Corrosion protection coatings such as CUI & SOI coating are used for the protection of pipelines, equipment, reactors, and storage tanks in oil & gas and industrial sectors. These industries involve the use of hazardous and corrosive chemicals and processes that involve high temperatures and high heat. Also, this equipment is exposed to various climatic conditions which affect the reactor surface. The use of heavy-duty corrosion protection coatings in these areas may prevent or reduce the impact on the reactor surfaces. This results in the extended working life of the equipment.
Due to the competitive market, industries are in the process of cost reduction. Use of heavy-duty corrosion protection coatings for providing insulation results in reduced operating costs.
The global CUI & SOI coatings market size is projected to grow from USD 1.9 billion in 2022 to USD 2.3 billion by 2027, at a CAGR of 4.7%. Worldwide, corrosion under insulation (CUI) causes huge economic losses in many industries. It also gradually weakens structures posing a threat to property and life. CUI & SOI coating is one of the most effective and economical solutions for tackling corrosion. They obstruct the surface and the corrosion agent and extend the life of the structure as well as enhance efficiency.
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The different types of CUI & SOI coatings are epoxy, acrylic, silicone, and others. Epoxy is a major type of CUI & SOI coatings, which accounted for the largest share. This is mainly attributed to excellent protection from CUI, water resistance, and widespread applications of epoxy-based CUI coatings. In addition, epoxy-based CUI & SOI coatings can be used in multi-component coatings with other types.
The market for CUI & SOI coatings in APAC is projected to register significant growth, and this trend is projected to continue during the forecast period. Asia Pacific is the fastest-growing CUI & SOI coatings market globally. This is attributed to economic growth, followed by large investments in various industries such as petrochemical, oil & gas, marine, energy & power, and others. APAC is the most lucrative market and should be the same in the near future.
APAC is the center of foreign investments and booming manufacturing sectors due to the low-cost labor and inexpensive availability of land. The rise in demand for CUI & SOI coatings can be ascribed to the growing marine, oil & gas, and petrochemical industries. These factors are contributing to the rising demand for CUI & SOI coatings in the Asia Pacific.
Major players operating in the CUI & SOI coatings market 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).
Read More: https://www.marketsandmarkets.com/ResearchInsight/corrosion-under-insulation-cui-spray-on-insulation-soi-coatings-market.asp
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