Corrosion Inhibitors Market by End-user, Type, and Geography - Forecast and Analysis 2021-2025

The corrosion inhibitors market share is expected to increase by USD 2.22 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.22%.

This corrosion inhibitors market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers corrosion inhibitors market segmentations by end-user (power generation, oil and gas, pulp and paper, metal processing, water treatment, and others), type (precipitation inhibitors, passivity inhibitors, and other inhibitors), and geography (APAC, North America, Europe, MEA, and South America). The corrosion inhibitors market report also offers information on several market vendors, including Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, DuPont de Nemours Inc., Ecolab Inc., Evonik Industries AG, General Electric Co., Israel Chemicals Ltd., Schlumberger Ltd., and Solvay SA among others.

What will the Corrosion Inhibitors Market Size be During the Forecast Period?

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Corrosion Inhibitors Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising investments in power sector is notably driving the corrosion inhibitors market growth, although factors such as regulations regarding chromium inhibitors may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the corrosion inhibitors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Corrosion Inhibitors Market Driver

One of the key factors driving the corrosion inhibitors market growth is the rising investments in power sector. The global corrosion inhibitors market is mainly driven by the power generation industry. The energy production is increasing year-over-year due to population growth and rapid urbanization. Government investments in the renewable energy sector in this region have increased due to industrialization. China, being the largest energy producer and consumer, has more than 90% of power generation capacities, which are owned by the government, and about 80% of the electricity is contributed by the State Grid Corporation of China (SGCC). In addition, the government of India has allocated $400 million to install 175 GW of renewable energy capacities by 2022. The increasing demand for power generation will remain the key driver for the growth of the corrosion inhibitors market during the forecast period.

Key Corrosion Inhibitors Market Trend

Changing preference toward environment-friendly corrosion inhibitors is the major trend influencing corrosion inhibitors market growth. Corrosion scientists and engineers are inclined toward the implication of green corrosion inhibitors that are inexpensive, readily available, environmentally friendly, ecologically acceptable, and renewable. The different types of green inhibitors are plant extracts, drugs, amino acids, rare earth metal compounds, and others such as surfactant corrosion inhibitors. The preference for green inhibitors is increasing. Government organizations and research institutes are conducting research on the discovery of green inhibitors. For instance, the European Union has funded a project for the development of an innovative biomimetic and eco-efficient environmental technology for inhibiting microbial-induced corrosion (MIC). New corrosion inhibitors will be produced by biofouling through the integration of microorganisms in a sol-gel coating for metal surfaces. Such research activities will drive the growth of the global corrosion inhibitors market during the forecast period.

Key Corrosion Inhibitors Market Challenge

Regulations regarding chromium inhibitors is one of the key challenges hindering the corrosion inhibitors market growth. Chromate inhibitors are extensively used owing to their efficiency and cost-effectiveness. These are mainly used in protective primer applications. However, chromate inhibitors are highly toxic and carcinogenic. Therefore, governments are imposing regulations regarding the use of chromium. Therefore, such stringent regulations from the government agencies regarding the use of certain compounds as corrosion inhibitors will pose a major challenge to market growth. Stringent rules and regulations are a challenge faced by the global corrosion inhibitors market. New players have to comply with various regulations related to permits, permit expiration dates, and residual management. The National Primary Drinking Water Regulations are the legally enforced standards that are to be followed by vendors and the public that use water systems and water treatment chemicals in major countries such as the US.

This corrosion inhibitors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global corrosion inhibitors market as a part of the global specialty chemicals. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the corrosion inhibitors market during the forecast period.

Who are the Major Corrosion Inhibitors Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Akzo Nobel NV
• Ashland Global Holdings Inc.
• BASF SE
• DuPont de Nemours Inc.
• Ecolab Inc.
• Evonik Industries AG
• General Electric Co.
• Israel Chemicals Ltd.
• Schlumberger Ltd.
• Solvay SA

 

This statistical study of the corrosion inhibitors market encompasses successful business strategies deployed by the key vendors. The corrosion inhibitors market is fragmented and the vendors are deploying growth strategies such as long-term agreements and mergers and acquisitions to compete in the market.

Product Insights and News

• Akzo Nobel NV - The company provides corrosion inhibitors for mining, offshore oil and gas, water and waste water treatment, and onshore oil and gas industries.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The corrosion inhibitors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Corrosion Inhibitors Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the corrosion inhibitors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Corrosion Inhibitors Market?

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42% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for corrosion inhibitors in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The corrosion inhibitors market in APAC will grow at the fastest CAGR when compared to other geographical segments during the forecast period owing to the increasing consumption of corrosion inhibitors in emerging economies, especially China and India. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Due to the ongoing COVID-19 pandemic, the chemical industry has been severely affected in APAC. Workforce shortage, material unavailability, logistical restrictions, and other restrictions have resulted in slowing down the growth of the industry in a considerable manner. Thus, the growth of the corrosion inhibitors market was declined during the pandemic in 2020. Various companies are coming up with different strategies like mergers and acquisitions, which may enhance the growth of the regional market during the forecast period.

What are the Revenue-generating End-user Segments in the Corrosion Inhibitors Market?

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The corrosion inhibitors market share growth by the water treatment will be significant during the forecast period. The overall cost of water treatment is increased due to the replacement and maintenance of corroded machinery that are less efficient. Significant growth in the chemical processing and water treatment industries is expected in APAC due to the presence of many chemical and pharmaceutical companies.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the corrosion inhibitors market size and actionable market insights on post COVID-19 impact on each segment.

 

Corrosion Inhibitors Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 5.22%
Market growth 2021-2025	$ 2.22 billion
Market structure	Fragmented
YoY growth (%)	4.42
Regional analysis	APAC, North America, Europe, MEA, and South America
Performing market contribution	APAC at 42%
Key consumer countries	US, China, Russian Federation, Germany, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, DuPont de Nemours Inc., Ecolab Inc., Evonik Industries AG, General Electric Co., Israel Chemicals Ltd., Schlumberger Ltd., and Solvay SA
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Corrosion Inhibitors Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive corrosion inhibitors market growth during the next five years
• Precise estimation of the corrosion inhibitors market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the corrosion inhibitors industry across APAC, North America, Europe, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of corrosion inhibitors market vendors

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