2022, Suprabha Protective Products Pvt Ltd (India) an eco-friendly and sustainable Corrosion Prevention Partner launched its brand-new Monsoon Packaging System to prevent accelerated corrosion during the monsoons in India.

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Corrosion Inhibitor Market Segment Insights

Product Type Segment Analysis

Based on product type, the corrosion inhibitor market is divided into organic inhibitors and inorganic inhibitors. The organic inhibitors segment held a major share of the market in 2023 and is expected to boost the market during the projected period, owing to their superior efficiency in various applications. Organic inhibitors are preferred due to their effectiveness in forming protective films on metal surfaces, which helps in reducing corrosion rates significantly. Additionally, advancements in developing eco-friendly and biodegradable organic inhibitors further propel the segment.

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Application Segment Analysis

On the basis of application, the global market is segregated into water-based, oil & gas, process & product additives, and coatings. The oil & gas segment held the largest market share in 2023, attributed to the extensive use of corrosion inhibitors in various processes such as drilling, production, transportation, and refining. The rising oil & gas sector, coupled with the need to protect critical equipment from corrosion in harsh environments, drives the segment.

The water-based segment is anticipated to grow at a substantial CAGR during the projected period, due to increasing environmental regulations promoting the use of water-based corrosion inhibitors over solvent-based alternatives. Water-based inhibitors offer advantages such as lower toxicity, reduced environmental impact, and improved compatibility with water treatment systems, driving their adoption across industries such as cooling water systems, boiler water systems, and secondary water systems.

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End-user Segment Analysis

Based on end-user, the corrosion inhibitor market is segmented into oil & gas, power generation, chemical manufacturing, automotive, marine, construction, metal processing, water treatment, pulp & paper, and food & beverage. The oil & gas segment led the market in terms of revenue in 2023, owing to the extensive use of corrosion inhibitors in various processes such as drilling, production, transportation, and refining. The high demand for corrosion protection solutions in the oil & gas industry, driven by the need to prevent equipment damage and maintain operational efficiency is boosting the market. For instance,

• In August 2022, MWM is introducing a new coolant for MWM gas and diesel engines to the market. MWM Antifreeze Advanced is a silicate-free high-performance coolant with inhibitor technology for reliable frost and corrosion protection.

The water treatment segment is projected to register a robust growth rate during the assessment years, owing to increasing investments in water infrastructure and the rising demand for clean water solutions. Corrosion inhibitors protect water treatment equipment and pipelines from corrosion, ensuring reliable and efficient water supply systems. Additionally, stringent regulatory standards regarding water quality and safety augment the segment.