Corrosion-resistant Resin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Corrosion-resistant Resin Market Analysis
The market for the corrosion-resistant resin is expected to witness a CAGR of around 5% during the forecast period. The major factor driving the market studied is the broad application of corrosion-resistant resin across end-user industries and increasing demand from the infrastructure sector.
Based on the end-user industry, the oil & gas industry is expected to hold a major share during the forecast period. Corrosion-resistant resins are widely used in the oil & gas industry as coatings and composites.
The trend of the development of the infrastructure of companies also boosts the demand for corrosion-resistant resin products and help to grow the market significantly.
However, stringent government regulations regarding the usage of corrosion-resistant resin may hamper the growth of the market. Moreover, the unfavorable conditions arising due to the COVID-19 outbreak is also expected to hinder the market growth.
Corrosion-resistant Resin Market Trends
This section covers the major market trends shaping the Corrosion-resistant Resin Market according to our research experts:
Increasing Demand for Epoxy Resins
- Epoxy resin type is anticipated to be the largest and fastest-growing market for corrosion-resistant resin owing to its excellent corrosion resistance property, easy application, and reasonable cost.
- Epoxy coatings are mainly used to counteract erosion in manufacturing equipment, tanks for destructive chemicals, underground storage tanks, industrial scrubbers, effluent management, and pressure transfer pipe.
- Epoxy coatings find numerous industrial applications as per the availability. Epoxy powder coatings are used on washers, dryers, and other white goods, on steel pipes and fittings used in the oil and gas industry, water transmission pipelines, and concrete reinforcing rebar, due to their flexible applicability.
- The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection. Metal cans and containers are often treated with epoxy coatings to prevent rusting, especially in the food packaging industry.
Asia-Pacific Region to Dominate the Market
- Rapidly increasing industrialization, GDP growth, and demand for improved and modern infrastructure in the region are expected to fuel the demand for corrosion-resistant resins in the region.
- The region is among the largest producer of industrial coatings, which uses corrosion-resistant resins.
- The increasing investments in industries such as infrastructure and transportation in emerging economies such as China, India, and ASEAN countries are expected to boost the growth of the corrosion-resistant resin market.
- China is leading the market, owing to the deep-rooted industrial base. It is a significant market for corrosion-resistant resins due to the presence of well-established industries in the country.
- Japan marine industry is one of the renowned industries across the globe with dominating companies like Imabari Shipbuilding, Mitsui, and Mitshubishi. This established industry is expected to attract demand for corrosion-resistant resins.
- Furthermore, the increasing oil and gas pipeline projects in countries like China, India, and Indonesia are also expected to increase the demand for these resins.
Corrosion-resistant Resin Industry Overview
The corrosion-resistant resin market is partially consolidated in nature, with a few players dominating a significant portion of the market. Some of the major companies include Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corp., and BASF SE.
Corrosion-resistant Resin Market Leaders
Ashland Inc.
Hexion Inc.
Reichhold LLC
Huntsman Corp.
BASF SE
*Disclaimer: Major Players sorted in no particular order
Corrosion-resistant Resin Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Increasing Demand for Epoxy Resins
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4.1.2 Increasing Monetary Losses because of Corrosion
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4.2 Restraints
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4.2.1 Stringent Government Regulations
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4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
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4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Buyers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Resin Type
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5.1.1 Epoxy
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5.1.2 Polyurethane
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5.1.3 Polyester
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5.1.4 Vinyl Ester
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5.1.5 Other Resin Types
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5.2 Application
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5.2.1 Composites
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5.2.2 Coatings
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5.2.3 Other Applications
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5.3 End-user Industry
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5.3.1 Automotive and Transportation
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5.3.2 Food and Beverage
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5.3.3 Idustrial
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5.3.4 Infrastructure
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5.3.5 Marine
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5.3.6 Oil and Gas
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5.3.7 Other End-user Industries
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5.4 Geography
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5.4.1 Asia-Pacific
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5.4.1.1 China
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5.4.1.2 India
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5.4.1.3 Japan
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5.4.1.4 South Korea
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5.4.1.5 Rest of Asia-Pacific
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5.4.2 North America
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5.4.2.1 United States
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5.4.2.2 Canada
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5.4.2.3 Mexico
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5.4.3 Europe
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5.4.3.1 Germany
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5.4.3.2 United Kingdom
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5.4.3.3 Italy
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5.4.3.4 France
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5.4.3.5 Rest of Europe
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5.4.4 South America
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5.4.4.1 Brazil
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5.4.4.2 Argentina
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5.4.4.3 Rest of South America
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5.4.5 Middle-East and Africa
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5.4.5.1 Saudi Arabia
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5.4.5.2 South Africa
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5.4.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share (%)/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Aditya Birla Chemicals
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6.4.2 Ashland Inc.
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6.4.3 BASF SE
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6.4.4 Hexion Inc.
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6.4.5 Huntsman Corp.
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6.4.6 Olin Corporation
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6.4.7 Polynt SPA
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6.4.8 Reichhold LLC
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6.4.9 Scott Bader Company Limited
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6.4.10 Sino Polymer Co. Ltd
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Growing Composite Applications
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7.2 Other Opportunities
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Corrosion-resistant Resin Industry Segmentation
The corrosion-resistant resin market report includes:
| Resin Type | |
| Epoxy | |
| Polyurethane | |
| Polyester | |
| Vinyl Ester | |
| Other Resin Types |
| Application | |
| Composites | |
| Coatings | |
| Other Applications |
| End-user Industry | |
| Automotive and Transportation | |
| Food and Beverage | |
| Idustrial | |
| Infrastructure | |
| Marine | |
| Oil and Gas | |
| Other End-user Industries |
| Geography | |||||||
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Corrosion-resistant Resin Market Research FAQs
What is the current Corrosion-resistant Resin Market size?
The Corrosion-resistant Resin Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Corrosion-resistant Resin Market?
Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corp. and BASF SE are the major companies operating in the Corrosion-resistant Resin Market.
Which is the fastest growing region in Corrosion-resistant Resin Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Corrosion-resistant Resin Market?
In 2024, the Asia Pacific accounts for the largest market share in Corrosion-resistant Resin Market.
What years does this Corrosion-resistant Resin Market cover?
The report covers the Corrosion-resistant Resin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Corrosion-resistant Resin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Corrosion-resistant Resin Industry Report
Statistics for the 2024 Corrosion-resistant Resin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Corrosion-resistant Resin analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
