The global Corrosion Inhibitors market estimated at US$7.93 billion in the year 2022 is now projected to grow at a CAGR of 6.34% and reach US$11.46 billion by 2028.
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
North American corrosion inhibitors market is expected to grow significantly over the forecast period. This growth can be attributed to growing oil & gas industries and increasing shale gas exploration activity that utilizes maximum inorganic inhibitors for the prevention of corrosion. U.S. contributed around 78% of the total North American corrosion inhibitors market and is estimated to have a market value of US$2.13 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 5.70% and 4.41% respectively over the 2022-2028 period.
Asia-Pacific corrosion inhibitors market is anticipated to witness an upsurge owing to the rapid urbanization and industrialization, growing spending on construction from the public and private sector in the countries such as China, India and Indonesia. China is expected to dominate the Asia-Pacific market and reach a market size of US$2.26 billion by 2028.
Within Europe, Germany, Italy and France are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 5.32% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Gulf Cooperation Council nations such as Qatar, U.A.E, Saudi Arabia and Oman due to a similar growth pattern as the Asia Pacific.
Key players profiled in the report include Acuro Organics Limited; Air Products and Chemicals, Inc.; Ashland Global Holdings, Inc.; Chemtex Speciality Limited; Cortec Corporation; E. I. du Pont De Nemours and Company; Ecolab, Inc.; Ganesh Benzoplast Limited; Henkel AG & Co. KGaA; Israel Chemicals Ltd. (ICL); Nouryon and Solvay SA, among others.
Research Methodology
