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Corrosion Resistant Resin Market to See Incredible Growth | 2024
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Growing demand for composite materials is the key market driver of corrosion resistant resin market. With the increasing adoption of light- weight materials, composites are replacing traditional metals as they are cost effective and requires low maintenance. Research and development departments of manufacturing companies are carrying out researches to widen the application area of corrosion resistant resins which is expected to propel the corrosion resistant resin market. Modernization of infrastructure is a significant growth factor that is fuelling the global market growth. Corrosion resistant resins are used in end use industries such as automotive and transportation, oil and gas, heavy industries and others. Thus, rising demand for corrosion resistant resins from varied industries is also influencing the market of corrosion resistant resin market. The growing prominence of corrosion resistant resins market can also be attributed to increasing losses due to corrosion in structures, equipment, and machineries especially from chemical industry plants; especially parts such as boilers, heaters, pumps and chimneys.
Resins for corrosion resistance are broadly categorized into thermosetting resins and thermoplastic resins out of which thermosetting resins is the most commonly used one for composites applications. Polyester resin dominates the thermoset resin market and Epoxies hold the second position in the thermoset resin market. The composites industry uses significant amount of thermoset resins to fabricate parts and products for the automotive, aerospace, construction, sporting goods, electrical or electronics, wind energy and other markets. In terms of products, corrosion resistant resins are segmented as isophthalic polyester resin, vinyl ester resin, bisphenol fumarate polyester resin, chlorendic polyester resin, phenolic resins and epoxy resins. On the basis of application corrosion resistant market is classified as coatings, composites and others. In terms of end use industry, corrosion resistant resin is classified into marine, automotive and transportation, oil and gas, construction and infrastructure, heavy industry and others.
The global corrosion resistant resins market has exhibited a robust progress in 2015 and is likely to follow the same trend in the forecast period (2016-2024). Asia Pacific is a key region for the global market of corrosion resistant resin because of growing urbanization and infrastructure developments. The increasing foreign investments along with flourishing end-user markets such as power generations, tanks and pipes, construction, marine, and oil and gas are expected to drive the market for corrosion resistant resins in the region. China is considered to be biggest niche market for corrosion-resistant resins owing to well-established industries in the country. Apart from China, Japan, India , and South Korea are some of the key countries in the region contributing significantly towards the growth of the corrosion resistant resin market. The markets in Europe and North America, however, are saturated. The emerging one in Middle East & Africa is projected to develop owing to an extensive oil & gas industry in the region.
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The key players with global presence for corrosion resistant resin market include The DECC Company, Ashland Inc.,Reichhold Inc, Huntsman Corporation, Hexion Inc, Olin Corporation, Scott Bader Company Limited and .
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