CUI and SOI Coatings Market To Generate Revenue Worth $2,731.8 Million by 2030
- Published: October 2023
The corrosion-under-insulation (CUI) and spray-on-insulation (SOI) coatings market revenue will reach USD 2,731.8 million by 2030, witnessing a CAGR of 5.0% during 2024–2030. This will be due to the rampant industrialization and robust economic growth in both developed and developing countries.
As industries expand and evolve, the demand for CUI and SOI coatings to guard new and old pieces of infrastructure will rise. Industrial growth results in more investment in corrosion safety solutions, thus propelling the consumption of these coatings.
Moreover, as industrialization picks up, the focus on preventing damage from corrosion that happens beneath the layer of insulation will increase. Industries now consider it important to implement proactive corrosion prevention measures, to guard themselves against maintenance, downtime, and safety risks, all of which can be costly. Moreover, stringent regulations and guidelines are being established to tackle CUI, which essentially makes the adoption of CUI and SOI coatings necessary.
Furthermore, with continuous R&D, market players have created coatings with enhanced application efficiency. Coatings that can be sprayed on equipment without difficulty offer faster onset of action, decreased labor costs, and suitability for complicated shapes and systems. Additionally, the improvements in formulation and application techniques have resulted in coatings with decreased curing times, thus enabling a faster turnaround and minimized downtime for coating assets.
Additionally, the demand for epoxy-based CUI and SOI coatings is rising. This can be attributed to the increasing attention to the damaging consequences of corrosion and the need for effective protecting measures. Industries, including oil & gas, chemical processing, power generation, and manufacturing, consider the prevention of CUI and enhancement of insulation performance extremely important now.
Oil & Gas and Petrochemical Is Largest Market
Based on end user, the oil & gas and petrochemical category is holding the largest share in 2023, due to the utilization of oil & gas derivatives in various industries, such as marine and energy & power, in large volumes. Moreover, due to the tough environmental conditions oil & gas pipelines and equipment are subject to, coating materials are utilized to prevent the degradation of their metallic structure.
Market in North American Region To Grow Significantly
The market in the North American region is set to grow significantly due to the stringent government rules for environmental protection, rising investment in the engineering, manufacturing, construction, and transportation industries, and extensive research & development to enhance the CUI and SOI coatings technology. Regulatory bodies across the region are imposing strict rules to ensure the safety and integrity of industrial infrastructure. This has led to the rising adoption of CUI and SOI coatings to minimize corrosion-related incidents and prolong the lifespan of infrastructure.
Moreover, the region's increasing awareness of structural strength and sustainability has fueled the demand for CUI and SOI coatings. Spray-on insulation coatings are gaining recognition because of their potential to reduce heat transfer and improve the strength of industrial and transportation infrastructure.
Some of the key players in the CUI and SOI coatings market are AkzoNobel N.V., Hempel A/S, The Sherwin-Williams Company, Jotun A/S, Carboline Company, Kansai Paint Co. Ltd., Tnemec Company Inc., Nippon Paint Holdings Co. Ltd., Syneffex, Inc., and SPI Performance Coatings.