CUI & SOI Coatings Market Driven by Expansion in End-Use Industries and Strategic Collaborations - Envisioned to Attain $2.57 Billion by 2028

The corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market has demonstrated robust growth, expanding from $1.83 billion in 2023 to a projected $1.96 billion in 2024, with a commendable Compound Annual Growth Rate (CAGR) of 6.7%. This positive trajectory is anticipated to persist, reaching an estimated $2.57 billion by 2028, maintaining a strong CAGR of 7.1%.

Key Drivers:

End-Use Industry Expansion: The accelerated growth in end-use industries, including marine, oil and gas, petrochemicals, and construction, is a pivotal factor propelling the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market. These industries, marked by economic growth and industrialization, extensively employ pipelines exposed to corrosive elements and moisture. Consequently, the continuous need for coatings to protect pipelines from corrosion drives market growth.

Rising Oil and Gas Demand: The increasing demand for oil and gas further fuels the expansion of the CUI and SOI coatings market. The oil and gas industry relies on these coatings for pipelines, refineries, and storage tanks to maintain temperature control and reduce energy losses. Notably, the United States witnessed a growth in crude oil output, reaching 12.4 million b/d in 2023, highlighting the industry's significance in driving market demand.

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Major Players:
Key companies shaping the CUI and SOI coatings market include Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, and The Sherwin-Williams Company. These industry leaders actively contribute to market dynamics and innovation, ensuring a competitive landscape.

Trends and Innovations:

Strategic Partnerships: A notable trend in the market is the emergence of strategic partnerships among major companies. BASF SE, a German chemicals company, partnered with Nippon Paint Holdings Co. Ltd., aiming to build a green industrial chain for sustainable development in the packaging industry. Such collaborations enhance market reach and product offerings.

Innovative Product Launches: Companies are focusing on product innovation to gain a competitive edge. BASF SE's launch of the Color Rite Airspace Blue Resource basecoat, a biomass-balanced automotive coating, exemplifies this trend. The innovative product reduces the carbon footprint by approximately 20%, enhancing sustainability.

Regional Dynamics and Market Segmentation:
Asia-Pacific dominates the CUI & SOI coatings market in 2023, and the region is expected to witness the fastest growth in the forecast period.

The corrosion under insulation (cui) & spray-on insulation (soi) coatings market covered in this report is segmented -
1) By Product: Solvent-Based Coating, Water-Based Paint, Powder Coating
2) By Material: Epoxy Anticorrosive Coating, Polyurethane Coating, Inorganic Zinc-Rich Coating, Alkyd Coating, Acrylic Coating, Chlorinated Rubber Coating, Other Materials
3) By End-User: Marine, Oil and Gas and Petrochemical, Energy and Power, Other End-Users

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Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market size, corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market drivers and trends, corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market major players, on corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market competitors' revenues, on corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market positioning, and on corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market growth across geographies. The corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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