Corrosion Resistant Resin Market Value, Share, Global Trends Report, 2032

Corrosion Resistant Resin Market Insights

According to a report from Zion Market Research, the global Corrosion Resistant Resin Market was valued at USD 10.08 Billion in 2023 and is projected to hit USD 16.74 Billion by 2032, with a compound annual growth rate (CAGR) of 5.8% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Corrosion Resistant Resin Market industry over the next decade.

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Corrosion Resistant Resin Market: Overview

Corrosion resistance is the ability to prevent environmental deterioration from happening 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 the protection of marine engineering as organic coatings are good options for metal protection. Polyester and vinyl resin are mainly used for manufacturing tanks, vessels, pipes which contain 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 eventually impact projects. There has been a downward slope in usage and demand for various assets like transportation, due to the lockdown.

Corrosion Resistant Resin Market: Growth Factors

Infrastructure is crucial for economic growth. Investments in infrastructure across transport, water, energy, and communication help 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. The food and beverage industry is also contributing in the demand for corrosion resistant resin to enhance production safety and quality.

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Corrosion Resistant Resin Market: Report Scope

Corrosion Resistant Resin Market: Segmentation Analysis

By Type Segment Analysis 

The epoxy resin segment held a share of over 27.2% in 2023 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 against erosion in the production of tanks, industrial scrubbers, equipment and other purposes. Polyester, polyurethane, vinyl ester, and others form the type segment.

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By End-Use Industry Segment Analysis

The oil & gas segment is projected to grow at a CAGR of around 7.8% from 2024 to 2032. Corrosion-resistant resins are widely used in this segment as coatings and composites as they possess great corrosion resistant properties. Marine, automotive & transportation, infrastructure, heavy industries, and others form the end-use industry segment.

Corrosion Resistant Resin Market: Regional Analysis

Asia Pacific held the largest market share exceeding 33.9% in 2023. Rapid industrialization, demand for modern infrastructure, and GDP growth in this region are some of the reasons contributing to this share. The 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 boost the market over the coming years.

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Middle East & Africa is projected to grow at a CAGR of around 2.4%. This is due to a huge scope for growth in the oil & gas industry. North America and Europe are in a 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.

Corrosion Resistant Resin Market: Competitive Analysis

Some of the major players in the global Corrosion Resistant Resin market include:

• Eastman Chemical Company
• Scott Bader Company Ltd
• Ashland Inc.
• Huntsman Corporation
• Hexion Inc.
• Reichhold LLC
• Sino Polymer Co.
• Alpha Owens-Corning (AOC) LLC
• Aditya Birla Chemicals
• BASF SE

The global corrosion resistant resin market is segmented as follows:

By Type

• Epoxy
• Polyester
• Polyurethane
• Vinyl Ester
• Others

By Application

• Coating
• Composites
• Others

By End Use Industry

• Marine
• Automotive & Transportation
• Oil & Gas
• Infrastructure
• Heavy industries
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa