demoralize vs dismay

demoralize is not a noun while dismay is a noun.

Word	Noun	Adjective	Verb	Adverb
demoralize	No	No	Yes	No
dismay	Yes	No	Yes	No

As verbs, demoralize and dismay are synonyms defined as:

Other synonyms of demoralize include cast down, deject, demoralise, depress, dispirit, get down.

demoralize (noun)	dismay (noun)
	fear resulting from the awareness of danger
	the feeling of despair in the face of obstacles

demoralize (verb)	dismay (verb)
confuse or put into disorder	fill with apprehension or alarm; cause to be unpleasantly surprised
lower someone's spirits; make downhearted	lower someone's spirits; make downhearted
corrupt morally or by intemperance or sensuality