Corrosion Resistant Resins (CRR) Market Analysis Report (2020 - 2025)
The global Corrosion Resistant Resins (CRR) Market was valued at USD 7.12 billion in 2020 and is estimated to reach USD 13.14 billion by 2025.
Corrosion Resistant Resins are special high-performance polyester and are ideal for the manufacture of tanks, pipes, 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.
Recent Developments in the Corrosion Resistant Resins Industry:
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 avoiding 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 for 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 resins 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 Resin Market Segmentation as per the research report until 2025.
Corrosion Resistant Resin Market - By Type
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
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 coatings. 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 high growth rate in the 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
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, 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
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 corrosion resistant resins 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:
In China, responsible for the pandemic, facing 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 resins market.
Corrosion Resistant Resin market Key Players:
The key players in the global corrosion resistant resin market are Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corporation and Scott Bader Company Limited.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.4 Y-o-Y Growth Analysis, By Product
5.1.5 Market Attractiveness Analysis, By Product
5.1.6 Market Share Analysis, By Product
5.2.4 Y-o-Y Growth Analysis, By Type
5.2.5 Market Attractiveness Analysis, By Type
5.2.6 Market Share Analysis, By Type
5.3 End-Use Industry
5.3.2 Oil & gas
5.3.3 Heavy industries
5.3.4 Automotive & transportation
5.3.5 Y-o-Y Growth Analysis, By Application
5.3.6 Market Attractiveness Analysis, By Application
5.3.7 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Type
126.96.36.199 By Application
188.8.131.52 By End-Use Industry
6.1.4 Market Attractiveness Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Type
18.104.22.168 By Application
22.214.171.124 By End-Use Industry
6.1.5 Market Share Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Type
184.108.40.206 By Application
220.127.116.11 By End-Use Industry
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Ashland Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 BASF SE
8.3 Scott Bader Company Limited
8.4 Reichhold LLC
8.5 Huntsman Corporation
8.6 GE Plastics Hexion Inc.
8.7 Eastman Chemical Company
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of by type,by application,by end user,along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Corrosion Resistant Resin Market By Region, From 2020-2025 ( USD Billion )
Global Corrosion Resistant Resin Market By Type, From 2020-2025 ( USD Billion )
Global Epoxy Market By Region, From 2020-2025 ( USD Billion )
Global Polyester Market By Region, From 2020-2025 ( USD Billion )
Global Corrosion Resistant Resin Market By Application, From 2020-2025 ( USD Billion )
Global Coatings Market By Region, From 2020-2025 ( USD Billion )
Global Composites Market By Region, From 2020-2025 ( USD Billion )
Global Corrosion Resistant Resin Market By End-Use Industry, From 2020-2025 ( USD Billion )
Global Oil & Gas Market By Region, From 2020-2025 ( USD Billion )
Global Heavy Industries Market By Region, From 2020-2025 ( USD Billion )
Global Automotive & Transportation Market By Region, From 2020-2025 ( USD Billion )