According to a recent study done by FMI, the corrosion inhibitors market is anticipated to have a prodigious CAGR of 4.1% during the period of 2022-2032. The Corrosion Inhibitors Market is anticipated to reach US$ 12.4 Bn in 2032, from US$ 8.3 Bn in 2022. The market was valued at US$ 7.9 Bn in 2021, and is expected to grow with a Y-O-Y growth rate of 5.0%.
This study explains that an increase in the demand for corrosion inhibitors in various industries such as pulp paper, chemical processing, oil gas, petroleum, and metals to protect from corrosion has led to higher demand from emerging countries. Infrastructural development in economies such as China, India, Brazil, and South Korea, are expected to undergo infrastructural development and boost industrial activities for the growth of their economies.
Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to boost the market for corrosion inhibitors in the forthcoming years. An increase in the demand for corrosion inhibitors in various industries such as pulp paper, chemical processing, oil gas, petroleum, and metals to protect from corrosion has led to higher demand from emerging countries, in particular. Cooling water is the largest segment for corrosion inhibitors in the water treatment process to protect the metal machinery from the water flow.
Key Takeaways from the Market Study
- Global corrosion inhibitors market to be valued at US$ 8.3 Billion by 2022-end
- U.S to account for the highest value share of US$ 4.4 Billion of global market demand for Corrosion Inhibitors Market in 2032
- From 2015 to 2021, corrosion inhibitors demand expanded at a CAGR of 6%
- By compound, organic corrosion inhibitors segment constitutes the bulk of Corrosion Inhibitors Market with a CAGR of 0%.
- By type, eater-based corrosion inhibitors to exhibit a CAGR of 2%.
“Infrastructural growth related to electricity demand, clean water demand, fuel demand, transportation demand, and construction demand are expected to influence the Corrosion Inhibitors Market during the forecast period,” remarks an FMI analyst.
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Key Segments Covered In The Corrosion Inhibitors Market Study
Corrosion Inhibitors Market by Compound:
- Organic Corrosion Inhibitors
- Inorganic Corrosion Inhibitors
Corrosion Inhibitors Market by Application:
- Corrosion Inhibitors for Water Treatment
- Corrosion Inhibitors for Process and Product Additives
- Corrosion Inhibitors for Oil and Gas Production
Corrosion Inhibitors Market by Type:
- Water-based Corrosion Inhibitors
- Oil-based Corrosion Inhibitors
- Volatile Corrosion Inhibitors
Corrosion Inhibitors Market by End-Use Industry:
- Corrosion Inhibitors for Oil and Gas
- Corrosion Inhibitors for Power Generation
- Corrosion Inhibitors for Chemicals
- Corrosion Inhibitors for Metals Processing
- Corrosion Inhibitors for Pulp Paper
Competitive Landscape
Players in the global Corrosion Inhibitors Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in RD to add innovations to their products which would help them in strengthening their position in the global market.
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