According to the new market research report "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", published by MarketsandMarkets™, the global Corrosion Inhibitor Market 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.
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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.
In terms of value, the organic segment is projected to account for the largest share of the corrosion inhibitor market, by compound, during the forecast period.
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.
Power generation is projected to register the highest CAGR during the forecast period.
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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Volatile Corrosion Inhibitor is projected to be the fastest-growing market, based on type.
Volatile Corrosion Inhibitors (VCI) will register the highest CAGR for the type segment of corrosion inhibitor market, during the forecast period. VCIs work by changing the pH of the outside atmosphere to less acidic conditions to regulate corrosion. Examples include morpholine and hydrazine, which are used to control the corrosion of the condenser pipes in boilers. Key industrial applications are polymer films, paper, foam, powder and oil, and grease industrial applications.