The corrosion inhibitors are those chemicals which are added to flow coolants, pipelines, engine oil, hydraulic acid fuel and others in order to prevent the development of corrosion or for reducing the rate of corrosion. Expanding efforts in the production in the oil and gas industry have driven the interest for the various embellishments required in the business, including corrosion inhibitors. This is probably going to be a noteworthy driver for the global corrosion inhibitors market over the forecast time frame. Then again, the expanding selection of thermoplastics in the major end-use enterprises of corrosion inhibitors could develop as a major hindering factor against the global corrosion inhibitors market over the estimated period. The global corrosion inhibitors market is growing at a CAGR of 4.26% and is projected to reach the valuation of USD 9,388.4 million during the forecast period (2018-2023).
The global corrosion inhibitors market is classified on the basis of its product, end-use industry, application, and regional demand. Based on its products segment the market includes inorganic and organic corrosion inhibitors. On the basis of its application, the global corrosion inhibitors market is bifurcated into solvent/oil-based and water-based corrosion inhibitors. Based on its end user industry, the market is divided into metal processing, power generation, chemical processing, oil and gas, and others.
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Geographically, the global corrosion inhibitors market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Solvay (Belgium), Ecolab (U.S.), Ashland (U.S.), and Air Products and Chemicals Inc. (U.S.), DowDupont (U.S.), Acuro Organics Limited (India), Chemtex Specialty Limited (India), Ganesh Benzoplast Limited (India), among others are some of the major players in the global corrosion inhibitors market.