Corrosion Resistant Resin MarketSize and Trends

Corrosion Resistant Resin Market Outlook - Increasing Focus on Cutting Losses due to Corrosion Expected to Propel Market Growth

Asia Pacific is expected to be the most potential market for growth of corrosion resistant resin manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. Rapidly increasing industrialization, GDP growth, and demand for improved and modern infrastructure in the region is expected to fuel the demand for corrosion resistant resins in the region, which in turn is propelling growth of the corrosion resistant resin market. According to India Brand Equity Foundation (IBEF)—a trust by the Department of Commerce, Ministry of Commerce and Industry, Government of India—Indian construction Industry is projected to be valued at US$ 5 billion, creating a highly conducive environment for growth of the market. Moreover, increasing investments in industries such as infrastructure and transportation in emerging economies such as India is expected to boost growth of corrosion resistant resin market. China is leading the market, owing to deep-rooted industrial base. Middle East and Africa are emerging markets for the corrosion resistant resins due to increasing application in oil & gas industry. Europe and North America are expected to exhibit relatively slower growth in market over the forecast period.

Increasing demand for composite materials is one of the major factors boosting growth of corrosion resistant resin market.

Moreover, conventionally used metals such as carbon steel and aluminum are being replaced by composites due advantages such as cost effectiveness and low maintenance. Corrosion resistance materials have high demand from chemical industry, where losses due to corrosion leads to significant revenue losses. Increasing adoption of corrosion resistant resins in equipment, structures and machineries are expected to drive growth of the market over the forecast period.

Epoxy resin product segment is dominant in the global corrosion resistant resin market, owing to excellent corrosion resistance property, easy application, and affordable cost. Epoxy coatings are widely used to prevent corrosion in manufacturing equipment, tanks for corrosive chemicals, underground storage tanks, industrial scrubbers, effluent management, and pressure transfer pipe. Vinyl resin are used in marine industry to prevent the blistering of the hull ships. Replacing the conventional methods of applying protective paints by resin is increasing rapidly in various end-use industries such as infrastructure, oil & gas, and automotive. This is mainly attributed to the properties of composites such as easy installation, corrosion resistance, and ease of operation at elevated temperatures.