Corrosion Resistant Resin Market

Corrosion Resistant Resin Market Overview

“The global Corrosion Resistant Resin Market size was valued at USD 10.85 billion in 2023, and projected to reach USD 16.21 billion by 2030, with a CAGR of 6.75% from 2023-2030.”

A extremely viscous or solid material with synthetic or natural origins, resin can be either. To impart the appropriate corrosion resistance characteristic, corrosion resistance resins are often formulated as isophthalic, vinyl ester, and terephthalic resins. They are used in the maritime, automotive, and oil and gas sectors. Corrosion, however, is a significant issue for businesses working in the aforementioned industries since it causes significant financial and material losses.

Due to its characteristics including resistance to solvents, chemicals, moisture, and high temperatures, corrosion-resistant resin is becoming more popular in these industries. They are used in the production of stainless steel, painted steel, and glass containers among many other things.

Due to their adhesion, high-performance mechanical qualities, and chemical resistance in a variety of challenging environments, corrosion-resistant resins are made to assure the fibers they surround in a composite material. Resins are the go-to choose for an additive in composite materials that will eventually be employed in storage tanks, process tanks, and pipelines due to its relieving property and durability.

A broad range of plastics, glass containers, stainless steel products, painted steel, and other materials are used often in the market for corrosion-resistant resins. The kind of resin utilized during the creation of the composite determines corrosion resistance. There are several resin solutions that offer long-term corrosion protection.

Corrosion costs industries a lot of money every year and might directly endanger lives and property. Corrosion-resistant polymers aid in reducing these losses, protecting buildings, machinery, and equipment from harm. In addition to being used as a roof coating to prevent any response of air pollutants, corrosive resin coatings are frequently employed on construction iron pillars to reduce the danger of rust or corrosion. The usage of corrosion-resistant resin in the building and infrastructure industry has expanded as a result of the rise in financial losses brought on by structural deterioration.

Demand Outlook

The expansion of the global corrosion-resistant resin market is being stifled by changes in raw material prices. Since petroleum products make up the majority of the raw ingredients used in the manufacturing of corrosion-resistant resins, their prices have been quite unpredictable recently, which has had an impact on the market's expansion. Corrosion costs industries a lot of money every year and might directly endanger lives and property. Corrosion-resistant polymers aid in reducing these losses, protecting buildings, machinery, and equipment from harm.

For the CRR market to better serve applications, innovations are crucial. To maintain competitiveness in the CRR market, portfolio optimization must be ongoing. Market participants work together to create novel items, technology, and production techniques. Numerous potentials for market expansion are also provided by the booming product releases and other advancements by key players in the industry.

Derakane Signia, a new resin for corrosion-resistant GFRP tanks and pipelines, has been introduced by Ashland Inc. This novel resin is employed in a variety of sectors, including those that treat water, process minerals, process chemicals, and reduce air pollution.

The growing losses in monetary value caused by corrosion and growth in the industries that use end-of-use materials is the main driver of the market for CRR. Modernization of infrastructure is another aspect that will bring momentum to this industry. One of the major factors that are driving the adoption of resins that resist corrosion is the rising demand for corrosion-resistant resins in composite applications.

In addition, traditional metals, like aluminum, because of factors like the low cost and ease of maintenance aluminum and carbon steel are being replaced gradually by composites. These resins are predicted to experience an increase in demand as corrosion causes substantial revenue losses for the chemical industry.

Epoxy resin is anticipated to be the most significant and fastest-growing market for corrosion-resistant resins due to its superior corrosion resistance, its easy application and cost-effectiveness.

Epoxy coatings are used primarily to prevent erosion on manufacturing equipment, chemical tanks underground storage tanks industrial scrubbers and effluent management and lines for pressure transfer. Epoxy coatings are used in a variety of industrial applications, based on their availability. Epoxy powder coatings can be found in dryers, washing machines and other equipment on steel fittings and pipes employed in the gas and oil industry, water pipes and concrete rebar due to their versatility.

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Market Dynamics

Growth Drivers

Inflation rate increases with economic damages.

Industries face massive losses from corrosion every year. This can pose a serious risk to both property and the general public. Corrosion resistant resins aid in minimizing these losses, and thus stopping damage to structures equipment, machinery, and structures. The coatings for corrosion are widely utilized on the iron foundations of a building, which minimizes the chance of damage from rust or corrosion. In addition, they can also be used as a roof-top coatings, which prevent reactions caused by pollutant in the air. The increase in economic losses due to the corrosion of structures has increased the use of Corrosion Resistant Resins in construction and in the infrastructure.

Furthermore, the amount of construction of infrastructure is significantly increasing which is causing the growth of anti corrosion coatings markets. For instance, in the year 2019, China government invested 1.9 billion in 13 housing projects. Furthermore, construction projects like '100 smart city and "Housing for All by 2022' in India influence Corrosion Resistant demand for resin. Additionally to this, in the United States is witnessing noticeable increase in construction of residential homes, and this trend is likely to stay the same in the foreseeable future. For example According to the U.S Census Bureau in January 2020, the construction costs put in the residential and non-residential construction has increased to $567.555 million and $470.986 million from $546,532 million and $4664,436 million in December of this year.

 Mexico is also witnessing a significant increase in demand for housing, resulting in significant investment in construction. For instance, in January of 2019, Inter-American Development Bank (IDB) provided local currency financing program to Procsa, a Mexican firm Procsa that could reach 150 million Mexican pesos ($7.8 million) to fund the acquisition of land, development and development of commercialized housing to low and middle-income families throughout Mexico. This is why the rise of construction projects and investments are the main driver behind Corrosion Resistant Resin market growth.

Restraints

The changing cost of raw materials.

Variable raw material costs are restricting the development of the market for corrosion resistant resin. The majority of the raw material that are used to make corrosion resistant resin are petroleum-based products. Due to this their prices have become extremely fluctuating in recent years which has impacted the development of this market. Prices as well as availability of the raw material are the main elements that impact the cost of the final products.

According to BP statistics for 2018, in 2018the prices for crude oil increased to $71/bbl, up from $54/bbl the year before. The fluctuations in crude oil prices influence the price of raw materials like polyurethanes, epoxies and alkyds. So, the volatility in raw material prices has a direct impact on the cost of corrosion-resistant resins, which has slowed its growth in the market.

Corrosion Resistant Resin Market Segment Analysis

Due to its superior corrosion resistance, simplicity of use, and low cost, the epoxy resin products segment dominates the worldwide corrosion-resistant resins market. Epoxy coatings are frequently used to stop corrosion in industrial scrubbers, pressure transfer pipes, corrosive chemical tanks, subterranean storage tanks, and manufacturing equipment. In the maritime sector, vinyl resin is used to stop ship hulls from blistering. In a variety of end-use sectors, such as infrastructure, oil and gas, and automotive, resin is increasingly replacing traditional protective paint application processes.

Given that coatings are the most effective, long-lasting, and affordable type of coating, they are anticipated to dominate the worldwide CRR market over the forecast period. The composite materials applications sector is anticipated to have strong growth during the forecast period due to the rising demand for lightweight materials from the automotive and transportation, oil and gas, heavy industries, and several other end-use industries.

This would help minimize maintenance costs. Coatings are anticipated to be the substance's biggest use due to its anti-corrosion capabilities, giving metal parts exposed to hostile conditions not just protection but also a lengthy lifespan.

During the anticipated period, the oil and gas category is anticipated to lead the CRR market, rising at a CAGR of 6.71%. To prevent corrosion, coatings are applied to pipes and underground fuel storage tanks. Therefore, anti-corrosion resin is extensively used in this business to lower the danger of corrosion, preserve equipment that contains crude oil, and safeguard the entire refining process.

Competitive Landscape of the Corrosion Resistant Resin Market

The global market is fragmented in nature with the presence of various key players such as Ashland Inc, Hexion Inc, Reichhold LLC, Huntsman Corporation, Scott Bader Company Limited, Eastman Chemical Company, Aditya Birla Group Chemicals, Milliken & Co group, Sino Polymer Co. Ltd., Atul Ltd, SIR Industriale, LANXESS, Mitsubishi Chemical Holdings Corporation along with medium and small-scale regional players operating in different parts of the world. Major companies in the market compete in terms of application development capability, product launches, and development of new technologies for product formulation.

Recent Developments in the Corrosion Resistant Resin Market

Aug 31, 2023: BMC to apply corrosion-resistant coating on three main water supply pipelines

May 23, 2023 - At the Battery Show, Huntsman introduced new polyurethane, carbon nanotube, and epoxy materials that were intended to aid ease the integration of batteries into electric vehicles while enhancing their safety and performance. In comparison to certain existing technologies, Huntsman had put together a portfolio of adaptable, quick-cure, high-strength polyurethane and epoxy resins that may be utilised to produce underbody and top cover battery protection components.

April 19, 2023 - Crestabond M1-60HV/2 and M1-90HV/2 were two brand-new, cutting-edge sandable structural adhesives that Scott Bader's R&D team had created in response to significant market demand. The new Crestabond products were upgraded versions of the structural adhesives M1-60HV and M1-90HV that were already on the market.

In January 2021, Ashland global holdings Inc. signed a contract to acquire the personal care business from Schulke & Mayr GmbH, a strategic positioning as a premier supplier and strengthening the consumer business portfolio of the company.

In 2021, BASF SE announced the acquisition of Solvay S.A.'s polyamide business, which produces engineering plastics, fibers, and films. The acquisition aimed to strengthen BASF's position in the engineering plastics market and broaden its product portfolio.

In 2020, Ashland Global Holdings Inc. acquired the composites business of Reichhold Holdings, a U.S.-based manufacturer of polyester resins. The acquisition aimed to strengthen Ashland's position in the composites market and expand its product offerings.

In 2020, Hexion Inc. announced a strategic partnership with Shchekinoazot, a Russian chemical company. The partnership aimed to expand Hexion's presence in the Russian market and increase its production capacity.

Regional Insights

With almost 56% of market share expected to come from Asia-Pacific in 2022, the region has emerged as the leading one. During the anticipated period, demand for composites in the region is predicted to be fueled by the expanding infrastructure and composites industries.

The market for corrosion-resistant resins in the region is anticipated to grow as a result of increased foreign investment as well as end-use sectors such power production, reservoirs and pipelines, development, marine, and oil and gas. The growth of the corrosion-resistant resin market in the Asia-Pacific is also anticipated to be boosted by rising foreign investment in industries and transportation in emerging nations.

In 2022, the North American market was estimated to be worth about USD 1.42 billion. The increase can be ascribed to the automobile industry's growing desire for composites that are ecologically friendly and lightweight. The use of lightweight materials by OEMs is being pushed by a number of governmental laws, including CAFE criteria in the US, which should support the expansion of the North American market.

Segments Covered in the Corrosion Resistant Resin Market

Corrosion Resistant Resin Market by Type

• Epoxy
• Polyurethanes
• Polyester
• Vinyl ester
• Others

Corrosion Resistant Resin Market by Application

• Coating
• Composites

Corrosion Resistant Resin Market by End Use Industry

• Chemical
• Marine
• Oil and gas
• Automobile
• Others

Corrosion Resistant Resin Market by Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Frequently asked questions with answers

What are the upcoming trends of corrosion resistant resin market globally?

Increasing focus on development of nanocomposite coatings is a key trend gaining popularity.

What is the CAGR of corrosion resistant resin market?

The global Corrosion Resistant Resin Market size was valued at USD 10.85 billion in 2023, and projected to reach USD 16.21 billion by 2030, with a CAGR of 6.75% from 2023-2030.

Which are the top companies to hold the market share in corrosion resistant resin market?

The global market is fragmented in nature with the presence of various key players such as Ashland Inc, Hexion Inc, Reichhold LLC, Huntsman Corporation, Scott Bader Company Limited, Eastman Chemical Company, Aditya Birla Group Chemicals, Milliken & Co group, Sino Polymer Co. Ltd., Atul Ltd, SIR Industriale, LANXESS, Mitsubishi Chemical Holdings Corporation

Which is the largest regional market for corrosion resistant resin market?

The Asia Pacific dominated the global industry in 2021 and accounted for the maximum share of more than 53% of the overall revenue.