Corrosion Resistant Resin Market Size Forecast to Reach $12 Billion by 2025
Corrosion Resistant Resin Market size is forecast to reach $12 billion by 2025, after growing at a CAGR of 6.3% during 2020-2025. Rising monetary losses due to corrosion and development in the end-use industries are driving the CRR market. Another main factor that is expected to bring traction to this sector is the modernization of infrastructure. One of the key factors driving the use of corrosion-resistant resins is the increasing interest in corrosion-resistant resins in composite applications. In addition, conventionally used metals, for instance, due to factors such as cost viability and low maintenance, carbon steel and aluminum are gradually being replaced by composites. Corrosion-resistant resin materials are expected to see rising market demand as corrosion leads to major revenue losses in the chemical industry.
Corrosion Resistant Resin Market Segment Analysis - By Type
Epoxy resin held the largest share in the corrosion-resistant resin market in 2019 Because of its excellent properties of corrosion resistance, simple application, and reasonable cost. Epoxy coatings are widely used in manufacturing facilities to counteract corrosion, destructive chemical tanks, underground storage tanks, industrial scrubbers, waste control, and pressure transfer pipes. Vinyl resin coatings/paints are commonly used to avoid corrosion of ships in the marine industry. Traditional methods for applying protective paints are gradually being replaced by resins in various end-use industries such as oil and gas, and vehicle, and others. This can be due to the properties of composites, such as fast connection, corrosion resistance, and ease of operation at elevated temperatures.
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Corrosion Resistant Resin Market Segment Analysis - By Application
The coatings segment is estimated to lead the CRR market during the forecast period, as these are the most effective, durable, and cost-effective coatings. Due to the rising demand for lightweight materials from automotive & transportation, oil & gas, heavy industries, and various other end-use industries, the composites application segment is expected to register a high growth rate during the forecast period to reduce maintenance costs. Because of the anti-corrosive properties provided by the substance, coatings are projected to be the largest application, offering not only protection but also extended life for metal parts that are exposed to harsh environments.
Corrosion Resistant Resin Market Segment Analysis - By End Use Industry
The oil & gas segment is expected to lead the CRR market during the forecast period and is growing at a CAGR of 5.86%. Corrosion-resistant resins are widely used in the oil & gas industry as coatings and composites. Coatings are done on underground fuel storage tanks, pipelines to protect them from corrosion. Therefore, to reduce the risk of corrosion and safe guard the equipment containing crude oil and protect the whole refinery process, corrosion resin are widely used in this industry. However, oil & gas industry is facing huge crisis due to COVID-19 outbreak, as most of countries have issued “stay at home guidance” i.e., lockdown, which is impacting oil & gas industry operations. Thus, limiting the market growth.
Corrosion Resistant Resin Market Segment Analysis - By Geography
Asia Pacific region held the largest share in the Corrosion Resistant Resin market in 2019 up to 54%, owing to growth in construction projects and rising automotive production in countries such as India, Malaysia and others. Surge in economic losses owning to corrosion of structure has increased the usage of corrosion resistant resin in construction and infrastructure sector. These coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion. Construction projects and investments in Asia Pacific region is significantly increasing, which is driving Corrosion Resistant Resin market. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. In addition, in February 2020, the Asian Development Bank approved a loan of $631 million to develop the Vishakhapatnam-Chennai industrial corridor. Furthermore, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing Corrosion Resistant Resin market growth. In addition, according to OICA, automotive production in countries such as India, Indonesia, and Malaysia have increased by 8%, 10.3% and 12.2% up to 5,174,645, 1,343,714 and 402,085 from 2017. Therefore, the growth in construction projects and automotive production is supporting Corrosion Resistant Resin market growth in the region.
Corrosion Resistant Resin Market Drivers
Surge in economic losses
Industries experience huge losses due to corrosion every year, which could be a direct threat to both property and people. Corrosion resistant resins help in minimalizing these losses, thereby preventing damage to structures, equipment, and machinery. Corrosion resin coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion, as well as it is also used as roof-top coating preventing any reaction from the atmospheric pollutants. Surge in economic losses owning to corrosion of structure has increased the usage of Corrosion Resistant Resin in construction and infrastructure sector. In addition, the investment in infrastructure development is significantly increasing which is driving anti corrosion coatings market growth. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. In addition, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing Corrosion Resistant Resin demand. In addition, the United States is witnessing noticeable investment for residential construction, and the trend is expected to remain the same in the near future. For instance, according to U.S Census bureau, in January 2020 value of construction put in place in residential and nonresidential construction increased to $567,555 million and $470,986 million from $546,532 million and $466,436 million in December 2019. Mexico is also witnessing high housing demand, therefore attracting noticeable investment into construction. For instance, In January 2019, Inter-American Development Bank (IDB) granted local currency financing program to the Mexican company Procsa up to 150 million Mexican pesos ($7.8 million), in order to finance for land acquisition, development and commercialization of housing for low- and middle-income families in the country. Therefore, the growth in construction projects and investments, is driving Corrosion Resistant Resin market growth.
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Corrosion Resistant Resin Market Challenges
The fluctuating raw material cost
Factors such as fluctuating raw material cost are restraining the growth of the global corrosion resistant resin market. Most of the raw materials used in the production of corrosion resistant resin are petroleum products, due to which, the prices of these raw materials have been highly volatile in recent times, affecting the growth of the market. Price and availability of raw materials are major factors that affect the price of the end products. According to BP statistics, in 2018, average crude oil price increased to $71/ bbl from $54/bbl in 2017. Fluctuations in crude oil prices impact the cost of raw materials such as acrylic, epoxies, polyurethanes, and alkyds. Therefore, the fluctuation in raw materials prices is affecting corrosion resistant resin price which is limiting its market growth.
Corrosion Resistant Resin Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Corrosion Resistant Resin Market. In 2019, the market of Corrosion Resistant Resin Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Corrosion Resistant Resin market includes Ashland Inc., Hexion Inc., Reichhold LLC. and Huntsman Corporation, Scott Bader Company Limited, among others.
Key Takeaways
Asia Pacific dominates the Corrosion Resistant Resin market, owing to owing to increased construction activities and various government initiatives such as 100 smart cities and Housing for all by 2022 in the region.
Other major factors that are expected to drive growth in the target market are increased use of lightweight materials, combined with their cost-effectiveness and low maintenance costs.
In addition, continuous R&D activates the production of new products and the expansion of the product range of corrosion resistant resins, which is another aspect that is expected to drive the global demand for corrosion resistant resins.
However, operations in various industries such as oil & gas, automotive, and aerospace is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting corrosion resistant resin market growth.
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