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.
China corrosion resistant
resin market by end-use, 2014 - 2025 (USD Million)
Browse full research report on
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
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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