The cost incurred on end-use industries due to corrosion is an important factor driving the demand for corrosion inhibitors. Total costs of corrosion include the design & construction or manufacturing, the cost of corrosion-related maintenance, repair & rehabilitation, and the cost of depreciation or replacement of structures damaged due to corrosion. These costs vary from industry to industry. According to NACE International (National Association of Corrosion Engineers), the annual cost of corrosion to the oil & gas industry in the US alone is estimated at USD 27 billion. The costs can be reduced by the broader application of corrosion-resistant materials and the application of corrosion-related technical practices. Corrosion inhibitors suppress or mitigate the corrosion process of metals. They protect the metals or alloys by acting as a barrier by forming an absorbing layer or by retarding the cathodic, anodic processes causing corrosion. The use of corrosion inhibitors in these industries lowers the maintenance and repair costs, extends the useful life of the equipment, and reduces the production loss from corrosion damage. This directly reduces the corrosive costs and drives the market for corrosion inhibitors.
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The growth in the power, oil & gas, mining, and chemical industries, especially in the emerging economies, such as China, Brazil, India, Indonesia, Malaysia, Argentina, Chile, and Vietnam, drives the market for corrosion inhibitors. The exploration and development of new oil fields such as the pre-salt oil fields in Brazil, installation of new and high capacity power plants using fossil fuels, nuclear, or solar power as fuel in China and India, and the growing mining industry as a result of the increasing demand from the construction sector is expected to further drive the corrosion inhibitor market during the forecast period.
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.
Water Treatment application will account for the major share of the corrosion inhibitor market
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.
The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market
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.
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).
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