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According to The Business Research Company’s research on the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market, the rapid growth in end-use industries such as marine, oil & gas, and petrochemical, construction industries, is driving the growth of corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market. Marine industries, the oil & gas industry, construction and the petrochemical industry have been rising in recent years due to economic growth and industrialization. These industries are equipped with large numbers of pipelines that are continuously exposed to corrosive chemicals and moisture. Thus, they constantly need coatings to protect pipelines from corrosion, which drives the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market forward. For instance, in June 2022, according to a recent estimate by the International Energy Agency (IEA), global energy investment is expected to expand by 8% in 2022 to reach USD 2.4 trillion, with the anticipated increase coming mostly from renewable energy. Furthermore, according to the U.S. Census Bureau report on monthly construction spending in 2022, construction spending reached $ 1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $ 1,740.6 billion. Therefore, the growth of end-user industries is expected to propel the growth of the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market going forward.
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The global corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market size is expected to grow from $ 1.58 billion in 2021 to $ 1.72 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The global corrosion under insulation (CUI) and spray-on insulation (SOI) coatings industry is expected to reach $ 2.10 billion in 2026 at a CAGR of 5.2%.
Strategic partnerships have emerged as a key trend gaining popularity in the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market. Major companies operating in the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market sectors are entering into a partnership to expand their market. For instance, in June 2020, BASF, a German-based chemical manufacturing company specializing in coatings, entered into a partnership with GACNE. The partnership aims to improve GACNE's paint shop operations and decision-making. BASF will supply technical know-how, including administration of the paint facility and thorough color development. BASF has taken over as GACNE's only coating supplier, including e-coat, primer, the basecoat, and clear coat. GACNE is a China-based automotive manufacturing company. Moreover, in February 2020, PPG Industries Inc., a US-based paints, coatings, and specialty materials company, collaborated with Dow and its Sustainable Future Program for an undisclosed amount. The collaboration focuses on development to accelerate the adoption of low-carbon technologies. Further, it focuses on advances in anti-corrosion coating products for steel, designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure. Dow is a US-based chemical company that manufactures coatings and insulation material and products.
Major players in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market are Akzo Nobel N.V., PPG Industries Inc, Jotun A/S, The Sherwin-Williams Company, Hempel A/s, Kansai Paint Co. Ltd, Nippon Paint Co. Ltd., RPM International Inc., Mascoat, Syneffex Inc., Kaefer GmbH, Belzona, and Resimac Ltd.
Asia-Pacific was the largest region in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market in 2021. Asia-Pacific is expected to be the fastest-growing region in the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market during the forecast period. The regions covered in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market is segmented by product into solvent-based coating, water-based paint, powder coating; by material into epoxy anticorrosive coating, polyurethane coating, inorganic zinc-rich coating, alkyd coating, acrylic coating, chlorinated rubber coating, other materials; by end-user into marine, oil and gas and petrochemical, energy and power, other end-users.
Corrosion Under Insulation (CUI) & Spray-On Insulation (SOI) Coatings Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market forecast size and growth, corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market segments, corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market trends, corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market drivers and restraints, corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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