The global corrosion resistant resin market was valued at USD 6.8 billion in 2017 and is projected to generate a demand of USD 10.5 billion by 2024, while actuating at a CAGR of 6.4% over the next seven years. The aforementioned growth can be attributed to the expanding application base for these resins across various end use industries coupled with the modernizing infrastructure development all over the world. The years used for the assessment are as follows;
- Historical year : 2016
- Base year : 2017
- Forecast period : 2018 – 2024
The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
- Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources.
- Interacting with key opinion leaders of the market and developing data points based on interaction with them.
- Study of past trends in the market and their year on year impact on the market size and share.
- Analyzing the collected data points.
- Bridging the data points to calculate the global corrosion resistant resin market and its various segments.
- Anticipating potential risks.
- Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global corrosion resistant resin market.
- Finalizing the overall size and share for the global corrosion resistant resin market.
- To classify global corrosion resistant resin market into segments on the basis of type, application, and end use industry and to analyze their growth prospects individually.
- To analyze market trends, opportunities, drivers and restraints associated with corrosion resistant resin.
- Profiling key companies operating in the global corrosion resistant resin market.
- To study market response with respect to the mergers and acquisitions in the industry.
The research scope for corrosion resistant resin market is as follows:
- Epoxy resin
- Vinyl esters
By End Use
- Chemical processing
- Oil and gas
- North America
- Rest of the World (ROW)
The global corrosion resistant resin market is expected to rise from USD 6.8 billion in 2017, to USD 10.5 billion in 2024, at a CAGR of 6.4% from 2018 to 2024. The market is likely to advance over the period due to rise in applications for corrosion resistant resins across a diverse range of industries including chemicals, oil and gas, marine, automotive, transportation. Corrosion resistant resins aid in minimizing the loss to property and people that accrue from corrosion which may in turn lead to significant loss of revenue in the chemical industry. These resins enable protection from damage due to corrosion in equipment, structures as well as machinery.
Furthermore, the increasing transition from conventional metals such as carbon, aluminium and steel towards economical composites is expected to positively drive the market growth. Additionally, the rising technological advancements in the resin industry are projected to boost the demand over the years to come. However, the volatile raw material prices coupled with rising environmental concerns among the population may pose a threat to the market growth. Moreover, market participants are required to adhere to several stringent regulations regarding the environmental impact of corrosion resistant resins.
The epoxy resin segment held the major share of the global corrosion resistant resin market in 2017, and is expected to maintain its dominance during 2018-2024. Epoxy resins offer strength, adhesiveness, moisture absorption and less shrinkage while being cost effective and thereby has fuelled its growth over the forecast period. On the basis of application, coatings segment held the largest share of the global market as they not only provide protection from corrosion but also an extended life span to metal components which are being exposed to harsh conditions. However, the composites segment is anticipated to emerge as the fastest growing application segment from 2018 to 2024. Based on the end use, oil and gas segment accounted for the largest share of the global market owing to their large scale usage in the oil and gas equipment.
Geographically, Asia Pacific is likely to emerge as the fastest actuating region of the global market due to the rising infrastructural developments in key nations of China and India. Growing construction industry along with the augmenting foreign investments in the region is projected to propel the market demand over the forecasted period. However, despite the presence of well established infrastructure in the North America and Europe, the market being almost saturated in these regions may hinder growth.
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, Alpha Owens-Corning (ACO), Sinopec Polymer Co. Ltd., Olin Corporation, among others.
TABLE OF CONTENTS
CHAPTER 1. Market Scope and Methodology
1.1. Research methodology
1.2. Research scope & assumptions
1.3. List of data sources
CHAPTER 2. Executive Summary
2.1. Corrosion Resistant Resin Market – Market snapshot
CHAPTER 3. Industry Analysis
3.1. Market definition
3.2. Market segmentation
3.3. Key findings of the global corrosion resistant resin market
3.4. Value chain analysis
3.5. Market opportunities & trends
3.5.1. Market driver analysis
22.214.171.124. Augmenting growth in various end use industries
126.96.36.199. Modernism in the infrastructure to drive market growth.
188.8.131.52. Increasing research and development in the field of resins.
3.5.2. Market restraint analysis
184.108.40.206. Volatility of raw material prices
220.127.116.11. Growing environmental concerns
3.5.3. Industry Analysis-Porters five forces of Analysis
CHAPTER 4. Competitive Outlook
4.1. Competitive Analysis
4.2. Competitive Factors
4.3. Strategies Adopted
CHAPTER 5. Global Corrosion Resistant Resin Market Size and Forecast (2014 – 2024)
5.1. Global Corrosion Resistant Resin Market, By Type
5.1.1. Epoxy resins
5.1.2. Vinyl esters
5.2. Global Corrosion Resistant Resin Market, By Application
5.3. Global Corrosion Resistant Resin Market, By End Use
5.3.1. Chemical processing
5.3.3. Oil and gas
5.4. Global Corrosion Resistant Resin Market, By Region
5.4.1. North America
5.4.4. Rest of the World (ROW)
CHAPTER 6. Global Corrosion Resistant Resin Market, By Geography
6.1. North America Corrosion Resistant Resin Market
6.1.1. North America Corrosion Resistant Resin Market, By Type
6.1.2. North America Corrosion Resistant Resin Market, By Application
6.1.3. North America Corrosion Resistant Resin Market, By End Use
6.1.4. North America Corrosion Resistant Resin Market, By Country
18.104.22.168. The U.S.
6.2. Europe Corrosion Resistant Resin Market
6.2.1. Europe Corrosion Resistant Resin Market, By Type
6.2.2. Europe Corrosion Resistant Resin Market, By Application
6.2.3. Europe Corrosion Resistant Resin Market, By End Use
6.2.4. Europe Corrosion Resistant Resin Market, By Country
22.214.171.124. Rest of Europe
6.3. Asia-Pacific Cross Resistant Resin Market
6.3.1. Asia-Pacific Corrosion Resistant Resin Market, By Type
6.3.2. Asia-Pacific Corrosion Resistant Resin Market, By Application
6.3.3. Asia-Pacific Corrosion Resistant Resin Market, By End Use
5.3.3. Asia-Pacific Corrosion Resistant Resin Market, By Country
126.96.36.199. South Korea
188.8.131.52. Rest of Asia-Pacific
6.4. Rest of the World (ROW) Corrosion Resistant Resin Market
6.4.1. Rest of the World (ROW) Corrosion Resistant Resin Market, By Type
6.4.2. Rest of the World (ROW) Corrosion Resistant Resin Market, By Application
6.4.3. Rest of the World (ROW) Corrosion Resistant Resin Market, By End Use
6.4.4. Rest of the World (ROW) Corrosion Resistant Resin Market, By Country
184.108.40.206. Saudi Arabia
220.127.116.11. Rest of Rest of the World (ROW)
CHAPTER 7. Key Players and Strategic Developments
7.1. BASF SE
7.1.1. Business Overview
7.1.2. Product and Service Offering
7.1.3. Financial Overview
7.1.4. Strategic Developments
7.2. Eastman Chemical Company
7.2.1. Business Overview
7.2.2. Product and Service Offering
7.2.3. Financial Overview
7.2.4. Strategic Developments
7.3. Huntsman Corporation
7.3.1. Business Overview
7.3.2. Product and Service Offering
7.3.3. Financial Overview
7.3.4. Strategic Developments
7.4. Hexion Incorporation
7.4.1. Business Overview
7.4.2. Product and Service Offering
7.4.3. Financial Overview
7.4.4. Strategic Developments
7.5. Ashland Inc.
7.5.1. Business Overview
7.5.2. Product and Service Offering
7.5.3. Financial Overview
7.5.4. Strategic Developments
7.6. Reichhold LLC
7.6.1. Business Overview
7.6.2. Product and Service Offering
7.6.3. Financial Overview
7.6.4. Strategic Developments
7.7. Scott Bader Company Limited
7.7.1. Business Overview
7.7.2. Product and Service Offering
7.7.3. Financial Overview
7.7.4. Strategic Developments
7.8. Aditya Birla Chemicals
7.8.1. Business Overview
7.8.2. Product and Service Offering
7.8.3. Financial Overview
7.8.4. Strategic Developments
7.9. Alpha Owens-Corning (AOC)
7.9.1. Business Overview
7.9.2. Product and Service Offering
7.9.3. Financial Overview
7.9.4. Strategic Developments
7.10 Sinopec Polymer Co. Ltd
7.9.5. Business Overview
7.9.6. Product and Service Offering
7.9.7. Financial Overview
7.9.8. Strategic Developments
7.11 Olin Corporation
7.9.9. Business Overview
7.9.10. Product and Service Offering
7.9.11. Financial Overview
7.9.12. Strategic Developments
CHAPTER 8. RESEARCH APPROACH
8.1. Initial Data Search
8.2. Secondary Research
8.3. Primary Research
8.4. Scope and Assumptions
Global Corrosion Resistant Resin Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation Forecast 2024