Corrosion Inhibitors Market Size, Share, Forecasts to 2023 | Key Players are Ashland, AkzoNobel, BASF, Ecolab, Henkel, KGaA

A trillion dollar construction industry has been observing prolific gains across the global corrosion inhibitors market, owing to the product’s extensive use in coating applications in construction materials such as steel, steel bars, bolts, nuts, and metal parts for protection against corrosion. In fact, it has been studied that lack of basic corrosion control across building residential and commercial sectors could result in catastrophes including structure collapse.

Corrosion inhibitors help in upscaling the construction material durability thereby increasing the life span of these structures. However, in wake of the ongoing COVID-19 situation, the corrosion inhibitors market is expected to witness declining product sales, perhaps due to the stringent norms amended by various central and state governments.

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Corrosion inhibitors market is strictly being regulated and directed by a regulatory framework that aims towards proper product disposal and minimal exposure to human. An important thing to note here is that corrosion inhibitors include raw materials like phosphorus, chromium, and zinc that have a proven history of negatively affecting the environment and human health. This acts as a major growth constraint for the overall market.
However, various industry participants are investing in research and developments and commercialization of ecofriendly products, which is anticipated to create new growth avenues for the business.

Considering an overwhelming rise in the global carbon footprint, it becomes essentially important to develop and use products that are environment friendly and support the idea of sustainable living. As per IEA report, global energy related carbon emissions accounted for 33 gigatons in 2019.
In this regard, emergence of organic corrosion inhibitors would enable the global industry to foresee notable proceeds in the upcoming years.

The overall corrosion inhibitors market across power generation generated revenue stake of USD 1.5 billion in 2015 and is further estimated to propel at a rapid pace in the upcoming years. This can be attributed to the rising applications of coating products across components being used in the industry such as pumps, gas turbines, and switch gears; products that are in direct contact with extreme climatic conditions.

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Amidst the ongoing intense share battle, North America, primarily led by the United States, is poised to generate considerable proceeds in the global corrosion inhibitors market, on the grounds of thriving oil and gas industry across the United States. As per industry experts, the region acquired a revenue stake of USD 1.5 billion in 2015.

Asia Pacific, on the other hand, is touted to emerge as an investment hotbed for corrosion inhibitors market over the forthcoming years, attributing to the growing regional construction sector.

Major key players in the corrosion inhibitors market are Ashland Inc., AkzoNobel N.V., BASF SE, Champion Technologies, Cortec Corporation, Cytec Industries Inc., Dai-Ichi Karkaria Ltd., Daubert Cromwell LLC, Ecolab, Inc., GE Water & Process Technologies, Henkel AG & Company, KGaA, Marott Graphic Services, Solutia Inc., The Lubrizol Corporation.

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