The Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2024, The corrosion under insulation (cui) & spray-on insulation (soi) coatings market size has grown strongly in recent years. It will grow from $1.83 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased demand for industrial infrastructure maintenance, increased need for corrosion prevention and protection, increased requirement for energy efficiency and insulation, growth of oil and gas industry needs, and petrochemical and chemical plants.
The corrosion under insulation (cui) & spray-on insulation (soi) coatings market size is expected to see strong growth in the next few years. It will grow to $2.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to aging infrastructure renewal, offshore and marine applications, advanced insulation materials, increasing sustainable and eco-friendly coatings, increasing asset integrity management, and emerging market expansion. Major trends in the forecast period include introduction of digital inspections and monitoring, smart coatings and iot integration, advanced coating technologies, smart coatings and iot integration, and sustainable and eco-friendly coatings.
The rapid growth in end-use industries such as marine, oil and gas, and petrochemical, construction industries, is driving the growth of corrosion under insulation (CUI) and spray-on insulation (SOI) coatings. Marine industries, the oil and 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.
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The corrosion under insulation (cui) & spray-on insulation (soi) coatings market covered in this report is segmented –
1) By Product: Solvent-Based Coating, Water-Based Paint, Powder Coating
2) By Material: Epoxy Anticorrosive Coating, Polyurethane Coating, Inorganic Zinc-Rich Coating, Alkyd Coating, Acrylic Coating, Chlorinated Rubber Coating, Other Materials
3) By End-User: Marine, Oil and Gas and Petrochemical, Energy and Power, Other End-Users
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. In August 2023, BASF SE, a Germany-based chemicals company that provides corrosion protection under insulation and coatings, made a partnership with Nippon Paint Holdings Co. Ltd. With this partnership, BASF SE aims to focus on building a green industrial chain for sustainable development in the packaging industry. Nippon Paint Holdings Co. Ltd. is a Japan-based provider of paints and coatings. Additionally, in March 2023, Safi-Alcan, a France-based chemicals company that provides paints and coatings, partnered with the Paints & Coatings division of Shimmer & Schwarz, Inc. With this partnership, Safi-Alcan aims to expand its product offerings and provide its customers with a wider range of solutions. Shimmer & Schwarz Inc. is a Germany-based chemicals company that also provides paints and coatings.
The corrosion under insulation (cui) & spray-on insulation (soi) coatings market report table of contents includes:
1. Executive Summary
2. Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Characteristics
3. Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Trends And Strategies
4. Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market – Macro Economic Scenario
5. Global Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Size and Growth
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26. South America Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market
27. Brazil Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market
28. Middle East Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market
29. Africa Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market
30. Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Competitive Landscape And Company Profiles
Top Major Players:
- Akzo Nobel N.V
- PPG Industries Inc
- Jotun A/S
- The Sherwin-Williams Company
- Hempel A/S
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