Corrosion inhibitors are widely used across many industries to decrease the corrosion rate of a metal or alloy. They are also available in over-the-counter products in the form of a spray with a lubricant or penetrating oil. It is also used in industrial applications, particularly in manufacturing process where it is used in boilers to minimize the effects of acid, in paints to give durability, in antiseptics to counter microbial corrosion, and in oil refineries to help protect against hydrogen sulfides. Corrosion inhibitors have a wide variety of applications across the industrial and consumer industry.
Global spend in corrosion inhibitor market
The overall spend in the corrosion inhibitor market is primarily driven by the increase in demand for the treatment of water and wastewater due to environmental awareness, primarily in emerging markets. Additionally, the growing requirement for industrial water is also expected to impact the demand for corrosion inhibitors. The industrial water segment has been projected as the fastest growing sector among all water segments by the US FAO. Oil and gas segment has also been contributing to the global spend in this market and their demand is highly dependent on the price of crude oil.
Pricing outlook
The buyers in the corrosion inhibitor market are demanding that suppliers provide innovative products that provide long-term corrosion resistance, performance monitoring of corrosion inhibitors in end-user applications, and the adoption of sustainability measures. Products having chromates are being banned in several countries due to their toxicity. However, these products cost less and are cost-effective corrosion-resistant solutions. This puts suppliers under pressure to invest in R&D to meet changing needs of buyers and ensure regulatory compliance. Leading suppliers such as BASF and DowDuPont have developed patented corrosion inhibitors that can provide superior performance and are eco-friendly.
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Market innovations
Most often, hydrogen sulfide gathering system collects and transports large volumes of gases and condensates from operating fields, which can cause major pipeline corrosion problems. One leading supplier in the US tested an enhanced corrosion mitigation product which can provide a long-term solution for the buyer. Additionally, in the metal treatment sector, a widely used compound hexavalent chromate is banned by REACH in Europe. A leading APAC-based supplier has collaborated with a research unit to develop inhibitors that permit inhibiting ions in coating systems that can be used as alternatives to hexavalent chromates. This environment-friendly solution was tested in coating systems and was found to be an effective solution for the steel industry.
Procurement best practices
Suppliers in this industry is prioritizing performance monitoring which can result in the development of long-term and effective customized corrosion inhibitor programs. Suppliers have developed expertise in performance monitoring of corrosion inhibitor solutions to enhance their products. Furthermore, effectively managing negotiation levers can aid buyers in increasing their cost-savings. Category managers can leverage common negotiation levers such as fees and payment period terms, corrosion inhibitor grade, and packaging solutions.
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Read more about the market outlook of the corrosion inhibitors market along with procurement best practices, pricing insights, category management, and market challenges in SpendEdge’s upcoming report on the global corrosion inhibitor market.
