Corrosion Inhibitors Market Size, Share, Growth & Industry Analysis, By End User (Power Generation, Oil & Gas, Paper & Pulp, Metal Processing & Others), By Type (Water-Based, Oil-Based, Others), By Compound (Organic Inhibitors, Inorganic Inhibitors), and Regional Analysis, 2024-2031

Corrosion Inhibitors Market Size

The global Corrosion Inhibitors Market size was valued at USD 8.34 billion in 2023 and is projected to grow from USD 8.80 billion in 2024 to USD 13.36 billion by 2031, exhibiting a CAGR of 6.15% during the forecast period. The market is experiencing robust growth driven by increasing industrial applications and rising infrastructure investments.

As sectors such as manufacturing and construction continue to expand, the demand for effective corrosion protection solutions is increasing. The market is witnessing notable shifts toward improved formulation technologies and enhanced product performance to meet evolving industry needs and standards.

In the scope of work, the report includes products offered by companies such as Nouryon, Cortec Corporation, Ashland, Ecolab, Henkel Ibérica, S.A., The Lubrizol Corporation, BASF, Dow, DuPont, Baker Hughes Company, and others.

The corrosion inhibitors market for corrosion inhibitors is expanding rapidly due to increased investments in infrastructure projects and growth across various industrial sectors such as oil and gas, marine, and manufacturing. With rising infrastructure development, including bridges, highways, and buildings, there is a growing demand for effective corrosion protection to ensure structural integrity and longevity.

• For instance, in April 2023, World Bank data reported that private participation in infrastructure (PPI) amounted to approximately USD 91.7 billion across 263 projects, marking a 23% increase from 2021. This data highlights a rebound in infrastructure investment in 2022, particularly in low and middle-income countries.

Furthermore, industries are seeking advanced corrosion solutions to safeguard equipment and pipelines from harsh environmental conditions and operational wear. The market is experiencing significant innovation through the development of eco-friendly formulations and smart coatings. These advancements address regulatory pressures and enhance performance, thereby boosting market growth.

Corrosion inhibitors are chemical substances formulated to prevent or mitiagte the deterioration of metals and alloys caused by environmental factors such as moisture, oxygen, and pollutants. These inhibitors work by forming a protective layer on the metal's surface or by interfering with the chemical reactions that lead to corrosion.

They are widely used across various industries, including oil and gas, construction, and automotive, to enhance the longevity and reliability of equipment and structures. By reducing maintenance costs and extending the lifespan of components, corrosion inhibitors play a crucial role in protecting valuable assets and ensuring operational efficiency.

Analyst’s Review

A key factor stimulating the expansion of the market is the increasing demand for high-performance coatings that offer superior corrosion resistance, especially in specialized applications such as defense and aerospace. These industries require advanced coatings to withstand extreme conditions and ensure the longevity and reliability of critical components.

The need for enhanced durability and effectiveness in protective coatings fuels the development and adoption of innovative corrosion inhibitors, thereby propelling market growth.

• In February 2024, PPG Industries launched a new line of coatings resistant to corrosion incorporating advanced inhibitors. These coatings are specifically designed for defense and aerospace applications, where high-performance anti-corrosion solutions are essential. The longevity and effectiveness of PPG’s latest products are projected to significantly surpass existing benchmarks.

Key players' efforts to develop advanced, high-performance corrosion-resistant coatings are expected to bolster market growth by addressing the increasing demand for superior durability and effectiveness in specialized applications.

These innovations offer enhanced protection and extended longevity, making them particularly appealing to industries with critical performance requirements and thereby boosting widespread adoption.

Corrosion Inhibitors Market Growth Factors

The expansion of diverse industries such as oil and gas, marine, and manufacturing is contributing significantly to growth of the corrosion inhibitors market. As these sectors face increasing exposure to harsh environments and operational stress, the demand for effective corrosion protection solutions is rising.

• In May 2024, AkzoNobel introduced a new generation of marinized corrosion inhibitors. These advanced inhibitors are designed to provide enhanced protection against harsh marine environments, thereby extending the longevity of ships and offshore installations. This development respresnts a key component of AkzoNobel’s commitment to sustainable growth.

Furthermore, in the oil and gas industry, corrosion inhibitors play a crucial role in preventing pipeline failures and equipment malfunctions, thereby reducing both downtime and maintenance costs. For marine applications, these solutions protect vessels and infrastructure from saltwater-induced corrosion, thereby extending service life and ensuring safety.

In manufacturing, corrosion inhibitors safeguard machinery and components, which enhances reliability and operational efficiency. This growing need for protection across diverse industries fuels market expansion and fosters innovation.

However, the market faces challenges due to stringent environmental regulations that limit the use of certain chemical compounds,as well as the rising cost of raw materials, which impacts production costs. To mitigate these challenges, key players are developing eco-friendly and sustainable corrosion inhibitors that comply with regulatory standards.

They are further investing in research and development to create more cost-effective formulations and are forming strategic partnerships to secure stable raw material supplies, thereby maintaining competitiveness in the market.

Corrosion Inhibitors Industry Trends

The growing trend toward environmentally friendly and non-toxic corrosion inhibitors is propelling market growth. Regulatory pressures and increased consumer demand for sustainable products are prompting manufacturers to develop innovative solutions that minimize environmental impact.

These eco-friendly inhibitors reduce harmful emissions and toxic residues, thereby aligning with global sustainability goals and adhering to stringent regulations. By focusing on green chemistry and sustainable practices, companies are meeting regulatory requirements and gaining attention from environmentally conscious consumers. This notable shift toward sustainable corrosion protection solutions is fostering market expansion.

Innovations in smart coatings are supporting market growth by offering advanced corrosion protection and self-healing properties. These coatings integrate cutting-edge technologies, such as sensors and self-repairing materials, to enhance performance and extend the lifespan of protected surfaces.

By providing real-time monitoring and automatic repair capabilities, smart coatings reduce the need for frequent maintenance and costly repairs, making them highly attractive to various industries such as oil and gas, marine, and infrastructure. This technological advancement meets the increasing demand for durable and low-maintenance solutions, leading to the widespread adoption and expanding the market for advanced corrosion inhibitors.

Segmentation Analysis

The global market is segmented based on end user, type, compound, and geography.

By End User

Based on end user, the corrosion inhibitors market is categorized into power generation, oil & gas, paper & pulp, metal processing, chemical processing, water treatment, and others. The oil & gas segment garnered the highest revenue of USD 2.68 billion in 2023, primarily due to the increasing exploration and production activities. 

Due to the exposure of oil rigs, pipelines, and storage tanks to harsh environmental conditions and corrosive substances, there is an increased demand for effective corrosion protection. Advanced inhibitors help mitigate corrosion, extend equipment life, and reduce maintenance costs.

With rising global energy needs and infrastructure expansion, the oil and gas sector is witnessing substantial investments in corrosion control solutions to ensure operational efficiency and safety. This growing focus on protective measures in upstream and downstream operations is further stimulating segmental growth.

By Type

Based on type, the market is categorized into water-based, oil-based, and others. The water-based segment captured the largest corrosion inhibitors market share of 58.90% in 2023. Water-based inhibitors, which are often less toxic and more eco-friendly compared to solvent-based alternatives, are increasingly preferred across diverse industries such as construction, automotive, and manufacturing.

Their formulation allows for easier application, improved safety profiles, and reduced environmental impact. As industries focus on reducing their carbon footprint and complying with stringent environmental standards, the adoption of water-based corrosion inhibitors is growing.

By Compound

Based on compound, the market is categorized into organic inhibitors and inorganic inhibitors. The organic inhibitors segment is expected to garner the highest revenue of USD 9.97 billion by 2031.

Organic inhibitors, including those derived from amines, phosphates, and carboxylates, are widely used across various industries due to their ability to form protective films on metal surfaces and their adaptability to different environments. Their use in sectors such as automotive, aerospace, and manufacturing is increasing due to their benefits, including low toxicity and high efficiency.

Additionally, the increasing emphasis on environmentally friendly solutions is boosting the demand for organic inhibitors. These inhibitors often align with sustainability goals and regulatory requirements, thereby fueling the growth of the segment.

Corrosion Inhibitors Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia-Pacific corrosion inhibitors market share stood around 36.78% in 2023 in the global market, with a valuation of USD 3.07 billion. Rapid industrialization and urbanization in countries such as China, India, and Japan are leading to increased demand for effective corrosion protection solutions.

China's prominent position as a leading importer and exporter of crude oil exerts substantial influences on the market, as changes in the oil and gas sector impact the need for corrosion inhibitors.

• According to the U.S. Energy Information Administration, in 2022, China focused on low-carbon and carbon-neutral initiatives in 2022 to achieve its climate targets of reaching peak carbon emissions by 2030 and achieving carbon neutrality by 2060. The plan includes objectives to boost annual natural gas production to 8.1 trillion cubic feet and to expand installed generation capacity to 3.0 terawatts.

This initiative is shaping regional market dynamics by highlighting the pressing need for advanced corrosion solutions to support greener energy infrastructures. The ongoing investments in infrastructure projects, such as bridges and high-rise buildings, are contributing to the growing demand for durable corrosion inhibitors, thereby boosting regional market expansion.

North America is anticipated to witness significant growth at a CAGR of 5.48% over the forecast period. The extensive infrastructure, including bridges, highways, and industrial facilities, necessitates effective corrosion protection to extend asset lifespans and reduce maintenance costs.

• According to the US Department of Transportation (USDoT) and Federal Highway Administration (FHWA), approximately USD 120 billion has been allocated for highways and bridges between 2022 and 2030, with nearly 2,800 bridges already completed. The USDOT has invested USD 2.2 billion in 166 projects through the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) grants. This funding aims to modernize railways, ports, roads, bridges, and intermodal transportation, with the goal of enhancing affordability, safety, and sustainability.

The oil and gas sector, particularly in the United States and Canada, contributes significantly to domestic market growth. This is attributed to its need for high-performance anti-corrosion solutions to safeguard equipment and pipelines. Additionally, stringent environmental regulations are promoting the use of eco-friendly and sustainable corrosion inhibitors, thereby fostering innovations in the regional market.

Investment in technological advancements, such as smart coatings with self-healing properties, further propels the growth of the North America market.

Competitive Landscape

The global corrosion inhibitors market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Corrosion Inhibitors Market

• Nouryon
• Cortec Corporation
• Ashland
• Ecolab
• Henkel Ibérica, S.A.
• The Lubrizol Corporation 
• BASF
• Dow
• DuPont
• Baker Hughes Company

Key Industry Development

• January 2024 (Partnership): Dow Chemical announced a strategic partnership with a petroleum exploration company to develop more effective corrosion inhibitors for pipelines. This collaboration seeks to enhance safety and productivity in pipeline operations by combining Dow's advanced chemical solutions with industry expertise.

The global corrosion inhibitors market is segmented as:

By End User

• Power Generation
• Oil & Gas
• Paper & Pulp
• Metal Processing
• Chemical Processing
• Water Treatment
• Others

By Type

• Water-Based
• Oil-Based
• Others

By Compound

• Organic Inhibitors
• Inorganic Inhibitors

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America