Pune, March 24, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Material & Chemical market research firm, has published competitive intelligence market research report on “Corrosion Under Insulation and Spray-on Insulation Coatings Market“. The Corrosion Under Insulation and Spray-on Insulation Coatings market size was valued at USD 1.91 Bn in 2021. The total Corrosion Under Insulation and Spray-on Insulation Coatings Market revenue is expected to grow at a CAGR of 4.8 percent from 2022 to 2029, reaching USD 2.78 Bn during the forecast period.
| Market Size in 2021 | USD 1.91Bn |
| Market Size in 2029 | USD 2.78 Bn |
| CAGR | 4.8 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 262 |
| No. of Tables | 125 |
| No. of Charts and Figures | 119 |
| Segment Covered | By Type and End-Use Industries |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Corrosion Under Insulation and Spray-on Insulation Coatings Market Scope and Research Methodology
The report on Corrosion Under Insulation and Spray-on Insulation Coatings Market provides an in-depth analysis of the industry. Key highlights of the report include the market size and the growth rate. Key insights of the report include the major applications and drivers of the market, challenges to growth and opportunities for Corrosion Under Insulation and Spray-on Insulation Coatings market growth. The report covers a thorough regional analysis of the Corrosion Under Insulation and Spray-on Insulation Coatings industry at local, regional and global level. Segments covered in the report are by type and End-Use Industries.
The report covers the Corrosion Under Insulation and Spray-on Insulation Coatings market strategies followed by major players and provides their analysis on the basis of growth in the industry which helps investors and major companies decide their investments and to make data-driven decisions. Primary and secondary research methods were used to collect the data from Corrosion Under Insulation and Spray-on Insulation Coatings market. Key players are identified through secondary research. The market size of CUI & SOI coatings in terms of value and volume is provided in the report.
Corrosion Under Insulation and Spray-on Insulation Coatings Market Overview
The insulation is used for thermal or acoustic purposes, and is common in the oil & gas industry, where steel piping is widely used. SOI coatings with the high level of humidity by providing a full air seal for both residential and commercial structures are used for the insulation for thermal and acoustic purposes.
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Need for high efficiency and prolonged equipment life to boost the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth
Coatings such as CUI & SOI coatings are used in oil and gas industrial sectors to safeguard pipelines, equipment and storage tanks. Toxic and corrosive chemicals are used in industries, which requires high temperature and heat. These coatings are solvent base, water-based paints and powder coating. Adoption of heavy-duty corrosion protective coatings helps to decrease the impact on the reactor surfaces and the equipment's operating life is prolonged.
Demand for polysiloxane based spray on insulative coatings in petroleum refineries and chemical industries are expected to boost the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth. Usage of vapor phase corrosion inhibitors (VCI) method for prevention of CUI are alternative corrosion control approach that is both effective and affordable. Demand for high-efficiency & high-performance CUI & SOI coatings across the end-use industries is expected to influence the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.
Increasing demand for the alternatives for the Anti-corrosion coatings and non-corrosive pipe materials are expected to hinder the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.
Asia-Pacific region is expected to dominate the Corrosion Under Insulation and Spray-on Insulation Coatings Market over the forecast period
Asia-Pacific region dominated the regional Corrosion Under Insulation and Spray-on Insulation Coatings Market in 2021 and is expected to continue the dominance over the forecast period. Increasing oil & gas, petrochemical, marine and hydroelectric generator sector to boost the Asia Pacific regional Corrosion Under Insulation and Spray-on Insulation Coatings Market growth. India’s Oil & gas industry is expected to fuel the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth over the forecast period.
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Followed by Europe, North America is expected to contribute to the regional Corrosion Under Insulation and Spray-on Insulation Coatings Market growth over the forecast period. Presence of major key players in the region to influence the market growth in the region. Increased need for CUI & SOI costing with improved features and efficiency is expected to drive the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.
Corrosion Under Insulation and Spray-on Insulation Coatings Market Segmentation
Based on Type, Epoxy segment expected to dominate the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth over the forecast period
Epoxy segment held the largest Corrosion Under Insulation and Spray-on Insulation Coatings Market share in 2021. The superior CUI protection, water resistance, and use of epoxy based CUI coatings are the factors dominating the Epoxy segment. Demand for CUI mitigation in laboratory tests and real world performance is expected to fuel the epoxy segment in the Corrosion Under Insulation and Spray-on Insulation Coatings Market.
Based on End Use industries, Oil & Gas and Petrochemical segment to hold the largest Corrosion Under Insulation and Spray-on Insulation Coatings Market share over the forecast period
Oil & Gas, and the Petrochemical segment has a high volume of CUI & SOI coatings used in the industries. Coating material are used to avoid degradation due to the rigorous treatment, pipes, and equipment required. Need for coating in Oil & Gas and Petrochemical industry is expected to influence the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.
By Type:
- Epoxy
- Acrylic
- Silicone
- Multi-Polymeric Matrix
- Others (multi-polymeric matrix, zinc silicate, oxide chemicals, titanium modified inorganic copolymer, and water-based CUI coatings)
By End-Use Industries:
- Marine
- Oil & Gas, And Petrochemical
- Energy & Power
- Building & Construction
- Food
- Pharmaceuticals
- Automotive
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Corrosion Under Insulation and Spray-on Insulation Coatings Market Key Players include:
- Akzo Nobel N.V.
- PPG Industries, Inc.,
- Jotun A/S (Norway),
- The Sherwin-Williams Company
- Hempel A/S
- Kansai Paint Co., Ltd
- Nippon Paint Co., Ltd.
- RPM International Inc.
- Axalta Coating Systems
- BASF Coatings
- Asian Paints Limited.
- Kansai Paint Co. Ltd.
- Jotun
- Presserv Group
- Belzona
- APLIKA CONTROL
- PERMA-PIPE
- Presserv Group
- Sharpshell
- Resimac
- Lincoln Industries
- Syneffex
Akzo Nobel N.V.:
The company is expert in making coatings and is active in over 150 countries. They are developing products to color and protect all kinds of buildings, inside and out from private homes to industrial sectors. Their coatings meet the highest standards in new substrates/composites and design. The total annual revenue of the company was USD 1750.77 Mn In 2022.
Jotun A/S:
Jotun is a multinational chemicals company dealing mainly in decorative paints and performance coatings. The company is the world's largest manufacturer of paints and coating products. Jotun manufactures paints and varnishes for marine and industrial purposes. The total annual revenue of the company in 2022 was USD 2679.88 Mn.
Key questions answered in the Corrosion Under Insulation and Spray-on Insulation Coatings Market are:
- What are Corrosion Under Insulation and Spray-on Insulation Coatings?
- What was the Corrosion Under Insulation and Spray-on Insulation Coatings market size in 2021?
- What is the expected Corrosion Under Insulation and Spray-on Insulation Coatings market size by 2029?
- What is the growth rate of the Corrosion Under Insulation and Spray-on Insulation Coatings Market?
- Which are the factors expected to drive the Corrosion Under Insulation and Spray-on Insulation Coatings market growth?
- Which factors are expected to restrain the Corrosion Under Insulation and Spray-on Insulation Coatings market growth?
- Which segment dominated the Corrosion Under Insulation and Spray-on Insulation Coatings market growth?
- What is the demand pattern for the Corrosion Under Insulation and Spray-on Insulation Coatings market?
- Which region held the largest share in the Corrosion Under Insulation and Spray-on Insulation Coatings market?
- Who are the key players in the Corrosion Under Insulation and Spray-on Insulation Coatings market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Type and End-Use Industries
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Material & Chemical research firm, has also published the following reports:
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Corrosion Resistant Alloys Market: The total market size is expected to reach USD 12.48 Bn by 2029 with the CAGR of 8.1 perecnt during the forecast period. Various technological developments like deep-water exploration, drilling technology, subsea technologies is expected to boost the market growth.
Corrosion Resistant Dosing Valve Market: The total market size is expected to reach USD 3.32 Bn by 2029, at a CAGR of 5.2 percent throughout the forecast period. Cost-effectiveness of Corrosion resistant dosing valves is expected to drive the market growth.
Corrosion Monitoring Market: The market size was valued USD 445.80 Mn in 2021 and is expected to reach 1042.26 Mn by 2029, at a CAGR of 11.2 percent during the forecast period. Development in oil and gas industries which highly recommends the corrosion monitoring program is expected to fuel the market growth.
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