The market for the corrosion-resistant resin is expected to witness a CAGR of around 5% during the forecast period. The major factor driving the market studied is the broad application of corrosion-resistant resin across end-user industries and increasing demand from the infrastructure sector.
- Based on the end-user industry, the oil & gas industry is expected to hold a major share during the forecast period. Corrosion-resistant resins are widely used in the oil & gas industry as coatings and composites.
- The trend of the development of the infrastructure of companies also boosts the demand for corrosion-resistant resin products and help to grow the market significantly.
- However, stringent government regulations regarding the usage of corrosion-resistant resin may hamper the growth of the market. Moreover, the unfavorable conditions arising due to the COVID-19 outbreak is also expected to hinder the market growth.
Key Market Trends
Increasing Demand for Epoxy Resins
- Epoxy resin type is anticipated to be the largest and fastest-growing market for corrosion-resistant resin owing to its excellent corrosion resistance property, easy application, and reasonable cost.
- Epoxy coatings are mainly used to counteract erosion in manufacturing equipment, tanks for destructive chemicals, underground storage tanks, industrial scrubbers, effluent management, and pressure transfer pipe.
- Epoxy coatings find numerous industrial applications as per the availability. Epoxy powder coatings are used on washers, dryers, and other white goods, on steel pipes and fittings used in the oil and gas industry, water transmission pipelines, and concrete reinforcing rebar, due to their flexible applicability.
- The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection. Metal cans and containers are often treated with epoxy coatings to prevent rusting, especially in the food packaging industry.
Asia-Pacific Region to Dominate the Market
- Rapidly increasing industrialization, GDP growth, and demand for improved and modern infrastructure in the region are expected to fuel the demand for corrosion-resistant resins in the region.
- The region is among the largest producer of industrial coatings, which uses corrosion-resistant resins.
- The increasing investments in industries such as infrastructure and transportation in emerging economies such as China, India, and ASEAN countries are expected to boost the growth of the corrosion-resistant resin market.
- China is leading the market, owing to the deep-rooted industrial base. It is a significant market for corrosion-resistant resins due to the presence of well-established industries in the country.
- Japan marine industry is one of the renowned industries across the globe with dominating companies like Imabari Shipbuilding, Mitsui, and Mitshubishi. This established industry is expected to attract demand for corrosion-resistant resins.
- Furthermore, the increasing oil and gas pipeline projects in countries like China, India, and Indonesia are also expected to increase the demand for these resins.
The corrosion-resistant resin market is partially consolidated in nature, with a few players dominating a significant portion of the market. Some of the major companies include Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corp., and BASF SE.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support