Corrosion Under Insulation (CUI) and Spray-on Insulation (SOI) Coatings Industry worth $2.3 billion by 2027 Globally, at a CAGR of 4.7%, says MarketsandMarkets™
Chicago, Aug. 20, 2023 (GLOBE NEWSWIRE) — The CUI & 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, as per the recent study by MarketsandMarkets™. 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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270 – Market Data Tables
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List of Key Players in Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market:
- 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)
- RPM International Inc (US)
Drivers, Opportunities and Challenges in Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market:
- Drivers: Increasing need for efficient processes and longer life of the equipment
- Restraint: Stringent environmental regulations
- Challenges: Rising use of substitutes in the market
- Opportunity: Increasing demand for high-efficiency, high-performance CUI & SOI coatings
Key Findings of the Study:
- The oil & gas, and petrochemical segment are estimated to be the largest end-use industry in the CUI & SOI coatings market during the forecast period.
- The CUI & SOI coatings market in the Asia Pacific is expected to register the highest CAGR during the forecast period.
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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.
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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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