(EMAILWIRE.COM, December 08, 2022 ) The global Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market is projected to grow from USD 1.9 billion in 2022 to USD 2.3 billion by 2027, at a CAGR of 4.7%, between 2022 and 2027. CUI & SOI coatings are used for protecting metal, and other components from degradation caused by moisture, oxidation, and exposure to chemicals and saltwater. In this report, CUI & SOI coatings cover acrylic, epoxy, and silicone CUI coatings. The demand for CUI & SOI coatings is increasing in the marine; oil & gas, and petrochemical; energy & power, and other industries. These CUI & SOI coatings are applied to substrates exposed to highly corrosive environments.
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Based on type, the CUI & SOI coatings market is segmented into epoxy, acrylic, silicone, and others. Epoxy is a major type of CUI coating, which accounted for the largest share. This is mainly attributed to excellent CUI coating, water resistance, and widespread applications of epoxy-based coatings. In addition, epoxy-based CUI coatings can be used in multi-component coatings with other types.
Based on the end-use industry, the CUI & SOI coatings market is segmented into the marine; oil & gas, and petrochemical; energy & power; and others. The rapid growth of these industries is expected to contribute to the growth of the CUI & SOI coatings market. The oil & gas, and petrochemical industry dominated the CUI & SOI coatings market in 2021. This dominance is due to the high volume of CUI & SOI coatings used in this industry.
The development of oil fields in the South China Sea and investments in oil & gas infrastructure in China, Japan, Indonesia, India, and other countries are projected to increase the demand for CUI & SOI coatings. The war between Ukraine and Russia is estimated to prove to be a short-term restraint for the CUI & SOI coatings market.
The CUI & SOI coatings market in APAC is projected to register the highest CAGR, in terms of value, between 2022 and 2027. This growth is attributed to the growing petrochemical, oil & gas, marine, energy & power industries. The high growth of emerging economies in the region makes APAC an attractive market for CUI & SOI coatings manufacturers. In addition, the growing industrial activities, investments, and labor costs in these countries are the main drivers for the CUI & SOI coatings market.
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The CUI & SOI coatings market has various small, medium, and large players. Some of the major market players include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Kansai Paint Co., Ltd (Japan), Nippon Paint Co., Ltd. (Japan), and RPM International Inc (US) among others, have framed their strategies to penetrate and create bases in these emerging markets.
Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the CUI & SOI coatings market over the next five years.
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