The global corrosion resistant resin market size was valued at USD 6,614.5 million in 2016. It is expected to witness significant growth on account of increasing demand for coatings from various end-use industries majorly oil & gas, chemical processing, marines, and others.
The developing interest for corrosion resistant resins in the composites application is one of the major factors boosting the consumption of corrosion-resistant resin. Also, conventionally used metals, for example, carbon steel and aluminum are increasingly being replaced by composites owing to factors such as cost viability and low maintenance. As corrosion leads to significant revenue losses in the chemical industry, corrosion-resistant resin materials are expected to witness growing demand in the industry. Coatings are expected to be the largest application over the forecast period due to the anti-corrosive properties offered by the product, which not only provide protection but also extended life to metal parts that are exposed to harsh conditions.
China corrosion resistant resin market by end-use, 2014 - 2025 (USD Million)
The Asia Pacific is expected to be the potential market for corrosion-resistant resin manufacturers over the forecast period. The region, in terms of value, is anticipated to witness high growth over the forecast period. Swiftly expanding industrialization, GDP development, and the demand for improved and modern infrastructure are expected to fuel the interest in corrosion-resistant resins in the region. China is the biggest market for corrosion-resistant resins owing to the presence of well-established industries in the country. Apart from China, countries such as Japan, India, and South Korea are contributing to the development of the corrosion-resistant resins market.
The Asia Pacific is a key area for the worldwide market of consumption of corrosion-resistant resin die to its developing construction industry in China and India. The increasing foreign investments coupled with the End-use industry such as power generations, tanks and pipes, development, marine, and oil and gas are likely to drive the market for corrosion-resistant resins in the area. As per the India Brand Equity Foundation (IBEF), trust by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the construction industry in the country is anticipated to be valued at USD 5 billion by 2020. Besides, the growing foreign investments in industries and transportation in developing economies is expected to boost the development of corrosion-resistant resin market in the Asia Pacific.
Epoxy resin product section is expected to be the largest and fastest-growing market for corrosion-resistant resin due to its excellent corrosion resistance property, easy application, and reasonable cost. Epoxy coatings are generally used to counteract erosion in manufacturing equipment, tanks for destructive chemicals, underground storage tanks, industrial scrubbers, effluent management, and pressure transfer pipe. Vinyl resin coatings/paints are widely used in the marine industry to prevent ships from corrosions. Traditional methods for applying defensive paints are increasingly being replaced by resins in different end-use industries such as oil and gas, and car, and others. This can be attributed to the properties of composites, for example, simple establishment, corrosion resistance, and simplicity of operation at lifted temperatures.
Global corrosion resistant resin market by product, 2015 (%)
The Asia Pacific emerged as the dominant market, accounting for over 43% of the revenue in 2015. Modern infrastructure in the region is expected to fuel the demand for corrosion-resistant resins in the region.
The demand for the composites application in the Asia Pacific was over 258.1 Kilotons in 2015 and is expected to grow at a CAGR of 6.3% over the forecast period. The growing composites and infrastructure industry is expected to fuel the composites demand in the region over the forecast period.
The North American market was valued at over USD 1,300 million in 2016. The growth can be attributed to the growing demand for lightweight and environmentally sustainable composite materials from the automotive industry. Various government regulations, such as CAFE Standards in the U.S. are pressurizing OEMs to incorporate lightweight materials to curb the overall vehicle weight, which in turn is expected to contribute toward the growth of the North America market.
The key players in the market include BASF SE, Hunstman Corporation, Eastman Chemical Company, Ashland Inc., Scott Bader Company Limited, Aditya Birla Chemicals, Reichhold LLC, Hexion Inc., and Sino Polymer Co. Ltd. The corrosion-resistant resin manufacturers are engaged in maintaining their supply and production capacities to cater to the growing demand by collaborating with suppliers across the globe.
The base year for estimation
Actual estimates/Historical data
2014 - 2015
2017 - 2025
Volume in Kilotons, Revenue in USD Million & CAGR from 2017 to 2025
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
U.S., Canada, Mexico, Germany, UK, France, Russia, Spain, Brazil, Saudi Arabia, China, India, Japan, South Korea
Revenue forecast, company share, competitive landscape, growth factors, and trends
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This report forecasts volume and revenue growth at regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global corrosion resistant resin market based on the product, application, end-use industries, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
End-use industry Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Oil and gas
Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Rest of Europe
Rest of Asia Pacific
Central & South America
Rest of Central & South America
The Middle East & Africa
Rest of the Middle East & Africa
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