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Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2023
Major players in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market are Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, The Sherwin-Williams Company, Hempel A/s, Kansai Paint Co.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2023" - https://www.reportlinker.com/p06424014/?utm_source=GNW
Ltd., Nippon Paint Co. Ltd., RPM International Inc., Mascoat, Syneffex Inc., Kaefer GmbH, Belzona, and Resimac Ltd.
The global corrosion under insulation (cui) & spray-on insulation (soi) coatings market grew from $1.73 billion in 2022 to $1.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The corrosion under insulation (cui) & spray-on insulation (soi) coatings market is expected to grow to $2.34 billion in 2027 at a CAGR of 5.8%.
The corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market consists of sales of silicone used as corrosion under insulation coating.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Corrosion under insulation refers to corrosion of steel and iron equipment due to the entry of moisture from insulation vents.Spray-on insulation coating is an epoxy-based coating applied to the inner lining of insulation pipes in the form of compressed air.
The coating can prolong the service life of the pipeline and protect it from corrosion. Corrosion under insulation (CUI) & spray-on insulation (SOI) coatings are used for the protection of metal and metal components from degradation and decomposition due to exposure to moisture, oxidation, and heat exposure.
Asia-Pacific was the largest region in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of corrosion under insulation (CUI) and spray-on insulation (SOI) coatings are solvent-based coatings, water-based paint, and powder coating.The term "solvent-based coating" refers to a liquefying agent used for the protection of metals and metal components from degradation and decomposition due to exposure to moisture, oxidation, and heat exposure.
Solvent-based coatings evaporate after coming in contact with air, which shortens the drying time of coating. The various types of materials are epoxy anticorrosive coating, polyurethane coating, inorganic zinc-rich coating, alkyd coating, acrylic coating, chlorinated rubber coating, and others that are used in marine, oil and gas, petrochemical, energy and power, and other end users.
The rapid growth in end-use industries such as marine, oil & gas, and petrochemical, construction industries, is driving the growth of corrosion under insulation (CUI) and spray-on insulation (SOI) coatings.Marine industries, the oil & gas industry, construction and the petrochemical industry have been rising in recent years due to economic growth and industrialization.
These industries are equipped with large numbers of pipelines that are continuously exposed to corrosive chemicals and moisture.Thus, they constantly need coatings to protect pipelines from corrosion, which drives the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market forward.
For instance, in June 2022, according to a recent estimate by the International Energy Agency (IEA), global energy investment is expected to expand by 8% in 2022 to reach USD 2.4 trillion, with the anticipated increase coming mostly from renewable energy. Furthermore, according to the U.S. Census Bureau report on monthly construction spending in 2022, construction spending reached $ 1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $ 1,740.6 billion. Therefore, the growth of end-user industries is expected to propel the growth of the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market going forward.
Strategic partnerships have emerged as a key trend gaining popularity in the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market.Major companies operating in the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings sectors are entering into a partnership to expand their market.
For instance, in June 2020, BASF, a German-based chemical manufacturing company specializing in coatings, entered into a partnership with GACNE.The partnership aims to improve GACNE’s paint shop operations and decision-making.
BASF will supply technical know-how, including administration of the paint facility and thorough color development.BASF has taken over as GACNE’s only coating supplier, including e-coat, primer, the basecoat, and clear coat.
GACNE is a China-based automotive manufacturing company. Moreover, in February 2020, PPG Industries Inc., a US-based paints, coatings, and specialty materials company, collaborated with Dow and its Sustainable Future Program for an undisclosed amount. The collaboration focuses on development to accelerate the adoption of low-carbon technologies. Further, it focuses on advances in anti-corrosion coating products for steel, designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure. Dow is a US-based chemical company that manufactures coatings and insulation material and products.
In April 2020, Akzo Nobel, a Dutch-based chemical company that manufactures performance coatings and paint, acquired Mauvilac Industries Limited for an undisclosed amount.Through this acquisition, AkzoNobel’s presence in Sub-Saharan Africa is strengthened, which also helps to maintain its dominant position in the African decorative paints industry.
Mauvilac Industries Limited is a Mauritia US-based manufacturer of decorative and specialized paints and coatings.
The countries covered in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market research report is one of a series of new reports that provides corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market share, detailed corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market segments, market trends and opportunities, and any further data you may need to thrive in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings industry. This corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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