Pune, 24, Nov 2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for “Corrosion Under Insulation and Spray-on Insulation Coatings Market” was USD 1.91 Bn. in 2021 and is expected to grow at a CAGR of 4.8 % over the forecast period to reach USD 2.78 Bn. by 2029.
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Corrosion Under Insulation and Spray-on Insulation Coatings Market Scope and Research Methodology
This report provides an analytical representation of the global Corrosion Under Insulation and Spray-on Insulation Coatings market as well as current trends and future forecasts to identify potential investment areas. The study includes information about major drivers, restraints, and opportunities and a detailed analysis of market share. CUI and SOI market is segmented based on Type, End User Industries, and Region. The growth amongst these segments will help to analyze the industries and provide the users with a valuable market overview and market insights to make strategic decisions for identifying core market applications.
The research study provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. The bottom-up approach has been used to collect the data and analyze the market to figure out the market size by volume and value by mentioned segments. Major Key Players in the CUI and SOI market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research involved a study of the top manufacturers’ annual and financial reports, while primary research was done through interviews with company key persons and industry professionals such as experienced front-line staff, CEOs, and marketing executives.
Corrosion Under Insulation and Spray-on Insulation Coatings Market Overview
Coatings such as CUI and SOI are used to protect metal and other components against degradation caused by moisture, oxidation, and chemical and saltwater exposure. The global CUI & SOI coatings industry is increasing as a result of end-use industries such as marine, oil & gas, petrochemical, energy & power, and others. The rapid growth of these industries is likely to contribute to the growth of the CUI & SOI coatings market during the forecast period.
Corrosion Under Insulation and Spray-on Insulation Coatings Market Dynamics
Epoxy-based CUI coatings are expected to lead the market over the forecast period. Because of its excellent grip and chemical resistance, it is frequently utilized in CUI & SOI coating. To fulfill the required criteria, the properties of epoxy-based coatings can be improved by adding the appropriate additives and modifiers. They are durable and resistant to humidity, abrasion, acid, water, alkali, and seawater. They are water clean and have little volatility. These characteristics make them perfect for use on metal surfaces such as cast iron and aluminum.
Changes in operating conditions in end-use industries such as oil and gas and marine have created a need for CUI and SOI coatings with enhanced properties, performance, and efficiency. The increasing use of improved oil recovery technologies in the oil and gas sector, for example, has created a demand for coatings that can withstand high temperatures and pressure while also providing long-term structural protection. Demand for high-solid CUI coatings from the oil and gas, marine, and infrastructure industries has also fueled R&D for the development of these coatings, which are ideal for use in harsh conditions. As a result, rising demand for high-efficiency CUI & SOI coatings is expected to open up significant opportunities for market growth.
Corrosion Under Insulation and Spray-on Insulation Coatings Market Regional Insights
The Asia-Pacific market led the CUI & SOI Coatings market in 2021. In terms of volume, the APAC CUI & SOI coatings market is expected to grow the fastest. This growth can be attributed to the increasing oil and gas, petrochemical, marine, and hydroelectric generating sectors. These industries’ growth generates demand for CUI and SOI coatings. Asia Pacific is a profitable market for CUI and SOI coatings manufacturers because of the region’s rapid economic growth.
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Corrosion Under Insulation and Spray-on Insulation Coatings Market Segmentation
- Multi-Polymeric Matrix
- Others (multi-polymeric matrix, zinc silicate, oxide chemicals, titanium-modified inorganic copolymer, and water-based CUI coatings)
By End-Use Industries:
- Oil & Gas, And Petrochemical
- Energy & Power
- Building & Construction
Corrosion Under Insulation and Spray-on Insulation Coatings Market Key Competitors:
- Akzo Nobel N.V.
- PPG Industries, Inc.,
- Jotun A/S (Norway),
- The Sherwin-Williams Company
- Hempel A/S
- Kansai Paint Co., Ltd
- Nippon Paint Co., Ltd.
- RPM International Inc.
- Axalta Coating Systems
- BASF Coatings
- Asian Paints Limited.
- Kansai Paint Co. Ltd.
- Presserv Group
- APLIKA CONTROL
- Presserv Group
- Lincoln Industries
Key questions answered in the Corrosion Under Insulation and Spray-on Insulation Coatings Market are:
- What are Corrosion Under Insulation and Spray-on Insulation Coatings?
- What is the growth rate of the Corrosion Under Insulation and Spray-on Insulation Coatings Market over the forecast period?
- What is the nature of competition in the Corrosion Under Insulation and Spray-on Insulation Coatings industry in developed economies and developing economies?
- Who are the key players in the Corrosion Under Insulation and Spray-on Insulation Coatings Market?
- Who are the market leaders in Corrosion Under Insulation and Spray-on Insulation Coatings in Europe?
- Who are the market leaders in Corrosion Under Insulation and Spray-on Insulation Coatings in USA and Canada?
- Who are the market leaders in Corrosion Under Insulation and Spray-on Insulation Coatings in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Corrosion Under Insulation and Spray-on Insulation Coatings Market?
- Who held the largest market share in the Corrosion Under Insulation and Spray-on Insulation Coatings Market?
- What are the factors for the growth of the Asia-Pacific region in the Corrosion Under Insulation and Spray-on Insulation Coatings Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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