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(Transportation-News.com, May 31, 2023 ) The report "Corrosion Resistant Resin Market by Type (Epoxy, Polyester), Application (Coatings, Composites), End-Use Industry (Oil & gas, Heavy industries, Automotive & transportation) - Global Trends & Forecasts to 2026", The global corrosion resistant resin (CRR) market is projected to reach USD 12.56 Billion by 2026. It is estimated to grow at a CAGR of 5.7% during the forecast period.
The corrosion resistant resin market is driven by factors such as industrialization, cost awareness, environmental regulations, and resin technology advancements. It finds applications in protective coatings, marine/offshore, chemical processing, automotive, and infrastructure. The market has a wide scope and is expected to grow due to the increasing demand for corrosion protection across various industries.
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Industries incur huge losses due to corrosion every year, and corrosion can pose a direct threat to the well-being of property and people. Corrosion resistant resins help in minimizing these losses and prevent damage to structures, equipment, and machinery. These are the major drivers for the corrosion resistant resins market.
Browse in-depth TOC on "Corrosion Resistant Resin Market”
109 - Market Data Tables
43 - Figures
156 - Pages
Epoxy segment to lead the CRR market during the forecast period
Based on type, the epoxy segment is projected to lead the CRR market during the forecast period. Epoxy has superior physical properties and is cost-efficient. Thus, it is preferred over other types of corrosion resistant resins.
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Composites application segment projected to grow at the highest CAGR during the forecast period
Based on application, the composites segment is projected to grow at the highest CAGR between 2016 and 2026. As the adoption for lightweight materials is increasing, these composites are replacing traditional metals, as they are cost-effective due to low maintenance. R&D departments of manufacturing companies are carrying out researches to widen the application area of corrosion resistant resins, which is expected to drive the CRR market during the forecast period.
Asia-Pacific is projected to grow at the highest CAGR between 2016 and 2026
The CRR market in the Asia-Pacific region possesses immense potential for growth. Increasing GDP growth of economies in the region and modernization of infrastructure are fueling the demand for corrosion resistant resins in the region. China, Japan, and South Korea are some of the key countries in the region contributing significantly towards the growth of the CRR market in Asia-Pacific.
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Some of the key players in the CRR market are Ashland Inc. (U.S.), Reichhold Inc. (U.S.), Huntsman Corporation (U.S.), Hexion Inc. (U.S.), Olin Corporation (U.S.), Scott Bader Company Limited (U.K.), among others. Investments & expansions, and partnership & agreements & collaborations were the major growth strategies adopted by the market players between 2012 and 2016 to enhance their regional footprint and meet the growing demand for corrosion resistant resins in developing economies.
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