Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market | Key players operating in the market include Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, The Sherwin-Williams Company, Hempel A/S

The global Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market is projected to grow from USD 1.9 billion in 2022 to USD 2.3 billion by 2027, at a CAGR of 4.7%, between 2022 and 2027. CUI & SOI coatings are used for protecting metal, and other components from degradation caused by moisture, oxidation, and exposure to chemicals and saltwater. In this report, CUI & SOI coatings cover acrylic, epoxy, and silicone CUI coatings. The demand for CUI & SOI coatings is increasing in the marine; oil & gas, and petrochemical; energy & power, and other industries. These CUI & SOI coatings are applied to substrates exposed to highly corrosive environments.

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Based on type, the CUI & SOI coatings market is segmented into epoxy, acrylic, silicone, and others. Epoxy is a major type of CUI coating, which accounted for the largest share. This is mainly attributed to excellent CUI coating, water resistance, and widespread applications of epoxy-based coatings. In addition, epoxy-based CUI coatings can be used in multi-component coatings with other types.

Based on the end-use industry, the CUI & SOI coatings market is segmented into the marine; oil & gas, and petrochemical; energy & power; and others. The rapid growth of these industries is expected to contribute to the growth of the CUI & SOI coatings market. The oil & gas, and petrochemical industry dominated the CUI & SOI coatings market in 2021. This dominance is due to the high volume of CUI & SOI coatings used in this industry. The development of oil fields in the South China Sea and investments in oil & gas infrastructure in China, Japan, Indonesia, India, and other countries are projected to increase the demand for CUI & SOI coatings. The war between Ukraine and Russia is estimated to prove to be a short-term restraint for the CUI & SOI coatings market.

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The CUI & SOI coatings market in APAC is projected to register the highest CAGR, in terms of value, between 2022 and 2027. This growth is attributed to the growing petrochemical, oil & gas, marine, energy & power industries. The high growth of emerging economies in the region makes APAC an attractive market for CUI & SOI coatings manufacturers. In addition, the growing industrial activities, investments, and labor costs in these countries are the main drivers for the CUI & SOI coatings market.

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Major players operating in the CUI & SOI coatings market include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Kansai Paint Co., Ltd (Japan), Nippon Paint Co., Ltd. (Japan), and RPM International Inc (US).

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