Corrosion Resistant Resin Market To Hit Value .50 Billion By 2025 | Grand ViePosted by Mrudula Anil Karmarkar on December 2nd, 2020 The global corrosion resistant resin market size is expected to reach USD 11.50 billion by 2025, according to a new report by Grand View Research, Inc. The modernization of construction industry is a huge development figure, which is driving the overall market advancement of corrosion resistant resins. Corrosion resistant resins are utilized as a part of end-use industries, for instance, in chemical processing, marine, car, oil and gas, and others. Therefore, the increasing use of corrosion resistant resins in the end-use industry is positively affecting the market. The preference for corrosion resistant resins market can be attributed to erosion in structures, hardware, and apparatuses, especially from the substance business plants; particularly parts, for example, boilers, radiators, pumps, and smokestacks. The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor. Composites is the fastest-developing application segment and expected to surpass USD 2,915.5 million by 2025. Expanding penetration of composites in the corrosion-resistant applications, for example, sewage, water system, chemical, and oil and gas is expected to increase their demand in the corrosion-resistant resin market. The improvement of new composite applications in various enterprises in creating economies and an expected recovery of oil & gas drilling activities in the upcoming years are the real development drivers adding to a sound interest for corrosion-resistant resins in the composites business. Epoxy is a widely used material for corrosion resistant resin applications and progressively used owing to its excellent properties, such as corrosion resistance, low cost, and easy application. It is expected to lead the corrosion resistant resin market growth over the forecast period. Further key findings from the report suggest:
Oil & gas end-use industry use corrosion resistant resin on a large scale. Monetary losses due to corrosion can be high. Therefore, corrosion resistant resins are used in the form of coatings and composites in the oil & gas equipment. Due to its highly structured composition, it is a particularly effective barrier to protect metals against attack by corrosive substances such as hydrogen sulfide, carbon dioxide, and sea water, thus leading to increased demand for corrosion resistant resin in oil & gas industry. The global corrosion resistant resin market size was valued at USD 6,614.5 million in 2016. It is expected to witness significant growth on account of increasing demand for coatings from various end-use industries majorly oil & gas, chemical processing, marines, and others. The developing interest for corrosion resistant resins in the composites application is one of the major factors boosting the consumption of corrosion-resistant resin. Also, conventionally used metals, for example, carbon steel and aluminum are increasingly being replaced by composites owing to factors such as cost viability and low maintenance. As corrosion leads to significant revenue losses in the chemical industry, corrosion-resistant resin materials are expected to witness growing demand in the industry. Coatings are expected to be the largest application over the forecast period due to the anti-corrosive properties offered by the product, which not only provide protection but also extended life to metal parts that are exposed to harsh conditions. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/4590/ibb The key players in the market include BASF SE, Hunstman Corporation, Eastman Chemical Company, Ashland Inc., Scott Bader Company Limited, Aditya Birla Chemicals, Reichhold LLC, Hexion Inc., and Sino Polymer Co. Ltd. The corrosion-resistant resin manufacturers are engaged in maintaining their supply and production capacities to cater to the growing demand by collaborating with suppliers across the globe. Grand View Research has segmented the global corrosion resistant resin market on the basis of product, application, end-use industry: Corrosion Resistant Resin Product Outlook (Kilo tons; USD Million; 2014 - 2025)
Corrosion Resistant Resin Application Outlook (Kilo tons; USD Million; 2014 - 2025)
Corrosion Resistant Resin End-use industry Outlook (Kilo tons; USD Million; 2014 - 2025)
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