A corrosion inhibitor is a chemical substance when added to a liquid gas, decreases the corrosion rate of a material that comes into contact with any liquid. According to BlueQuark Research and Consulting, the global Corrosion Inhibitors Market is expected to grow considerably during the forecasted period. Factors such as the development of environment-friendly corrosion inhibitors may lead the market toward sustainable development and raise the acceptance of corrosion inhibitors among sustainable end users, expected to drive the corrosion inhibitor market in the forecasted period. Further, the rising number of oil and gas industries worldwide, owing to the high demand in the automotive sector, is anticipated to impact the corrosion inhibitor market growth positively. Furthermore, due to industrialization, the growing water treatment chemicals industry results in a decrease in pure water resources. It is expected to drive the corrosion inhibitor market in the forecasted period. However, insufficient raw material demand and supply due to the lockdown and variability in their prices will challenge the growth of the Corrosion Inhibitors market.

Corrosion inhibitors are used in water treatment, process and product activities and oil and gas production in various end-user industries, including power generation, oil and gas refineries, metal and mining, and pharmaceutical utilities.

The organic segment held the most significant market share. There has been substantial development concerning bio-based corrosion inhibitors. These are low in cost, low toxicity, and readily available organic compounds from plant extracts such as spices, aromatic herbs, and medicinal plants. Generally, bio-based corrosion inhibitors have aromatic structures with long aliphatic chains and free electron pairs. They are effective at an extensive range of temperatures, have good solubility with water, are low cost and are compatible with perfected materials. Oxygen, nitrogen, or sulfur atoms as double bonds are present in these compounds. The lone pair electrons of atoms forward the adsorption process. This process is neither physical nor purely chemical adsorption. The organic inhibitor's chemical structure, nature & surface charge, the charge distribution in the molecule, and type of aggressive media influence the adsorption process. Organic corrosion inhibitors are more prevalent in the industry due to their better quality. They also prevent more corrosion and flash rusting than other corrosion inhibitors do. Organic corrosion inhibitors avoid more water damage, cause metals to blister less, and are more chemical-resistant. Amines offer various advantages, such as being environmentally friendly, non-toxic, biodegradable, relatively cheap, and more. The amine-based organic corrosion inhibitor helps to prevent corrosion in water systems, power plants, boilers, metalworking fluids, refineries, and more. To make organic corrosion, companies are moving towards more environmentally friendly substances. As a general shift towards developing eco-friendly corrosion, governments have created new rules and regulations for the chemical industry to preserve the environment from mishaps, so eco-friendly inhibitors lead the global market.

Asia-Pacific dominates the corrosion inhibitors market owing to the region's elevated research and development activities and remarkable oil and gas reserves. Asia Pacific will continue to undergo substantial gains during the forecasted period due to the high economic growth in the emerging countries, increasing urbanization and industrialization, and growing spending on construction from the public and private sectors in the countries such as India, China and Indonesia and abundant availability of raw materials. Rising application areas for corrosion inhibitors, such as in the metal and metal processing and growth and expansion of various end-user industries, especially in developing economies, will also directly and positively impact the market's growth rate. The rising number of power plants, increasing crude oil production, growing buildings and construction projects in the developing economies, increasing expenditure for research and development proficiencies by the major companies, upsurge in the rate of industrialization, and increasing focus on the technological advancements and modernization in the manufacture techniques will further form the way for the development of the market. Rising application areas for corrosion inhibitors, such as in the metal and metal processing and development and expansion of various end-user industries, especially in developing economies, will also directly and positively impact the market's growth rate. In oil, gas, and refinery, the blend of amines and solvents is used as an oil-soluble and filming corrosion inhibitor. It helps to offer efficient corrosion mechanisms while making disposal wells, injection wells, wells, pipelines, and refinery applications. Apart from these, metal processing provides a coating on the metal exterior with a chromate layer that helps block rusting and metal anodic inhibitors. Government initiatives and projects like water treatment systems, hydropower plants, and oil and gas extraction will increase the need for the global corrosion inhibitors market in the anticipated period. Water based corrosion inhibitors are readily soluble in water and sold in solid form. They create a protective layer on the metal surface by altering the physical features of the surface to resist oxidation of the metallic exterior, thereby offering rust protection. Moreover, they are cost-effective, form a transparent coating after drying, and can be easily applied using spray, immersion, or brush before subsequent operations.

The market players are Nouryon, Cortec Corporation, Ashland, Ecolab, and Henkel Ibérica.

In February 2021, LANXESS signed a binding agreement to purchase 100 per cent shares in Emerald Kalama Chemical. The US-based company is a globally leading producer of speciality chemicals, especially for the consumer segment, and is majority-hold by affiliates of the US private equity firm, American Securities LLC.

Global Corrosion Inhibitors Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Corrosion Inhibitors Market by segmenting based on Type (Precipitation inhibitors, Passivity inhibitors, other inhibitors), Product Type (Organic, Inorganic), Application ( Water-Based, Solvent/Oil-Based), End-Use Industry (Power Generation, Oil & Gas, Chemical Processing, Metal Processing, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). The report examines the market drivers and restraints and the impact of COVID-19 on market growth in detail. The study covers emerging market trends, development, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.