Oilfield Corrosion Inhibitor Market Size, Share, Growth, And Industry Analysis by Type (Organic Corrosion Inhibitor and Inorganic Corrosion Inhibitors) by Application (Oilfield Drilling System, Oilfield Gathering and Transportation Systems and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Oilfield Corrosion Inhibitor Market Report Overview

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The global oilfield corrosion inhibitor market size was USD 1903.9 million in 2022 and market is projected to touch USD 2757 million in 2031, exhibiting a compound annual growth rate (CAGR) of 4.2% during the forecast period.

In order to reduce or prevent corrosion-related issues brought on by significantly different processing conditions and concentrations of salts and water at various stages of oil and gas production processes, corrosion inhibitors are chemical compounds that are added in small concentrations to a fluid. Inhibitors of oilfield corrosion are often utilised in the petroleum sector. Corrosion inhibitors are often utilised in the oil drilling, mining, collecting, transportation, and refining processes. Corrosion inhibitors that are resistant to hydrogen sulphide corrosion must be utilised, especially in the development of high-sulfur oil and gas resources due to the severe corrosion of hydrogen sulphide gas on drill pipe equipment, tubing, and casing.  Corrosion inhibitors must be used for high temperature acidification in order to acidify oil and gas wells. They should also be used for oilfield oily wastewater treatment and re-injection in order to prevent corrosion. Oilfield corrosion inhibitors are utilised in a variety of end-use sectors, including power generation, oil & gas and refinery, metal & mining, pharmaceutical and utilities, among others, for applications including water treatment, process and product additives, and oil & gas production. In the aforementioned end-use sectors, corrosion inhibitors are used to remediate hazardous water and prolong the life of metals and alloys. By slowing down corrosion in various industrial settings and treating contaminated water, they are able to manage the corrosion process.

Oil line corrosion inhibitors can be used to safeguard different oilfield equipment in such a highly corrosive environment. Oil line corrosion inhibitors are designed to be compatible with all other process chemicals and provide good protection against diverse corrosive processes. The price of crude oil has a significant impact on the demand for corrosion inhibitors for oil lines. In the foreseeable future, it is anticipated that crude oil prices would remain constant at a moderate level. The most cost-effective approaches to reduce corrosion rates, protect metal surfaces from corrosion, and maintain oil and gas facilities are through the use of oil line corrosion inhibitors. Oilfield corrosion inhibitors are often introduced to corrosive environments in tiny doses, thereby slowing the rate of corrosion. Both organic and inorganic corrosion inhibitors are available in a variety of forms on the market.

COVID-19 Impact: Because Tight Restrictions That Impeded Market Expansion the Market has Remained Stagnant.

The Covid-19 pandemic has had a significant impact on the oilfield corrosion inhibitor market. The demand for oilfield corrosion inhibitors has decreased significantly due to the slowdown in the oil and gas industry. The reduced demand has led to a decrease in prices and a decrease in the profitability of the oilfield corrosion inhibitor market share. The Covid-19 pandemic has also led to a decrease in the demand for other chemicals used in the oil and gas industry, which has further impacted the oilfield corrosion inhibitor market size. The pandemic had a significant negative influence on the chemical industry globally. The chemical industry's expansion was hampered by supply chain disruption, labour reduction, travel restrictions, and declining demand as a result of worldwide unrest. The pandemic decreased demand for the oil and gas sector as well. The development of many businesses in these areas was halted by decreased output that affected revenue realization. Consumers, companies, and communities all around the world experienced significant anxiety and financial suffering as a result of the pandemic.

Latest Trends

"Growing Industrialization in Emerging Markets to Promote Market Growth        "

It is anticipated that infrastructure development would promote industrial activity and support economic growth in nations like China, India, Brazil, and South Korea. The oilfield corrosion inhibitors market growth is anticipated to develop over the next five years as a result of infrastructure expansion connected to demand for energy, clean water, fuel, transportation, and construction. According to Oxford Economics, by 2040, the world is projected to spend USD 94 trillion on infrastructure, with an extra USD 3.4 trillion needed to meet the UN's Sustainable Development Goals for water and power. According to an Oxford Economics report, Asia-Pacific nations including China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam would have some of the fastest-growing infrastructure investment rates. This has caused growing economies to use industrial water more frequently. As a result, producers now have the chance to provide a wide selection of oilfield corrosion inhibitors to diverse niche applications in order to shield them from corrosion.

Oilfield Corrosion Inhibitor Market SEGMENTATION

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• By type

Depending on oilfield corrosion inhibitor given are types: Organic Corrosion Inhibitor and Inorganic Corrosion Inhibitors. The Organic Corrosion Inhibitor type will capture the maximum market share through 2031.

• By Application

The market is divided in Oilfield Drilling System, Oilfield Gathering and Transportation Systems and Others based on application. The global oilfield corrosion inhibitor market players in cover segment like Oilfield Gathering and Transportation will dominate the market share during 2031.

Driving Factors

"Growing Demand for Treated Water Across a Variety of End-Use Industries To Boost Market Share"

Freshwater resources make up only 2.5% of the world's total water resources, making it difficult to supply water for home and industrial use. Water must be properly recycled since there is a growing disparity between supply and demand. This may be done by purifying the water. Globally, the market for oilfield corrosion inhibitors in the water treatment industry is expanding quickly. The major users of oilfield corrosion inhibitors are industrial producers, who are always looking for more potent inhibitors to shorten downtime for equipment repairs. Rising demand from emerging nations in particular is a result of a surge in the need for oilfield corrosion inhibitors across a variety of sectors, including pulp & paper, chemical processing, oil & gas, petroleum, and metals to protect from corrosion. The main application of corrosion inhibitors in the water treatment process is for cooling water, which shields metal machinery from water flow.

"The worldwide oilfield corrosion inhibitors market is being propelled by a rise in investments in the oil and gas sector."

The oil and gas sector under pressure to boost output while lowering expenses and increasing profits. Oil and gas businesses are investing in innovative technology and techniques that reduce corrosion in order to attain these goals. Corrosion inhibitor usage is one such technique. Chemicals called corrosion inhibitors are added to oil and gas to stop or lessen corrosion of machinery and pipelines. The rising exploration and production activities in the oil and gas sector are what are driving the market for oilfield corrosion inhibitors globally. The shale revolution has altered how oil and gas are produced, causing the oil and gas sector to be in transition.

Oil and gas businesses are utilising new technology and techniques that have been developed as a result of the shale revolution to boost output and save expenses. Oilfield corrosion inhibitor demand is rising as a result of increased exploration and production operations. The strict environmental restrictions are another factor driving the market for oilfield corrosion inhibitors. The use of chemicals that do not pollute the environment is required by the oil and gas industry's adherence to strict environmental standards. Utilizing corrosion inhibitors enables oil and gas businesses to comply with these rules.

Restraining Factors

"Environmentally friendly formulations are required which is impeding the market growth"

The key factors limiting the growth of the corrosion inhibitor market are strict environmental regulations. Manufacturers of corrosion inhibitors are now subject to onerous regulatory restrictions as a result of the increased concern about the effects of chemicals on the environment and human health. This encourages producers to choose safer alternatives. It is challenging for the makers to offer an alternative for typical formulations due to the non-toxic corrosion inhibitors' ability to function under extreme circumstances. For instance, zinc phosphate has been used as an alternative in the oil and gas business. This inhibitor is efficient, although it falls short of the capabilities of chromate complexes like hexavalent chromium. According to the US Department of Labor, both people and animals have been known to develop cancer after exposure to this substance.

Oilfield Corrosion Inhibitor Market Regional Insights

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"North America is anticipated to lead the market for Oilfield corrosion inhibitors."

Due to the region's extensive oil and gas industries, North America is anticipated to hold the highest market share in the oilfield corrosion inhibitors market by 2020. Additionally, it is anticipated that the region's expanding exploration and production operations would increase demand for oilfield corrosion inhibitors. The region's oilfield corrosion inhibitors market is mostly supported by the United States. The EIA predicted that in 2020, its crude oil output will increase to 11.09 million barrels/day from the 10.96 million barrels/day it produced in 2019. (U.S. energy information administration).

During the anticipated period, APAC is anticipated to see the quickest market share growth in the oilfield corrosion inhibitors market. During the projected period, the oilfield corrosion inhibitors market in Asia-Pacific is anticipated to develop at the highest CAGR. This is due to the region's expanding exploration and production activity. Oilfield corrosion inhibitor demand in the area is anticipated to increase as a result of exploration operations in China, India, Indonesia, and Malaysia. China produced 4.23 million barrels per day of crude oil in 2019 and is projected to produce 4.26 million barrels per day in 2020, according to the EIA. Additionally, India produced 5.02 million barrels of crude oil per day in 2019 and is projected to produce 5.29 million barrels per day in 2020.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Ecolab (U.S)
• GE (Baker Hughes) (U.S)
• SUEZ Water Technologies & Solutions (U.S)
• Halliburton (U.S)
• Schlumberger (U.S)
• Lubrizol (U.S)
• Solenis (U.S)
• BASF (Germany)
• Clariant (Switzerland)
• ICL Advanced Additives (U.S)
• LANXESS (Germany)
• Lonza (Switzerland)
• Daubert Chemical (U.S)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.