Pune, March 24, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Material & Chemical market research firm, has published competitive intelligence market research report on “Corrosion Under Insulation and Spray-on Insulation Coatings Market“. The Corrosion Under Insulation and Spray-on Insulation Coatings market size was valued at USD 1.91 Bn in 2021. The total Corrosion Under Insulation and Spray-on Insulation Coatings Market revenue is expected to grow at a CAGR of 4.8 percent from 2022 to 2029, reaching USD 2.78 Bn during the forecast period.

Market Size in 2021USD 1.91Bn
Market Size in 2029USD 2.78 Bn
CAGR4.8 percent (2022-2029)
Forecast Period2022-2029
Base Year2021
Number of Pages262
No. of Tables125
No. of Charts and Figures119
Segment CoveredBy Type and End-Use Industries
Regional ScopeNorth America, Europe, Asia Pacific, Middle East and Africa, South America
Report CoverageMarket Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

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Corrosion Under Insulation and Spray-on Insulation Coatings Market Scope and Research Methodology

The report on Corrosion Under Insulation and Spray-on Insulation Coatings Market provides an in-depth analysis of the industry. Key highlights of the report include the market size and the growth rate. Key insights of the report include the major applications and drivers of the market, challenges to growth and opportunities for Corrosion Under Insulation and Spray-on Insulation Coatings market growth. The report covers a thorough regional analysis of the Corrosion Under Insulation and Spray-on Insulation Coatings industry at local, regional and global level. Segments covered in the report are by type and End-Use Industries.

The report covers the Corrosion Under Insulation and Spray-on Insulation Coatings market strategies followed by major players and provides their analysis on the basis of growth in the industry which helps investors and major companies decide their investments and to make data-driven decisions. Primary and secondary research methods were used to collect the data from Corrosion Under Insulation and Spray-on Insulation Coatings market. Key players are identified through secondary research. The market size of CUI & SOI coatings in terms of value and volume is provided in the report.

Corrosion Under Insulation and Spray-on Insulation Coatings Market Overview

The insulation is used for thermal or acoustic purposes, and is common in the oil & gas industry, where steel piping is widely used. SOI coatings with the high level of humidity by providing a full air seal for both residential and commercial structures are used for the insulation for thermal and acoustic purposes.

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Need for high efficiency and prolonged equipment life to boost the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth

Coatings such as CUI & SOI coatings are used in oil and gas industrial sectors to safeguard pipelines, equipment and storage tanks. Toxic and corrosive chemicals are used in industries, which requires high temperature and heat. These coatings are solvent base, water-based paints and powder coating. Adoption of heavy-duty corrosion protective coatings helps to decrease the impact on the reactor surfaces and the equipment's operating life is prolonged.

Demand for polysiloxane based spray on insulative coatings in petroleum refineries and chemical industries are expected to boost the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth. Usage of vapor phase corrosion inhibitors (VCI) method for prevention of CUI are alternative corrosion control approach that is both effective and affordable. Demand for high-efficiency & high-performance CUI & SOI coatings across the end-use industries is expected to influence the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.

Increasing demand for the alternatives for the Anti-corrosion coatings and non-corrosive pipe materials are expected to hinder the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.

Asia-Pacific region is expected to dominate the Corrosion Under Insulation and Spray-on Insulation Coatings Market over the forecast period

Asia-Pacific region dominated the regional Corrosion Under Insulation and Spray-on Insulation Coatings Market in 2021 and is expected to continue the dominance over the forecast period. Increasing oil & gas, petrochemical, marine and hydroelectric generator sector to boost the Asia Pacific regional Corrosion Under Insulation and Spray-on Insulation Coatings Market growth. India’s Oil & gas industry is expected to fuel the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth over the forecast period.

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Followed by Europe, North America is expected to contribute to the regional Corrosion Under Insulation and Spray-on Insulation Coatings Market growth over the forecast period. Presence of major key players in the region to influence the market growth in the region. Increased need for CUI & SOI costing with improved features and efficiency is expected to drive the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.

Corrosion Under Insulation and Spray-on Insulation Coatings Market Segmentation

Based on Type, Epoxy segment expected to dominate the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth over the forecast period

Epoxy segment held the largest Corrosion Under Insulation and Spray-on Insulation Coatings Market share in 2021. The superior CUI protection, water resistance, and use of epoxy based CUI coatings are the factors dominating the Epoxy segment. Demand for CUI mitigation in laboratory tests and real world performance is expected to fuel the epoxy segment in the Corrosion Under Insulation and Spray-on Insulation Coatings Market.

Based on End Use industries, Oil & Gas and Petrochemical segment to hold the largest Corrosion Under Insulation and Spray-on Insulation Coatings Market share over the forecast period

Oil & Gas, and the Petrochemical segment has a high volume of CUI & SOI coatings used in the industries. Coating material are used to avoid degradation due to the rigorous treatment, pipes, and equipment required. Need for coating in Oil & Gas and Petrochemical industry is expected to influence the Corrosion Under Insulation and Spray-on Insulation Coatings Market growth.

By Type:

By End-Use Industries:

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Corrosion Under Insulation and Spray-on Insulation Coatings Market Key Players include:

Akzo Nobel N.V.:

The company is expert in making coatings and is active in over 150 countries. They are developing products to color and protect all kinds of buildings, inside and out from private homes to industrial sectors. Their coatings meet the highest standards in new substrates/composites and design. The total annual revenue of the company was USD 1750.77 Mn In 2022.

Jotun A/S:

Jotun is a multinational chemicals company dealing mainly in decorative paints and performance coatings. The company is the world's largest manufacturer of paints and coating products. Jotun manufactures paints and varnishes for marine and industrial purposes. The total annual revenue of the company in 2022 was USD 2679.88 Mn.

Key questions answered in the Corrosion Under Insulation and Spray-on Insulation Coatings Market are:

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Corrosion Resistant Alloys Market: The total market size is expected to reach USD 12.48 Bn by 2029 with the CAGR of 8.1 perecnt during the forecast period. Various technological developments like deep-water exploration, drilling technology, subsea technologies is expected to boost the market growth.

Corrosion Resistant Dosing Valve Market: The total market size is expected to reach USD 3.32 Bn by 2029, at a CAGR of 5.2 percent throughout the forecast period. Cost-effectiveness of Corrosion resistant dosing valves is expected to drive the market growth.

Corrosion Monitoring Market: The market size was valued USD 445.80 Mn in 2021 and is expected to reach 1042.26 Mn by 2029, at a CAGR of 11.2 percent during the forecast period. Development in oil and gas industries which highly recommends the corrosion monitoring program is expected to fuel the market growth.

Stealth Coating Market: The market size was valued at USD 265 Mn in 2021 and is expected to grow at a CAGR of 5.9 perecnt over the forecast period to reach USD 419.19 Mn. Increasing applications in various industries such as aerospace & defense, automotive, and electronic products is expected to drive the market growth.

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