The global corrosion resistant resin market accounted for USD 5.62 Billion in 2020 and is expected to reach USD 8.33 Billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
The global corrosion resistant resin market accounted for USD 5.62 Billion in 2020 and is expected to reach USD 8.33 Billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
Corrosion resistance is an ability to prevent environmental deterioration happing due to chemical or electro chemical reactions. Resins are used for long term resistance to chemical attack or at a place where operating is at elevated temperatures. Epoxy coating is mainly used for protection of marine engineering as organic coatings are good option for metal protection. Polyester and vinyl resin are mainly used for manufacturing tanks, vessels, pipes which contains fuel, acid, foodstuffs and other materials that can corrode metal.
COVID-19 Impact Analysis
The outbreak of COVID-19 is unprecedented and has significantly impacted the global economy. Supply chain disruptions will likely continue which will affect the availability of equipment and parts and then it eventually impacts projects. There has been a downward slope in usage and demand for various assets like transportation, due to lockdown.
Growth Factors
Infrastructure is crucial for economic growth. Investments in infrastructure across transport, water, energy, and communication helps stimulate long term growth. This is creating opportunities for corrosion resistant resin manufacturers globally. Increasing environmental protection awareness conventionally used metals such as aluminum and carbon steel are being replaced by composites due to reasons like cost effectiveness and low maintenance. This is estimated to encourage the demand in this sector. Food and beverage industry is also contributing in the demand for corrosion resistant resin to enhance production safety and quality.
Report Scope
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Type Segment Analysis Preview
Epoxy resin segment held a share of over 26% in 2020 and is expected to grow due to its corrosion resistance property. It is easy to apply and also reasonable in cost. These resins are commonly used to protect erosion in the production of tanks, industrial scrubbers, equipment and other purposes. Polyester, polyurethane, vinyl ester, and others form the type segment.
End Use Industry Segment Analysis Preview
The oil & gas segment is projected to grow at a CAGR of around 6% from 2021 to 2028. Corrosion resistant resins are widely used in this segment as coatings and composites as it possesses great corrosion resistant properties. Marine, automotive & transportation, infrastructure, heavy industries, and others form the end use industry segment.
Regional Analysis Preview
Asia Pacific held the largest market share exceeding 32% in 2020. Rapid industrialization, demand for modern infrastructure, and GDP growth in this region, are some of the reasons contributing to this share. Indian construction industry is creating a highly conducive environment for this market. Increasing investment in infrastructure in emerging economies in China and India is expected to boom the market over the coming years.
Middle East & Africa is projected to grow at CAGR of around 2.4%. This is due to a huge scope for growth in the oil & gas industry. North America and Europe is in saturation state and hence growing at a moderate pace for the corrosion resistant resin market. Countries in these regions have an established infrastructure for commercial, public, and transport sectors, which is stirring the growth.
Key Market Players & Competitive Landscape
Some of key players in corrosion resistant resin market (CRR) are Eastman Chemical Company, Scott Bader Company Ltd, Ashland Inc., Hunstman Corporation, Hexion Inc., Reichhold LLC, Sino Polymer Co., Alpha Owens-Corning (AOC) LLC, Aditya Birla Chemicals, BASF SE, among others. Investment, expansions, partnerships, agreements, and collaborations were the major growth strategies adopted by the key players in the market. For instance, Reinforcement of exclusive collaboration between BASF and Gustav Grolman Gmbh & Co. KG happened in 2018 for processing professionally in epoxy resin segment.
By Type
By Application
By End Use Industry
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Type
FIG NO. 2. Market Attractiveness Analysis, By End Use Industry
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Corrosion Resistant Resin Market Revenue, 2016 – 2028 (USD Million)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Type, 2020 & 2028
FIG NO. 7. Global Corrosion Resistant Resin Market for Epoxy, Revenue (USD Million) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Epoxy, By Country, 2020 & 2028
FIG NO. 9. Global Corrosion Resistant Resin Market for Polyester, Revenue (USD Million) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Polyester, By Country, 2020 & 2028
FIG NO. 11. Global Corrosion Resistant Resin Market for Polyurethane, Revenue (USD Million) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Polyurethane, By Country, 2020 & 2028
FIG NO. 13. Global Corrosion Resistant Resin Market for Vinyl Ester, Revenue (USD Million) 2016 – 2028
FIG NO. 14. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Vinyl Ester, By Country, 2020 & 2028
FIG NO. 15. Global Corrosion Resistant Resin Market for Others, Revenue (USD Million) 2016 – 2028
FIG NO. 16. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Others, By Country, 2020 & 2028
FIG NO. 17. Market Revenue Share, By End Use Industry, 2020 & 2028
FIG NO. 18. Global Corrosion Resistant Resin Market for Marine, Revenue (USD Million) 2016 – 2028
FIG NO. 19. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Marine, By Country, 2020 & 2028
FIG NO. 20. Global Corrosion Resistant Resin Market for Automotive & Transportation, Revenue (USD Million) 2016 – 2028
FIG NO. 21. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Automotive & Transportation, By Country, 2020 & 2028
FIG NO. 22. Global Corrosion Resistant Resin Market for Oil & gas, Revenue (USD Million) 2016 – 2028
FIG NO. 23. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Oil & gas, By Country, 2020 & 2028
FIG NO. 24. Global Corrosion Resistant Resin Market for Infrastructure, Revenue (USD Million) 2016 – 2028
FIG NO. 25. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Infrastructure, By Country, 2020 & 2028
FIG NO. 26. Global Corrosion Resistant Resin Market for Heavy industries, Revenue (USD Million) 2016 – 2028
FIG NO. 27. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Heavy industries, By Country, 2020 & 2028
FIG NO. 28. Global Corrosion Resistant Resin Market for Others, Revenue (USD Million) 2016 – 2028
FIG NO. 29. Comparative Revenue Analysis of Corrosion Resistant Resin Market for Others, By Country, 2020 & 2028
FIG NO. 30. Global Corrosion Resistant Resin Market Revenue Share, By Region, 2020 & 2028
FIG NO. 31. North America Corrosion Resistant Resin Market Revenue, 2016 - 2028 (USD Million)
FIG NO. 32. Porter’s Five Forces Analysis for Global Corrosion Resistant Resin Market
FIG NO. 33. PEST Analysis for Global Corrosion Resistant Resin Market
FIG NO. 34. Pricing Analysis for Global Corrosion Resistant Resin Market
FIG NO. 35. Value Chain Analysis for Global Corrosion Resistant Resin Market
FIG NO. 36. Company Share Analysis, 2019
FIG NO. 37. Radar Determinant Chart, 2019
FIG NO. 38. Company Strategic Developments – Heat Map Analysis
FIG NO. 39. Eastman Chemical Company Business Segment Revenue Share, 2020 (%)
FIG NO. 40. Eastman Chemical Company Geographical Segment Revenue Share, 2020 (%)
FIG NO. 41. Market Channels
FIG NO. 42. Marketing Channel Development Trend
FIG NO. 43. Growth in World Gross Product, 2008-2018
FIG NO. 44. Research Methodology – Detailed View
FIG NO. 45. Research Methodology
List of Tables
TABLE NO. 1. Global Corrosion Resistant Resin Market Snapshot
TABLE NO. 2. Quarterly Corrosion Resistant Resin Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Corrosion Resistant Resin Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
TABLE NO. 6. Global Corrosion Resistant Resin Market for Epoxy, by Region, 2016 – 2028 (USD Million)
TABLE NO. 7. Global Corrosion Resistant Resin Market for Polyester, by Region, 2016 – 2028 (USD Million)
TABLE NO. 8. Global Corrosion Resistant Resin Market for Polyurethane, by Region, 2016 – 2028 (USD Million)
TABLE NO. 9. Global Corrosion Resistant Resin Market for Vinyl Ester, by Region, 2016 – 2028 (USD Million)
TABLE NO. 10. Global Corrosion Resistant Resin Market for Others, by Region, 2016 – 2028 (USD Million)
TABLE NO. 11. Global Corrosion Resistant Resin Market for Marine, by Region, 2016 – 2028 (USD Million)
TABLE NO. 12. Global Corrosion Resistant Resin Market for Automotive & Transportation, by Region, 2016 – 2028 (USD Million)
TABLE NO. 13. Global Corrosion Resistant Resin Market for Oil & gas, by Region, 2016 – 2028 (USD Million)
TABLE NO. 14. Global Corrosion Resistant Resin Market for Infrastructure, by Region, 2016 – 2028 (USD Million)
TABLE NO. 15. Global Corrosion Resistant Resin Market for Heavy industries, by Region, 2016 – 2028 (USD Million)
TABLE NO. 16. Global Corrosion Resistant Resin Market for Others, by Region, 2016 – 2028 (USD Million)
TABLE NO. 17. Global Corrosion Resistant Resin Market Revenue, By Region, 2016 – 2028 (USD Million)
TABLE NO. 18. North America Corrosion Resistant Resin Market Revenue, By Country, 2016 – 2028 (USD Million)
TABLE NO. 19. North America Corrosion Resistant Resin Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 20. North America Corrosion Resistant Resin Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 21. U.S. Corrosion Resistant Resin Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 22. U.S. Corrosion Resistant Resin Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 23. Canada Corrosion Resistant Resin Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 24. Canada Corrosion Resistant Resin Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 25. Mexico Corrosion Resistant Resin Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 26. Mexico Corrosion Resistant Resin Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 27. Drivers for the Corrosion Resistant Resin Market Impact Analysis
TABLE NO. 28. Restraints for the Corrosion Resistant Resin Market Impact Analysis
TABLE NO. 29. Major Buyers of Corrosion Resistant Resin
TABLE NO. 30. Distributors/Traders List of Corrosion Resistant Resin
TABLE NO. 31. Global Corrosion Resistant Resin Market, Company Market Revenue, 2016 – 2019 (USD Million)
TABLE NO. 32. Global Corrosion Resistant Resin Market, Company Y-o-Y Growth, 2017 – 2019 (USD Million)
The global corrosion resistant resin market was valued at USD 5.62 Billion in 2020.
The global corrosion resistant resin market is expected to reach USD 8.33 Billion by 2028, growing at a CAGR of 5.6% between 2021 to 2028.
Some of the key factors driving the global corrosion resistant resin market growth are rising demand for modern technology, environmental protection awareness, and increasing demand in F&B sector for maintaining the quality and safety.
Asia Pacific region held a substantial share of the corrosion resistant resin market in 2020. Rapid industrialization, demand for modern infrastructure, and GDP growth in the region are augmenting the market growth.
Some of key players in Corrosion Resistant Resin Market(CRR) are Eastman Chemical Company, Scott Bader Company Ltd, Ashland Inc., Hunstman Corporation, Hexion Inc., Reichhold LLC, Sino Polymer Co., Alpha Owens-Corning (AOC) LLC, Aditya Birla Chemicals, and BASF SE, among others.
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