Evolutionary Dynamics: Unraveling the Corrosion Under Insulation (CUI) & Spray-On Insulation (SOI) Coatings Market
Corrosion Under Insulation And Spray On Insulation Coatings Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s CUI And Spray On Insulation Coatings Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 21, 2023 /EINPresswire.com/ -- The global corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market, meticulously categorized by product, material, and end-user, showcased robust growth. The market surged from $1.73 billion in 2022 to $1.87 billion in 2023, registering a commendable compound annual growth rate (CAGR) of 7.7%. Anticipated to reach $2.34 billion by 2027, the market is poised to sustain a CAGR of 5.8%.
In-Depth Segmentation: Deciphering Market Nuances
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
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Key Drivers: Propelling Industries Towards Coating Solutions
The driving force behind the growth of corrosion under insulation (CUI) and spray-on insulation (SOI) coatings is the rapid expansion of end-use industries, including marine, oil & gas, petrochemicals, and construction. These sectors have witnessed substantial growth due to economic expansion and industrialization. Large numbers of pipelines, crucial in these industries, are consistently exposed to corrosive chemicals and moisture, necessitating protective coatings.
Market Leaders: Anchoring Industry Dynamics
Major players in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market include Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, The Sherwin-Williams Company, and Hempel A/s, among others. These industry leaders play a pivotal role in shaping market dynamics.
Innovative Trends: Strategic Partnerships Drive Progress
A prominent trend in the corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market is the emergence of strategic partnerships. Key companies are entering partnerships to expand their market presence. For instance, BASF, a German chemical manufacturing company, partnered with GACNE to enhance paint shop operations. In another instance, PPG Industries Inc. collaborated with Dow through its Sustainable Future Program to accelerate the adoption of low-carbon technologies and advance anti-corrosion coating products.
Regional Dynamics: Asia-Pacific Leads the Charge
In 2022, Asia-Pacific emerged as the largest region in the corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market. Asia-Pacific is expected to maintain its position as the fastest-growing region in the forecast period.
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Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market size, corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market drivers and trends, corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market major players, corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market competitors' revenues, corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market positioning, and corrosion under insulation (CUI) and spray-on insulation (SOI) coatings market growth across geographies. The corrosion under insulation (CUI) & spray-on insulation (SOI) coatings market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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