NEW YORK, April 19, 2018 (GLOBE NEWSWIRE) -- The global corrosion resistant resin market is expected to witness a CAGR of 6.4%, and is projected to reach USD 10.5 billion by 2024. The expanding end uses for corrosion resistant resins in industries such as oil and gas, chemical, marine, automotive and more are likely to drive the market over the forecast period. Furthermore, the infrastructural development across the globe is anticipated to propel market demand from 2018 to 2024. The report segments corrosion resistant resin market by Type (Epoxy Resin, Vinyl Esters, Polyesters, Polyurethane, Others), Application (Coatings, Composites), End Use (Chemicals, Marine, Oil and gas, Automobile, Others), Region (North America, Europe, Asia-Pacific, Rest of the World (ROW)). The report studies the global corrosion resistant resin market over the forecast period (2018-2024).
Corrosion resistant resins offer tremendous mechanical strength, high thermal stability, adhesion, heat resistance along with moisture resistance. Such inherent properties of corrosion resistant resins make them best suitable for various end uses including jewelry, laminates as well as other industrial uses. Thereby, promoting market demand over the years to come.
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Key findings from the report:
- The global corrosion resistant resin market is likely to reach USD 10.5 billion by 2024
- Epoxy resin segment held the maximum share of the global corrosion resistant resin market in 2017, and the trend is expected to continue over the forecast period.
- The coating application segment accounted for the major share of the market in 2017. However, composite application segment is likely to exhibit the fastest CAGR from 2018 to 2024.
- On the basis of end use, oil and gas segment witnessed the largest share of the global market in 2017.
- Asia Pacific was the largest regional market in 2017 and is projected to emerge as the fastest growing region over the next seven years.
- Some of the key companies operating in the corrosion resistant resin market include BASF SE, Eastman Chemical Company, Huntsman Corporation, Hexion Incorporation, Ashland Inc., Reichhold LLC, Scott Bader Company Limited, Aditya Birla Chemicals, AOC LLC, Sinopec Polymer Co. Ltd., Olin Corporation, among others.
Epoxy resin is projected to drive the market over the forecast period.
Based on type, epoxy resin segment is likely to exhibit the highest growth over the period of forecast. Growing use of epoxy resins in the composite application has fostered market growth over the years to come. The inherent properties offered by epoxy resins such as excellent strength, adhesiveness, versatility, moisture absorbent ability along with less shrinkage is expected to promote their growth from 2018 to 2024. Moreover, the ease of application along with the reasonable cost of epoxy resins has increased its preference among major players. Whereas on the basis of end use, the oil and gas industry accounted for the largest segment owing to increased use of corrosion resistant resins in form of coatings and composites in the oil and gas equipment.
Corrosion Resistant Resin Market - Regional Insights
Asia Pacific is anticipated to emerge as the fastest growing regional market over the forecast period due to the expanding infrastructural activities in key nations such as China and India. In addition, the augmenting growth in the automotive as well as construction industries in the region is likely to fuel market demand over the next few years. However, due to the market being almost saturated in the regions of North America and Europe may hinder growth, despite the presence of well established infrastructure.
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