Resin is a highly viscous or solid substance that can be natural or of synthetic origin. Corrosion resistance resins are mainly formulated as isophthalic, vinyl ester, and terephthalic resins to impart desired property of corrosion resistance. They have application in oil & gas, automotive, and marine industries However, corrosion is a major challenge faced by manufacturers operating in these industries, as it leads to high monetary and property losses across the aforementioned industries. Corrosion-resistant resin is gaining traction in these industries, owing to its properties such as resistance to solvents, chemicals, moisture, and high temperature. They have a wide range of applications in the manufacturing of glass containers, stainless steel, and painted steel.
Corrosion-resistant resins are designed to ensure the fibers they surround in a composite material owing to their adhesion, high-performance mechanical properties, and chemical resistance in various adverse conditions. The relieving property and durability of resins make it the preferred choice as an additive in composite materials which will ultimately be used in storage tanks, process tanks, and pipes. The everyday applications of the corrosion-resistant resin market include painted steel, glass containers, stainless steel articles, and a wide variety of plastics. Corrosion resistance is determined by the choice of resin used during the composite manufacturing. There are various resin systems available that provide long-term resistance to corrosion.
COVID-19 Impact analysis
- National and international transport has been hampered due to restrictions imposed by several governments owing to the outbreak of COVID-19. This has led to demand and supply disruptions for the global corrosion resistant resin market.
- Developing nations were strongly affected by the global pandemic, resulting in declining growth in the infrastructure and construction sector which affected the corrosion resistant resin market as well.
- Use of corrosion resistant resin in a variety of end-use industries such as oil and gas, automotive and transportation, marine, and other heavy industries are expected to lead the economics of the market to recover as soon as the industries start working post the COVID-19 period.
Top Impacting Factors
Increase in demand for composite materials is one of the major factors boosting the growth of the corrosion-resistant resin market. Moreover, conventionally used metals such as carbon steel and aluminum are being replaced by composites due to advantages such as cost-effectiveness and low maintenance. Corrosion resistance materials have high demand from the chemical industry, where losses due to corrosion lead to significant revenue losses. Increase in adoption of corrosion-resistant resins in equipment, structures, and machinery is expected to drive the growth of the market during the forecast period. However, fluctuation in prices of raw materials limit the growth of the corrosion-resistant resin market during the forecast period. This is mainly due to raw materials used for manufacturing corrosion-resistant resins comprise the majority of petroleum products, which are expensive.
Market Trends
- In January 2021, Ashland global holdings Inc. has signed an agreement which states the Acquisition of the personal care business from Schulke & Mayr GmbH which is a strategic positioning as a premier supplier and strengthen the company’s consumer business portfolio.
- In December 2020, Huntsman Corporation announced its agreement to acquire Gabriel Performance Products, a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, this can widen the company’s offering in specialty portfolio.
- In March 2020, Huntsman Corporation announced the acquisition with CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets which will broaden the advance materials portfolio.
- In June 2020, Scott Bader Company Limited announced to acquire the assets of Summit Composites Pty Ltd, who is a distributing our high performance resins, gelcoats and adhesive, this acquisition will lead to long term presence in the Australian composite market.
Key Benefits of the Report
- This study presents the analytical depiction of the corrosion resistant resin industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the corrosion resistant resin market share.
- The current market is quantitatively analyzed to highlight the corrosion resistant resin market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed corrosion resistant resin market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the corrosion resistant resin Report
- Who are the leading market players active in the corrosion resistant resin market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- Which Government regulations might challenge the status of key regional markets?
- What are the key barriers to enter for the new players in the market?
- What value proposition should businesses aim at while making new research and development funding?
Corrosion Resistant Resin Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By End User Industry |
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 By Region |
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 Key Market Players | Ashland Inc, Olin Corporation, The DECC Company, Huntsman Corporation, Reichhold Inc, Hexion Inc, Scott Bader Company Limited. |
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