The global corrosion resistant resin market is
expected to reach USD 11.50 billion by 2025, according to a new report by Grand
View Research, Inc. The modernization of construction industry is a huge
development figure, which is driving the overall market advancement of
corrosion resistant resins. Corrosion resistant resins are utilized as a part
of end-use industries, for instance, in chemical processing, marine, car, oil
and gas, and others. Therefore, the increasing use of corrosion resistant resins
in the end-use industry is positively affecting the market. The preference for
corrosion resistant resins market can be attributed to erosion in structures,
hardware, and apparatuses, especially from the substance business plants;
particularly parts, for example, boilers, radiators, pumps, and
smokestacks.
Composites is the fastest-developing
application segment and expected to surpass USD 2,915.5 million by 2025.
Expanding penetration of composites in the corrosion-resistant applications,
for example, sewage, water system, chemical, and oil and gas is expected to
increase their demand in the corrosion-resistant resin market. The improvement
of new composite applications in various enterprises in creating economies and
an expected recovery of oil & gas drilling activities in the upcoming years
are the real development drivers adding to a sound interest for
corrosion-resistant resins in the composites business.
Epoxy is a widely used material for
corrosion resistant resin applications and progressively used owing to its
excellent properties, such as corrosion resistance, low cost, and easy
application. It is expected to lead the corrosion resistant resin market growth
over the forecast period.
Oil & gas end-use industry use
corrosion resistant resin on a large scale. Monetary losses due to corrosion
can be high. Therefore, corrosion resistant resins are used in the form of
coatings and composites in the oil & gas equipment. Due to its highly
structured composition, it is a particularly effective barrier to protect
metals against attack by corrosive substances such as hydrogen sulfide, carbon
dioxide, and sea water, thus leading to increased demand for corrosion
resistant resin in oil & gas industry.
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http://www.grandviewresearch.com/industry-analysis/corrosion-resistant-resin-market
http://www.grandviewresearch.com/industry-analysis/corrosion-resistant-resin-market
Further key findings from the report suggest:
· Coatings was the leading application
segment in 2016, accounting for over 75% of the total demand in the same year.
Epoxy resins dominated the product category with a total market of over 796.1
kilotons in 2016.
· Chemical processing industry is anticipated
to experience fastest growth, growing at an anticipated CAGR of 6.9% over the
forecast period
· Oil & Gas application is the
second-fastest growing industry with a demand of over 596 kilotons in 2016
· Asia Pacific emerged as the dominant region
and was valued at over USD 2,702.7 million in 2016 with China being the leading
market for Oil & Gas. The Asia Pacific region is anticipated to grow at a
CAGR of over 7.8% over the forecast period.
· Major players such as BASF SE,
Hunstman Corporation, Eastman Chemical Company, Ashland Inc., Scott Bader
Company Limited, and Aditya Birla Chemicals dominated the global corrosion
resistant resin market in 2016
Grand View Research has segmented the
global corrosion resistant resin market on the basis of product, application,
end-use industry, and region:
Corrosion Resistant Resin Product Outlook
(Kilo tons; USD Million; 2014 - 2025)
·
Epoxy
·
Polyurethanes
·
Polyester
·
Vinyl ester
·
Others
Corrosion Resistant Resin Application
Outlook (Kilo tons; USD Million; 2014 - 2025)
·
Coating
·
Composites
Corrosion Resistant Resin End-use
industry Outlook (Kilo tons; USD Million; 2014 - 2025)
·
Chemical
·
Marine
·
Oil and gas
·
Automobile
·
Others
Corrosion Resistant Resin Regional Outlook
(Kilo tons; USD Million; 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
The Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
