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Corrosion Resistant Resin Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

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Corrosion Resistant Resin Market report categorizes global market by product type, application, and end use industry - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024
Corrosion Resistant Resin Market - Global Industry
Insights, Trends, Outlook, and Opportunity Analysis,
2018-2026
Resin is highly viscous or solid substance which can be natural or of synthetic origin.
Corrosion resistance resins are mainly formulated as isophthalic, vinyl ester, and terephthalic
resins to impart desired property of corrosion resistance. They have application in oil & gas,
automotive, and marine industries However, corrosion is major challenges faced by
manufactures operating in these industries, as it leads to high monetary and property losses
across the aforementioned industries. Corrosion resistant resin are gaining traction in these
industries, owing to their properties such as resistance to solvents, chemicals, moisture, and
high temperature. They have a wide range of application in manufacturing of glass
containers, stainless steel, and painted steel.
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Increasing demand for composite materials is one of the major factors boosting growth of
corrosion resistant resin market. Moreover, conventionally used metals such as carbon steel
and aluminum are being replaced by composites due advantages such as cost effectiveness
and low maintenance. Corrosion resistance materials have high demand from chemical
industry, where losses due to corrosion leads to significant revenue losses. Increasing
adoption of corrosion resistant resins in equipment, structures and machineries are expected
to drive growth of the market over the forecast period.
Epoxy resin product segment is dominant in the global corrosion resistant resin market,
owing to excellent corrosion resistance property, easy application, and affordable cost. Epoxy
coatings are widely used to prevent corrosion in manufacturing equipment, tanks for
corrosive chemicals, underground storage tanks, industrial scrubbers, effluent management,
and pressure transfer pipe. Vinyl resin are used in marine industry to prevent the blistering of
the hull ships. Replacing the conventional methods of applying protective paints by resin is
increasing rapidly in various end-use industries such as infrastructure, oil & gas, and
automotive. This is mainly attributed to the properties of composites such as easy installation,
corrosion resistance, and ease of operation at elevated temperatures.
Corrosion Resistant Resin Market Outlook - Increasing Focus on Cutting Losses due to
Corrosion Expected to Propel Market Growth
Asia Pacific is expected to be the most potential market for growth of corrosion resistant
resin manufacturers. Asia Pacific is projected to witness relatively high growth in terms of
value over the forecast period. Rapidly increasing industrialization, GDP growth, and demand
for improved and modern infrastructure in the region is expected to fuel the demand for
corrosion resistant resins in the region, which in turn is propelling growth of the corrosion
resistant resin market. According to India Brand Equity Foundation (IBEF)—a trust by the
Department of Commerce, Ministry of Commerce and Industry, Government of
India—Indian construction Industry is projected to be valued at US$ 5 billion, creating a
highly conducive environment for growth of the market. Moreover, increasing investments in
industries such as infrastructure and transportation in emerging economies such as India is
expected to boost growth of corrosion resistant resin market. China is leading the market,
owing to deep-rooted industrial base. Middle East and Africa are emerging markets for the
corrosion resistant resins due to increasing application in oil & gas industry. Europe and
North America are expected to exhibit relatively slower growth in market over the forecast
period.
However, fluctuating prices of raw material is restraining growth of corrosion resistant resin
market over the forecast period. This is mainly due raw materials used for manufacturing
corrosion resistant resins comprise majority of petroleum products, which are expensive.
Some of the companies operating in the global corrosion resistant resin industry include
Reichhold Inc., Huntsman Corporation, Olin Corporation, Scott Bader Company Limited,
Ashland Inc., Aditya Birla Chemicals, and Polynt Composites Inc.
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