Global Corrosion Resistant Resin Market Overview
As per MRFR analysis, the Corrosion Resistant Resin Market Size was estimated at 6.35 (USD Billion) in 2022.
The Corrosion Resistant Resin Market Industry is expected to grow from 6.7(USD Billion) in 2023 to 10.9 (USD Billion) by 2032. The Corrosion Resistant Resin Market CAGR (growth rate) is expected to be around 5.55% during the forecast period (2024 - 2032).
Key Corrosion Resistant Resin Market Trends Highlighted
Increasing industrialization, urbanization, and infrastructure development are driving the demand for corrosion resistant resins. Such resins have applications in the chemical, petrochemical, water treatment, and construction industries, among others. Thanks to the growth of environmental protection, the need for materials that withstand extremeness has had a positive development. New and better resins that are more protective against corrosion and other types of damage have been created owing to changes in material science and technology. Since these resins are flexible and perform well, they are progressively utilized across vast sectors, elevating the growth of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Resistant Resin Market Drivers
Increasing Demand for Corrosion Resistant Coatings
The primary driver of the Corrosion Resistant Resin Market Industry is the ever-growing demand for corrosion-resistant coatings in various industries. These coatings are necessary for safeguarding metal surfaces from the deteriorating effects of corrosion. Moreover, corrosion-resistant coatings serve to prolong the life cycle of assets and infrastructure. As a consequence, the use of corrosion-resistant coatings is especially prevalent in flagship industries, including automotive, marine, construction, and chemical processing, among others.
The higher rate of use of corrosion-resistant coatings in these industries is projected to be a leading driving factor of the Corrosion Resistant Resin Market Industry. It is important to note that the latter’s function is to serve as the basic raw material for multiple related coatings. In addition, the increasing knowledge of the necessity of preventing corrosion and the continual implementation of regulatory measures by both public and private investors are important and consistent driving factors.
Rising Adoption of Composites in Automotive and Aerospace
Another significant driver of the Corrosion Resistant Resin Market Industry is the increasing adoption of composites in the automotive and aerospace industries. Composites are constructed by reinforcing a polymer resin with fiber, which provides the material with a combination of strength, light weight, and corrosion resistance that is ideal for a variety of structural applications in these industries. Corrosion-resistant resins are essential for the production of composites as steel or other materials are extremely prone to corrosive environments, therefore composites must be difficult to react with both acid and base.
Overall, given the demand for lightweight and fuel-efficient vehicles and composites in aircraft pylons, antennas, access covers, and leading-edge, corrosion-resistant resins are anticipated to increase in popularity in the future as well.
Expansion of Oil and Gas Industry
The expansion of the oil and gas industry, particularly in the emergent economies is generating the growing demand from the Corrosion Resistant Resin Market Industry. Thus, the oil and gas depend much on the corrosion resistant materials to protect pipelines, storage tanks, and other equipment from being damaged by crude oil, natural gas, and other chemicals. Correspondingly, corrosion resistant resins have extensive applications for the production of coatings, linings, and other protective materials.
The increasing exploratory and production activities in the oil and gas sector will drive the demand for the corrosion resistant in the forthcoming years.
Corrosion Resistant Resin Market Segment Insights
Corrosion Resistant Resin Market Type Insights
The Corrosion Resistant Resin Market is segmented on the basis of Type into Polyester Resins, Epoxy Resins, Polyurethane Resins, Vinyl Ester Resins, and Phenolic Resins. The Polyester resins segment held the largest market share in 2023 in terms of revenue, contributing to over 40% of the Corrosion Resistant Resin Market. The Epoxy Resins segment has become one of the fastest-growing markets, and it is the top market segment in the Corrosion Resistant Resin Market, as it provides better chemical resistance, strength, and durability.
The Corrosion Resistant Resin Market is segmented on Type into Polyester Resins, Epoxy Resins, Polyurethane Resins, Vinyl Ester Resins, and Phenolic Resins. Polyester Resins are increasingly used in the marine sector due to their capacity to resist saltwater corrosion. It is also used for producing chemical processing equipment, piping system, and tanks. Epoxy Resins offer greater strength, resistance to chemicals, and insulation against electricity transmission. As a result, this product is used as adhesive or coatings agents or in composites production.
Polyurethane Resins are used in floorings, coating, and automobile equipment, since they provide the highest abrasion resistance as well as maximum toughness. Vinyl Ester Resins are used in the production of tanks, pipe fittings, chemical processing equipment and for a range of applications, as these resins give high resistance to corrosion and probably the best amount of power. Phenolic Resins are used in the production of electric equipment tool handles, brake linings, and for adhesion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Resistant Resin Market Application Insights
The Corrosion Resistant Resin Market is segmented based on Application into Chemical Processing, Oil and Gas, Marine and Offshore, Transportation, and Construction. Chemical Processing is the largest application segment, accounting for over 25% of the Corrosion Resistant Resin Market revenue in 2023. This is due to the increasing demand for corrosion-resistant resins in the chemical processing industry, where they are used to protect equipment and components from corrosive chemicals. The Oil and Gas industry is another major application segment, accounting for over 20% of the market revenue.
Corrosion-resistant resins are used in oil and gas pipelines, storage tanks, and other equipment to prevent corrosion and ensure the safe and efficient transportation and storage of oil and gas. The Marine and Offshore segment is also a significant application segment, accounting for over 15% of the market revenue. Corrosion-resistant resins are used in the construction of ships, boats, and other marine structures to protect them from the corrosive effects of saltwater. The Transportation segment is another growing application segment, accounting for over 10% of the market revenue.
Corrosion-resistant resins are used in the manufacture of automotive parts, such as fuel tanks, brake lines, and exhaust systems, to protect them from corrosion and extend their lifespan. The Construction segment is also a major application segment, accounting for over 10% of the market revenue. Corrosion-resistant resins are used in the construction of buildings, bridges, and other structures to protect them from the corrosive effects of environmental factors, such as rain, snow, and salt.
Corrosion Resistant Resin Market End-Use Industry Insights
The end-use industry segment plays a crucial role in shaping the dynamics of the Corrosion Resistant Resin Market. Among the key end-use industries, Automotive, Aerospace, Electronics, Medical, and Defense sectors are major contributors to the market growth. Automotive and Aerospace industries utilize corrosion-resistant resins for lightweight components, improving fuel efficiency and reducing emissions. Electronics, Medical, and Defense sectors leverage these resins for their durability, chemical resistance, and ability to withstand harsh environments.
In 2023, the combined revenue from these end-use industries in the Corrosion Resistant Resin Market is estimated to be around USD 4.5 billion, with a projected CAGR of 6.2% from 2024 to 2032. The increasing demand for lightweight and durable materials, coupled with stringent regulations in various industries, is driving the market growth. The Aerospace industry, in particular, is expected to witness significant growth due to the rising production of commercial aircraft and the need for lightweight, corrosion-resistant materials. The Medical industry is another promising segment, driven by the growing demand for medical devices and equipment that can withstand harsh conditions.
Corrosion Resistant Resin Market Resin Form Insights
The Corrosion Resistant Resin Market is segmented based on Resin Form into Liquid Resins, Solid Resins, Flake Resins, and Powder Resins. Among these, the Liquid Resins segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for liquid resins in various end-use industries such as automotive, construction, and marine. Liquid resins offer advantages such as ease of application, low VOC emissions, and excellent corrosion resistance, making them a preferred choice for various applications.
The Solid Resins segment is expected to witness a steady growth rate during the forecast period due to its high strength, durability, and resistance to chemicals and solvents. Solid resins are commonly used in the manufacturing of pipes, tanks, and other components that require high structural integrity. Flake Resins and Powder Resins segments are also expected to contribute to the overall growth of the Corrosion Resistant Resin Market, driven by their unique properties and applications in specific industries.
Corrosion Resistant Resin Market Properties Insights
The Properties segment plays a pivotal role in the Corrosion Resistant Resin Market growth, owing to the rising demand for materials with specific properties in various industries. High-Temperature Resistance resins withstand extreme temperatures, expanding their applications in automotive, aerospace, and electronics. Chemical Resistance resins are sought after in industries like chemical processing, as they can endure harsh chemicals. Mechanical Strength resins offer exceptional durability, making them suitable for construction, transportation, and sports equipment.
Electrical Insulation resins provide insulation in electrical components, boosting their safety and performance. Flame Retardancy resins are gaining traction due to their ability to resist fire, enhancing safety in construction, transportation, and consumer electronics. The Corrosion Resistant Resin Market segmentation by Properties provides valuable insights into the industry dynamics, helping stakeholders make informed decisions to drive market growth.
Corrosion Resistant Resin Market Regional Insights
The Corrosion Resistant Resin Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth in the APAC region is primarily attributed to the increasing demand for corrosion-resistant resins in various industries, such as automotive, construction, and electronics. The region is also expected to witness a surge in infrastructure development projects, which will further fuel the demand for corrosion-resistant resins.
North America and Europe are also significant markets for corrosion-resistant resins. The presence of a large number of chemical processing plants and refineries in these regions is expected to drive the demand for corrosion-resistant resins. Furthermore, the increasing adoption of stringent environmental regulations has led to the growing use of corrosion-resistant resins in various applications. South America and MEA are expected to witness moderate growth in the corrosion-resistant resin market. The market in these regions is primarily driven by the increasing demand for corrosion-resistant resins in the construction and automotive industries.
However, the growth in these regions is expected to be hindered by factors such as economic instability and political uncertainty.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Resistant Resin Market Key Players And Competitive Insights
Major players in the Corrosion Resistant Resin Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and adopting innovative technologies. The leading Corrosion Resistant Resin Market players are focusing on developing new Corrosion Resistant Resin Market products to cater to the evolving needs of their customers. Partnerships and collaborations are also becoming increasingly common, as companies seek to leverage each other's strengths and expertise to create innovative Corrosion Resistant Resin Market solutions. The Corrosion Resistant Resin Market landscape is expected to witness significant changes in the coming years, as new technologies and applications emerge, and the demand for sustainable and eco-friendly solutions continues to grow.
Leading Corrosion Resistant Resin Market player Ashland Global Holdings Inc. is a global provider of specialty chemicals and materials. The company's Corrosion Resistant Resin Market products include a wide range of epoxy resins, vinyl esters, and urethane acrylates. Ashland Global Holdings Inc. serves a diverse range of industries, including automotive, construction, electronics, and packaging. The company has a strong focus on sustainability and is committed to developing innovative Corrosion Resistant Resin Market solutions that meet the needs of its customers.
DuPont de Nemours, Inc., another major player in Corrosion Resistant Resin Market industry, is a leading provider of advanced materials and specialty products. The company's Corrosion Resistant Resin Market products include a comprehensive portfolio of fluoropolymer resins, which are known for their exceptional resistance to corrosion, high temperatures, and chemicals. DuPont de Nemours, Inc. serves a wide range of industries, including automotive, aerospace, electronics, and healthcare. The company has a strong commitment to research and development and is continuously investing in new Corrosion Resistant Resin Market technologies and applications.
Key Companies in the Corrosion Resistant Resin Market Include
- Covestro
- Evonik
- Solvay
- Ashland
- Mitsui Chemicals
- Huntsman
- SABIC
- Lanxess
- Eastman
- Henkel
- Sumitomo Chemical
- BASF
- PolyOne
- Dow
Corrosion Resistant Resin Market Industry Developments
The Corrosion Resistant Resin Market is anticipated to expand significantly between 2024 and 2032, reaching a value of USD 10.9 billion by 2032. Increasing demand for corrosion-resistant materials in various industries, including chemical processing, oil and gas, and automotive, is driving market growth. Additionally, rising environmental concerns and the need for sustainable solutions are contributing to the adoption of corrosion-resistant resins. Recent developments include the introduction of bio-based and eco-friendly corrosion-resistant resins, addressing sustainability challenges. However, factors such as raw material price fluctuations and competition from alternative materials may pose challenges to market growth.
Corrosion Resistant Resin Market Segmentation Insights
- Corrosion Resistant Resin Market Type Outlook
- Polyester Resins
- Epoxy Resins
- Polyurethane Resins
- Vinyl Ester Resins
- Phenolic Resins
- Corrosion Resistant Resin Market Application Outlook
- Chemical Processing
- Oil and Gas
- Marine and Offshore
- Transportation
- Construction
- Corrosion Resistant Resin Market End-Use Industry Outlook
- Automotive
- Aerospace
- Electronics
- Medical
- Defense
- Corrosion Resistant Resin Market Resin Form Outlook
- Liquid Resins
- Solid Resins
- Flake Resins
- Powder Resins
- Corrosion Resistant Resin Market Properties Outlook
- High-Temperature Resistance
- Chemical Resistance
- Mechanical Strength
- Electrical Insulation
- Flame Retardancy
- Corrosion Resistant Resin Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2022
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6.35(USD Billion)
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Market Size 2023
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6.7(USD Billion)
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Market Size 2032
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10.9(USD Billion)
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Compound Annual Growth Rate (CAGR)
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5.55% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Covestro, Evonik, Solvay, Ashland, Mitsui Chemicals, Huntsman, SABIC, Lanxess, Eastman, Henkel, Sumitomo Chemical, BASF, PolyOne, Dow
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Segments Covered
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Type, Application, End-Use Industry, Resin Form, Properties, Regional
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Key Market Opportunities
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Diversification into emerging applications Advancements in product technology Growth in downstream industries Rising demand in developing regions Environmental regulations and sustainability
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Key Market Dynamics
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Increasing infrastructure investments rising demand for lightweight materials stringent environmental regulations expanding chemical and petrochemical industries technological advancements
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Corrosion Resistant Resin Market is expected to reach USD 10.9 billion by 2032, growing at a CAGR of 5.55% from 2024 to 2032.
Asia-Pacific is expected to dominate the Corrosion Resistant Resin market, accounting for over 40% of the global market share in 2032.
Major applications of Corrosion Resistant Resin include chemical processing, oil and gas, water treatment, and automotive.
Key competitors in the Corrosion Resistant Resin market include Ashland, BASF, Dow, Evonik, and Huntsman.
Rising demand for lightweight and durable materials, increasing environmental regulations, and growing infrastructure development are key trends driving the growth of the Corrosion Resistant Resin market.
High raw material costs, intense competition, and stringent government regulations are some of the challenges faced by the Corrosion Resistant Resin market.
Growing demand from emerging economies, technological advancements, and expanding applications in various industries present opportunities for growth in the Corrosion Resistant Resin market.
The Corrosion Resistant Resin market is expected to grow at a CAGR of 5.55% from 2024 to 2032.
Raw material costs, production costs, demand and supply dynamics, and government regulations influence the price of Corrosion Resistant Resin.
End-use industries of Corrosion Resistant Resin include chemical processing, oil and gas, water treatment, automotive, and construction.
