According to the research report titled ‘Corrosion Inhibitors Market Size study, by Compound (Organic corrosion inhibitors, Inorganic corrosion inhibitors) by Type (Water-based Corrosion Inhibitors, Oil-based Corrosion Inhibitors, Volatile Corrosion Inhibitor), by application (Water Treatment, Process and Product Additives, Oil & Gas Production) by End use industry (Oil & gas, Power generation, Chemicals, Metals processing, Pulp & paper), and Regional Forecasts 2021-2027’, available with Market Study Report, global corrosion inhibitors market was assessed at USD 7.5 billion in 2020 and is anticipated to amass USD 10.5 billion by 2027, expanding at 4.9% CAGR between 2021-2027.
 

Surging losses incurred due to corrosion, and stringent government regulations regarding health & safety of workers are key factors driving global corrosion inhibitors industry expansion. Furthermore, widespread application of corrosion inhibitors in water treatment, oil & gas production, power generation, and metal & mining sectors will aid the market growth.
 

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As per the National Association of Corrosion Engineers International, the annual cost of corrosion in the oil & gas sector in the U.S. is reckoned at USD 27 billion. Implementation of corrosion-related technical practices, and application of corrosion resistant materials will help in decreasing these costs.
 

For the record, corrosion inhibitors are primarily used for controlling and slowing down the corrosion process and treating toxic water in different operations of industries. They protect alloys or metals from corrosion by preventing cathodic and anodic processes and forming an absorbing layer on their surface which acts as a barrier to air or water.
 

While surging industrialization in developing countries will facilitate industry augmentation, utilization of corrosion resistant materials will act as a challenge.
 

Based on compound, worldwide corrosion inhibitors industry is divided into inorganic corrosion inhibitors, and organic corrosion inhibitors. Speaking of type, the market sphere is bifurcated into water-based, volatile, and oil-based. As per application scope, the business sphere is fragmented into water treatment, oil & gas production, and process & product additives. Moving on to end user spectrum, the industry is segmented into oil & gas, chemicals, power generation, pulp & paper, and metals processing.
 

Regionally speaking, Asia Pacific corrosion inhibitors market sphere is projected to record significant growth between 2021-2027 owing to surging demand for water treatment chemicals due to rising industrial growth, booming population, and surging concern for the environment. Expansion of power, mining, oil & gas, and chemical industries in developing countries such as China, India, and Malaysia, among others will spur market expansion as well.
 

Key players profiled in the report are Lanxess AG, Diyou Fibre (M) Sdn Bhd, The Lubrizol Corporation, Solenis (Ashland Water Technologies), The Dow Chemical Company, BASF SE, Nouryon, Suez Water Technologies & Solutions, Ecolab Inc., Baker Hughes Company.