The global corrosion resistant resin market has been segmented by type, application, end use industry and region. On the basis of type, the global market has been segmented into epoxy, polyester, polyurethane, and vinyl ester. On the basis of application, the market has been segmented into coatings, and composites; whereas, on the basis of end use industry, the market has been segmented into oil and gas, heavy industries, automotive and transportation, infrastructure, and marine.
Industries experience huge losses due to corrosion every year, which could be a direct threat to both property and people. Corrosion resistant resins help in minimalizing these losses, thereby preventing damage to structures, equipment, and machinery.
The global corrosion resistant resin market is witnessing growth, owing to increasing monetary losses due to corrosion and growth of the end-use industries. Another important factor that is likely to support the growth of this market is modernization of infrastructure. Moreover, there are other factors supporting the growth of the global market, including demand from end-use industries, particularly from oil and gas and automotive and transportation industries.
Factors such as fluctuating raw material cost are restraining the growth of the global corrosion resistant resin market. Most of the raw materials used in the production of corrosion resistant resin are petroleum products, due to which, the prices of these raw materials have been highly volatile in recent times, affecting the growth of the market.
On the basis of type, Epoxy is the most commonly used material for coatings and composites applications. Epoxy is increasingly being used due to its excellent properties such as corrosion resistance, low cost, and easy application.
Based on application, composites application segment is likely to grow at a higher pace, owing to the growing demand for lightweight materials from automotive and transportation, oil and gas and heavy industries, and various other end use industries to reduce the maintenance cost.
On the basis of end use industry, the oil and gas industry uses corrosion resistant resin on a large scale. Coatings is one of the traditional and economic ways to protect assets from corrosion. Monetary losses due to corrosion could be high in industries. Therefore, corrosion resistant resin is being used in the form of coatings and composites in various end use industries, such as heavy industries, marine and oil and gas industries, among others.
By region, the global corrosion resistant resin market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Rest of the world.
Geographically, the Middle East and African market for corrosion resistant resin is growing on account of the large oil and gas reserves in the region; however, saturation in North America and Europe is posing a challenge for the corrosion resistant resin market to grow in these regions. Countries in these regions have a well-established infrastructure for public, commercial, and transport sectors, which is affecting the growth of the global corrosion resistant resin market.
Innovations are a significant aspect of the global corrosion resistant resin market, which eventually helps to efficiently meet the demand of various applications. Market players are collaborating with each other in order to develop new and innovative products, technologies, and manufacturing processes. These collaborations are expected to reduce competition in the global corrosion resistant resin market, during the forecast period (2016-2022).
The key players in the global corrosion resistant resin market are Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corporation and Scott Bader Company Limited.