Resin is highly viscous or solid substance which can be natural or of synthetic origin. Corrosion resistance resins are mainly formulated as isophthalic, vinyl ester, and terephthalic resins to impart desired property of corrosion resistance. They have application in oil & gas, automotive, and marine industries However, corrosion is major challenges faced by manufactures operating in these industries, as it leads to high monetary and property losses across the aforementioned industries. Corrosion resistant resin are gaining traction in these industries, owing to their properties such as resistance to solvents, chemicals, moisture, and high temperature. They have a wide range of application in manufacturing of glass containers, stainless steel, and painted steel.
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.
Corrosion Resistant Resin Market Taxonomy
On the basis of product type, the corrosion resistant market is segmented into:
On the basis of application, the corrosion resistant market is segmented into:
On the basis of end use industry, the corrosion resistant market is segmented into:
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.
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.
However, fluctuating prices of raw material is restraining growth of corrosion resistant resin market over the forecast period. This is mainly due raw materials used for manufacturing corrosion resistant resins comprise majority of petroleum products, which are expensive. Some of the companies operating in the global corrosion resistant resin industry include Reichhold Inc., Huntsman Corporation, Olin Corporation, Scott Bader Company Limited, Ashland Inc., Aditya Birla Chemicals, and Polynt Composites Inc.
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