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In-Depth Examination of Segments, Industry Trends, and Leading Competitors in the Corrosion Under Insulation (CUI) and Spray-on Insulation (SOI) Coatings Market
Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market
Steady Growth Forecast for the Corrosion Under Insulation and Spray-on Insulation Coatings Market
The market for corrosion under insulation and spray-on insulation coatings is expected to grow steadily, reaching $2.92 billion by 2030. This expansion corresponds to a compound annual growth rate (CAGR) of 7.5%. Factors propelling this growth include heightened investments in protecting industrial assets, broader adoption of advanced corrosion prevention methods, expansion in energy infrastructure projects, increased attention to operational safety, and rising demand for durable protective coatings that extend asset lifespan. Key trends anticipated during this period involve wider use of anti-corrosion systems, growing requirements for coatings that withstand high temperatures, increased application of spray-on insulation methods, and a focus on pipeline and asset protection.
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The Role of Leading Companies in the Corrosion Under Insulation and Spray-on Insulation Coatings Industry
Several prominent companies dominate the corrosion under insulation and spray-on insulation coatings market. These include Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, The Sherwin-Williams Company, Hempel A/S, Kansai Paint Co. Ltd., Nippon Paint Co. Ltd., RPM International Inc., Syneffex Inc., Kaefer GmbH, Belzona Inc., Resimac Ltd., Carboline Company, International Paint Ltd., Rust-Oleum Corporation, Induron Protective Coatings, A&A Coatings, Advanced Polymer Coatings Inc., Tnemec Company Inc., Ameron International Corporation, and ENECON Corporation.
Strategic Acquisitions to Strengthen Corrosion Protection Offerings
In April 2024, Henkel AG And Co. KGaA, a Germany-based specialty chemicals and adhesives firm, expanded its corrosion protection portfolio by acquiring Seal for Life Industries. This acquisition aims to boost Henkel's capabilities in corrosion protection and sealing, accelerating the delivery of maintenance, repair, and overhaul solutions for infrastructure sectors. Seal for Life Industries, based in the United States, specializes in industrial and commercial products such as heat-shrink sleeves, epoxy and urethane coatings, and fire protection solutions that focus on long-term asset durability.
View the full corrosion under insulation (cui) & spray-on insulation (soi) coatings market report:
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Innovative Product Launches Highlight Market Opportunities in Corrosion and Spray-on Insulation Coatings
Key players in this market are prioritizing innovation to maintain a competitive edge. For example, in December 2023, BASF SE introduced the Color Rite Airspace Blue Resource basecoat, a pioneering waterborne basecoat system designed for automotive applications. This product stands out as the first biomass-balanced automotive coating, achieving about a 20% reduction in carbon footprint. Such innovations demonstrate the market's shift toward sustainable and high-performance coatings for corrosion under insulation and spray-on insulation uses.
Breakdown of Market Segments by Product, Material, and End-User
The corrosion under insulation and spray-on insulation coatings market is categorized into several segments:
1) By Product: Solvent-Based Coatings and Water-Based Paints
2) By Material: Epoxy Anticorrosive Coatings, Polyurethane Coatings, Inorganic Zinc-Rich Coatings, and other materials
3) By End-User: Marine, Oil and Gas and Petrochemical, Energy and Power, and other sectors
Further sub-segmentation includes types of coatings such as epoxy solvent-based coatings and polyurethane solvent-based coatings within the solvent-based category. The water-based paint segment includes water-based epoxy coatings, water-based polyurethane coatings, and hybrid water-based epoxy-polyurethane coatings, offering diverse options tailored to specific industrial needs.
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