CHICAGO, June 9, 2021 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the global Corrosion Inhibitor Market size is projected to grow from USD 7.9 billion in 2021 to USD 10.1 billion by 2026, at a CAGR of 4.9% between 2021 and 2026.
Corrosion inhibitor is a chemical compound that, when added to a liquid or gas, decreases the corrosion rate of a material, typically a metal or an alloy. Corrosion inhibitors will remain one of the largest product segments within the water treatment chemicals market.
In terms of value, the organic segment is projected to account for the largest share of the corrosion inhibitor market, by compound, during the forecast period.
Organic inhibitor is projected to be the largest compound segment in the corrosion inhibitor market. Organic corrosion inhibitors are widely used in various industries because of their effectiveness at a wide range of temperatures, compatibility with protected materials, good solubility of water, and low costs. These inhibitors absorb on the surface to form a protective film, which displaces water and protects it against corrosion.
Power generation is projected to register the highest CAGR during the forecast period.
The power plants are designed on the presumption to be continuously operated for many years to come. Across the world, demand for reliable economic power has raised the need to operate these systems at full capacity and as low a cost as possible. Rapid industrialization has led to economic growth, which resulted in improved quality of life, and in turn, propelled the demand for electricity in emerging economies. The power generation sector uses corrosion inhibitors mainly for treating boiler feed water, boiler makeup water, and cooling water.
Volatile Corrosion Inhibitor is projected to be the fastest-growing market, based on type.
Volatile Corrosion Inhibitors (VCI) will register the highest CAGR for the type segment of corrosion inhibitor market, during the forecast period. VCIs work by changing the pH of the outside atmosphere to less acidic conditions to regulate corrosion. Examples include morpholine and hydrazine, which are used to control the corrosion of the condenser pipes in boilers. Key industrial applications are polymer films, paper, foam, powder and oil, and grease industrial applications.
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.
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.
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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