Market Size of Corrosion-resistant Resin Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Corrosion-resistant Resin Market Analysis
The market for the corrosion-resistant resin is expected to witness a CAGR of around 5% during the forecast period. The major factor driving the market studied is the broad application of corrosion-resistant resin across end-user industries and increasing demand from the infrastructure sector.
Based on the end-user industry, the oil & gas industry is expected to hold a major share during the forecast period. Corrosion-resistant resins are widely used in the oil & gas industry as coatings and composites.
The trend of the development of the infrastructure of companies also boosts the demand for corrosion-resistant resin products and help to grow the market significantly.
However, stringent government regulations regarding the usage of corrosion-resistant resin may hamper the growth of the market. Moreover, the unfavorable conditions arising due to the COVID-19 outbreak is also expected to hinder the market growth.
Corrosion-resistant Resin Industry Segmentation
The corrosion-resistant resin market report includes:
| Resin Type | |
| Epoxy | |
| Polyurethane | |
| Polyester | |
| Vinyl Ester | |
| Other Resin Types |
| Application | |
| Composites | |
| Coatings | |
| Other Applications |
| End-user Industry | |
| Automotive and Transportation | |
| Food and Beverage | |
| Idustrial | |
| Infrastructure | |
| Marine | |
| Oil and Gas | |
| Other End-user Industries |
| Geography | |||||||
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Corrosion-resistant Resin Market Size Summary
The corrosion-resistant resin market is poised for steady growth, driven by its extensive application across various end-user industries and the rising demand from the infrastructure sector. The oil and gas industry is anticipated to maintain a significant share of the market, utilizing these resins as coatings and composites to enhance durability. The ongoing development of infrastructure further propels the demand for corrosion-resistant resin products. However, the market faces challenges from stringent government regulations and the lingering impacts of the COVID-19 pandemic, which could potentially impede its growth trajectory.
Epoxy resins are expected to dominate the market due to their superior corrosion resistance, ease of application, and cost-effectiveness. These resins are widely used in industrial applications, including manufacturing equipment, storage tanks, and pipelines, as well as in the automotive, marine, and aerospace industries for corrosion protection. The market's expansion is supported by rapid industrialization and infrastructure development in regions like China, India, and ASEAN countries, with China leading due to its robust industrial base. The market is partially consolidated, with key players such as Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corp., and BASF SE holding significant market shares.
Corrosion-resistant Resin Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Epoxy Resins
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1.1.2 Increasing Monetary Losses because of Corrosion
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1.2 Restraints
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1.2.1 Stringent Government Regulations
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1.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Resin Type
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2.1.1 Epoxy
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2.1.2 Polyurethane
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2.1.3 Polyester
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2.1.4 Vinyl Ester
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2.1.5 Other Resin Types
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2.2 Application
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2.2.1 Composites
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2.2.2 Coatings
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2.2.3 Other Applications
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2.3 End-user Industry
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2.3.1 Automotive and Transportation
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2.3.2 Food and Beverage
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2.3.3 Idustrial
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2.3.4 Infrastructure
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2.3.5 Marine
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2.3.6 Oil and Gas
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2.3.7 Other End-user Industries
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Corrosion-resistant Resin Market Size FAQs
What is the current Corrosion-resistant Resin Market size?
The Corrosion-resistant Resin Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Corrosion-resistant Resin Market?
Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corp. and BASF SE are the major companies operating in the Corrosion-resistant Resin Market.
