Corrosion Resistant Resin Market

Corrosion Resistant Resins (CRR) Market Size (2023-2028):

Corrosion Resistant Resins (CRR) Market was valued at USD 9.12 billion in 2022 and is estimated to reach USD 13.14 billion by 2028 with a CAGR of 6.1%

Corrosion Resistant Resins are special high-performance polyester and are ideal for the manufacture of tanks, pipes, and vessels containing acids, alkalis, fuels, food, water, and other demanding materials that can corrode metals. Corrosion-resistant resins successfully compete with steel and aluminum in the market for their inherent durability, ease of installation, and ease of maintenance and repair compared to metals.

The increasing monetary losses due to corrosion and development in end-use industries are the engine of the CRR market. The modernization of the infrastructure is another main factor that should bring traction to this sector. One of the key factors in the use of corrosion-resistant resins is the growing interest in corrosion-resistant resins in composite applications. In addition, conventionally used metals, for example, due to factors such as cost feasibility and low maintenance, carbon steel and aluminum are gradually being replaced by composites. Corrosion-resistant resins are estimated to see an increase in market demand, as corrosion generates significant revenue losses in the chemical industry.

Epoxy resin type is expected to be the largest and fastest growing market for corrosion-resistant resin due to its excellent corrosion resistance property, ease of application, and its reasonable cost. Epoxy coatings are primarily used to counter erosion in manufacturing equipment, destructive chemical tanks, underground storage tanks, industrial scrubbers, effluent management, and pressure transfer lines. Epoxy coatings find many industrial applications depending on availability. Epoxy powder coatings are used in washing machines, dryers, and other appliances, on steel pipes and fittings used in the oil and gas industry, water transport pipes, and concrete rebar, due to their flexible applicability.

Corrosion Resistant Resin Market Drivers:

Industries suffer heavy losses from corrosion every year, which could pose a direct threat to property and people. Corrosion-resistant resins help minimize these losses, thus preventing damage to structures, equipment, and machinery. Corrosive resin coatings are widely used on construction iron pillars, reducing the risk of rust or corrosion, as well as being used as a roof coating to avoid any reaction of air pollutants. The increase in economic losses due to structural corrosion has increased the use of corrosion-resistant resin in the construction and infrastructure sector.

Moreover, investments in infrastructure development are increasing significantly, which is driving the growth of the global corrosion-resistant resin market. For example, in 2019, the Chinese government invested $ 1.8 billion in 14 social housing projects. In addition, the United States is registering significant investment in residential construction and the trend is expected to remain the same in the near future. According to the US Census Bureau, in January 2021, the value of construction implemented in residential and non-residential construction increased to $ 571,415 million and $ 483,586 million, from $ 551,541 million and $ 484,612 million in December 2020. Hence, the growth of construction projects and investment is driving the growth of the Corrosion Resistant Resin market.

Corrosion Resistant Resin Market Restraints:

Variations in the price of raw materials are restraining the growth of the worldwide corrosion-resistant resin market. Most of the raw materials utilized in the production of corrosion-resistant resins are petroleum products, so the prices of these raw materials have been very volatile in recent times, affecting the growth of the market.

Opportunities in the Corrosion Resistant Resin Market:

Innovations are essential in the CRR market to better serve applications. Continuous optimization of the portfolio in the CRR market is important to remain competitive. To develop new and innovative products, technologies, and manufacturing processes, market players collaborate with each other.

Challenges in the Corrosion Resistant Resin Market:

Industries suffer heavy losses from corrosion every year, which could pose a direct threat to property and people. Corrosion-resistant resins help minimize these losses, thus preventing damage to structures, equipment, and machinery.

CORROSION-RESISTANT RESINS (CRR) MARKET REPORT COVERAGE:

Corrosion Resistant Resin Market Segmentation as per the research report until 2028.

Corrosion Resistant Resin Market - By Type

• Epoxy

• Polyester

• Polyurethane

• Vinyl Ester

• Others

The epoxy resin products segment is dominant in the global corrosion-resistant resins market, due to its excellent corrosion resistance property, ease of application, and affordability. Epoxy coatings are widely used to prevent corrosion in manufacturing equipment, corrosive chemical tanks, underground storage tanks, industrial scrubbers, effluent management, and pressure transfer pipes. Vinyl resin is used in the marine industry to prevent blistering on the hulls of ships. The replacement of conventional protective paint application methods with resin is increasing rapidly in various end-use industries including infrastructure, oil and gas, and automotive.

Corrosion Resistant Resin Market - By Application:

• Coatings
• Composites
• Others

The coatings segment is estimated to lead the global CRR market during the forecast period as it is the most efficient, durable, and cost-effective coating. Due to the increasing call for lightweight materials for automotive and transportation, oil and gas, heavy industries, and various other end-use industries, the composite materials applications segment is supposed to register a high growth rate during the outlook period to reduce maintenance costs. Due to the anti-corrosion properties provided by the substance, coatings are expected to be the greatest application, providing not only protection but also a long life for metal parts exposed to harsh environments.

Corrosion Resistant Resin Market - By End-Use:

• Marine

• Automotive & Transportation

• Oil & gas

• Infrastructure

• Heavy industries

• Others

The oil and gas segment is expected to dominate the CRR market during the foreseen period growing at a CAGR of 5.86%. Coatings are carried out on underground fuel storage tanks, and pipelines to protect them from corrosion. Therefore, to reduce the risk of corrosion and protect the equipment containing crude oil and protect the whole refining process, anti-corrosion resin is widely used in this industry.

Corrosion Resistant Resin Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific has emerged as the dominant market, accounting for over 44% of revenue in 2021. The demand for composite applications in Asia-Pacific exceeded 268.1 kilometers in 2020 and is estimated to grow at a CAGR of 6.4% during the conjecture period. The growing composites and infrastructure industry is likely to fuel demand for composites in the area during the foreseen period. Increased foreign investment, along with end-use industries such as power generation, reservoirs and pipelines, development, marine, and oil and gas, are likely to boost the market for corrosion-resistant resins in the area. In addition, increasing foreign investment in industries and transportation in developing economies is expected to boost the development of the corrosion-resistant resin market in Asia-Pacific.

The North American market was valued at over $ 1.4 billion in 2021. The growth can be attributed to the rising demand for lightweight and environmentally sustainable composites from the automotive industry. Various government regulations, such as CAFE standards in the United States, are pushing OEMs to incorporate lightweight materials to reduce overall vehicle weight, which in turn should help the North American market grow.

Impact of COVID-19 on Corrosion Resistant Resin Market:

China, responsible for the pandemic, faces remarkable political and economic challenges. Amid the escalating pressure for decoupling and economic distancing, the evolving relationship between China and the rest of the globe will affect competition and opportunities in the corrosion-resistant resin market.

Recent Developments:

• In April 2018, Ashland launched Derakane™ and Signia™, the industry's first identifiable resin for corrosion.

• In July 2020, EPS launched a new range of resins for industrial wood coatings. EPS 2400 is a new range of six water-based acrylic resins that wood coating formulators can use to develop high-performance solutions for industrial applications, as well as for cabinetry, furniture, and flooring.

• In May 2020, Gabriel introduced its novel phenoxy additive for anticorrosion coatings.

Corrosion Resistant Resin Market Key Players:

1. Ashland Inc

2. Hexion Inc

3. Reichhold LLC

4. Huntsman Corporation

5. Scott Bader Company Limited.