Corrosion Resistant Resin Market Analysis by Players, Size, Competitive Analysis, Global and Regional Forecast to 2024
The global corrosion resistant resin market has been segmented by type, application, end use industry and region. On the basis of type, the global market has been segmented into epoxy, polyester, polyurethane, and vinyl ester. On the basis of application, the market has been segmented into coatings, and composites; whereas, on the basis of end use industry, the market has been segmented into oil and gas, heavy industries, automotive and transportation, infrastructure, and marine.
Industries experience huge losses due to corrosion every year, which could be a direct threat to both property and people. Corrosion resistant resins help in minimalizing these losses, thereby preventing damage to structures, equipment, and machinery.
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Factors such as fluctuating raw material cost are restraining the growth of the global corrosion resistant resin market. Most of the raw materials used in the production of corrosion resistant resin are petroleum products, due to which, the prices of these raw materials have been highly volatile in recent times, affecting the growth of the market.
On the basis of type, Epoxy is the most commonly used material for coatings and composites applications. Epoxy is increasingly being used due to its excellent properties such as corrosion resistance, low cost, and easy application.
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By region, the global corrosion resistant resin market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Rest of the world. The key players in the global corrosion resistant resin market are Ashland Inc., Hexion Inc., Reichhold LLC, Huntsman Corporation and Scott Bader Company Limited.
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