Corrosion Inhibitors Market worth $10.1 billion by 2026 | Key players operating in the market include Solenis, Nouryon, Baker Hughes Company, Ecolab, BASF SE

According to recent market research "Corrosion Inhibitors Market by Compound(Organic, Inorganic), Type(Water Based, Oil Based and VCI), Application, End-Use (Power Generation, Oil & Gas, Metal & Mining, Pulp & Paper, Utilities, Chemical), and Region - Global Forecast to 2026", size is projected to grow from USD 7.9 billion in 2021 to USD 10.1 billion by 2026, at a CAGR of 4.9% between 2021 and 2026. Corrosion inhibitor is a chemical compound that, when added to a liquid or gas, decreases the corrosion rate of a material, typically a metal or an alloy. Corrosion inhibitors will remain one of the largest product segments within the water treatment chemicals market.

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Organic inhibitor is projected to be the largest compound segment in the corrosion inhibitor market. Organic corrosion inhibitors are widely used in various industries because of their effectiveness at a wide range of temperatures, compatibility with protected materials, good solubility of water, and low costs. These inhibitors absorb on the surface to form a protective film, which displaces water and protects it against corrosion.

The power plants are designed on the presumption to be continuously operated for many years to come. Across the world, demand for reliable economic power has raised the need to operate these systems at full capacity and as low a cost as possible. Rapid industrialization has led to economic growth, which resulted in improved quality of life, and in turn, propelled the demand for electricity in emerging economies. The power generation sector uses corrosion inhibitors mainly for treating boiler feed water, boiler makeup water, and cooling water.

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The global corrosion inhibitors market size is projected to reach USD 10.1 billion by 2026 at a CAGR of 4.9% from 2021. The increasing demand for corrosion protection chemicals in various end-use segments coupled with stringent regulatory and sustainability mandates concerning the environment is driving the market for corrosion inhibitors.

The increase in demand for corrosion inhibitors and the growing industrial development in the emerging economies, such as APAC and South America, are driving the market. The key players in the corrosion inhibitors market include Nouryon (Amsterdam), Henkel (Germany), The Lubrizol (US), BASF SE (Germany), Ecolab Inc. (US), Solenis LLC (US), Baker Hughes (US), The Dow Chemical Company (US), and Suez S.A. (France). These market leaders have adopted various organic as well as inorganic growth strategies between January 2016 and March 2021 to strengthen their position in the corrosion inhibitors market. The strategy of acquisition and merger was among the major growth strategies adopted by the leading market players to enhance their regional presence and meet the growing demand for corrosion inhibitors in emerging economies.

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Solenis, formerly known as Ashland Water Technologies, is one of the leading global producers of specialty chemicals for water-intensive industries, including pulp & paper, oil & gas, petroleum refining, chemical processing, mining, biorefining, power, and municipal. The company’s product portfolio includes a broad array of process, functional, and water treatment chemistries, corrosion inhibitors as well as state-of-the-art monitoring and control systems. The company serves its products to various end-use industries, such as biorefining, chemical processing, industrial water, mining & mineral processing, municipal, oil & gas, packaging paper & board, and power generation. The company has focused on the adoption of organic and inorganic strategies to cement its position as the market leader in the corrosion inhibitor market. This includes a merger with BASF SE for paper and wet end water chemicals merged its paper wet-end and water chemicals business The combined business is expected to operate under the Solenis name and offer increased sales, service, and production capabilities across the globe also company has inaugurated a new technology center in Brazil, which will develop new products for various end users.

Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. It is one of the leading providers of oilfield services, products, technologies, and systems used in the oil & gas industry. It also provides products and services for other businesses such as downstream chemicals and process and pipeline services. Recently, GE (US) and Baker Hughes Inc. merged their oil and gas equipment and services operations. The company offers corrosion inhibitors in the oilfield services and equipment segment. The company has a strong global presence with a wide product portfolio. The company merged its oil & gas equipment and services operations with GE. The development helped the company to expand its corrosion inhibitors product offerings in the oil & gas industry.

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