Showing posts with label Spray-on Insulation Coatings. Show all posts
Showing posts with label Spray-on Insulation Coatings. Show all posts
Wednesday, 15 June 2022
Increasing need for longer life of the equipment is driving the Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market
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.
To know about the assumptions considered for the study download the pdf brochure
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
Thursday, 12 May 2022
Top Market Leader - Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market
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% during the forecast period. The growing demand for CUI & SOI coatings from end-use industries, such as marine; oil & gas, and petrochemical; energy & power; and others, drives the CUI & SOI coatings market. Demand for these coatings is encouraged by many companies to formulate various developmental strategies in the CUI & SOI coatings market to increase their footprint in the growing market. The companies have adopted various strategies, such as investment, expansion, partnership, collaboration, and new product development to increase their global presence and maintain sustained growth in the CUI & SOI coatings market.
CUI & SOI coatings find major applications in marine; oil & gas, and petrochemical; energy & power, etc. The oil & gas, and petrochemical industry accounted for the major share of the CUI & SOI coatings market in 2021. The major share is due to the high volumes of CUI & SOI coatings used in the oil & gas & petrochemical industry. The oil fields development in the South China Sea and the growing investments in the oil & gas industry in China, Japan, Indonesia, India, and other countries are projected to drive the demand for CUI & SOI coatings.
To know about the assumptions considered for the study download the pdf brochure
The CUI & SOI coatings market in the Asia Pacific is projected to register a higher CAGR, in terms of value, between 2022 and 2027. The growth in the region is ascribed to the growing oil & gas, and petrochemical; marine; energy & power industries. The rapid growth of emerging economies in the region makes Asia Pacific an alluring market for CUI & SOI coatings manufacturers.
There are various players operating in the CUI & SOI coatings market. 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). The developmental strategies adopted by major players are partnership & collaboration, new product launches, investments, and expansion to increase share in the market.
Akzo Nobel accounted for the major share in the global CUI & SOI coatings market. The company operates in different segments such as decorative paints, performance coatings, and specialty chemicals. The company has its presence in many countries in Europe, North America, APAC, South America, and the Middle East. The company carries out its business activities in 80+ countries across the globe. It has a strong product portfolio. Also, there are 548 offices and manufacturing sites across the world. The company focuses on various organic and inorganic strategies to increase its global presence. It has leveraged its strong financial background and distribution network to expand its business across Europe and various countries across the globe. This will drive the growth of the company and also its CUI & SOI coatings business, globally.
- In June 2021, The company announced the acquisition of Colombia-based paints and coatings company Grupo Orbis.
- In November 2019, AkzoNobel opened a research and innovation hub at its site in Felling, Gateshead, UK, with an investment for product testing in simulations of the world’s most extreme environments.
- In February 2020, PPG collaborated with Dow on Sustainable Future Program to reduce carbon impacts. The partnership focuses on advances in anti-corrosion coating products for steel designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure.
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