Corrosion Resistant Resin Market Presents and Future Statistics | Forecast to 2032

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The global corrosion-resistant resin market size reached USD 9.5 Billion in 2022 and is projected to attain USD 17.47 Billion by 2032, registering a robust revenue Compound Annual Growth Rate (CAGR) of 7% during the forecast period. A key driver behind this growth is the escalating demand for high-performance materials that provide superior corrosion resistance, particularly from diverse end-use sectors such as oil and gas (O&G), automotive, marine, and construction.

Corrosion poses a significant threat to equipment and infrastructure, potentially leading to substantial financial losses. As a result, there is a growing demand for robust and durable materials capable of withstanding adverse environmental conditions. This need is driving an increased demand for corrosion-resistant resins, contributing to market revenue growth. The heightened demand is noticeable across various industries seeking to enhance the longevity and reliability of their products through the adoption of corrosion-resistant resins.

Moreover, the challenging operating conditions faced by oil rigs and pipelines in the Oil and Gas (O&G) sector are driving the demand for corrosion-resistant polymers, expected to fuel market revenue growth in the forecast period. The O&G industry, with its requirement for materials that can endure extreme heat, pressure, and corrosive chemicals, represents a major consumer of corrosion-resistant resins. The market is also witnessing the development of innovative and advanced corrosion-resistant resins, with manufacturers investing in Research & Development (R&D) to create high-performance materials offering optimal corrosion resistance. Additionally, there is a rising trend in the development of bio-based corrosion-resistant resins in response to the growing demand for sustainable and eco-friendly products.

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Businesses within the chemicals and materials industries vary in terms of size, geographical presence, operational styles, and their focus on specific end-markets. These entities operate within a larger ecosystem that includes raw materials such as oil, gas, coal, minerals, and bio-based products. On the other side, they serve a diverse range of application industries. Traditionally, the chemical industry is categorized into three major segments: petrochemicals, diversified manufacturers, and specialized industries.

While the overarching trends discussed in the previous section may have broad relevance to the entire sector, the intricacies of distinctions among various players underscore the necessity to analyze trends specific to each segment. In its multiverse series, Deloitte has classified stakeholders in the chemical sector into three groups: natural owners, distinctive commodities, and solution providers. Each group typically pursues its own strategic imperatives. Vertically integrated natural owners often prioritize continuous improvement over innovation in their business operations. In contrast, differentiated commodities thrive in a highly fragmented and complex industry by focusing on supply chain efficiency, market innovation, and cost optimization. Solution providers concentrate on maximizing the value of their unique products, along with their application expertise and services. This diverse landscape emphasizes the need for nuanced approaches in understanding and navigating the chemical industry.

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Strategic Developments:

  1. BASF SE (2021): In 2021, BASF SE announced the acquisition of Solvay S.A.’s polyamide business, known for producing engineering plastics, fibers, and films. This strategic move was intended to enhance BASF’s standing in the engineering plastics market and diversify its product portfolio.
  2. Huntsman Corporation (2020): In 2020, Huntsman Corporation revealed the acquisition of CVC Thermoset Specialties, a specialty chemical company based in the United States. This acquisition aimed to broaden Huntsman’s product offerings, particularly in the aerospace, defense, and electronics markets.
  3. Ashland Global Holdings Inc. (2020): Ashland Global Holdings Inc. completed the acquisition of the composites business of Reichhold Holdings in 2020. Reichhold Holdings, based in the United States, was a manufacturer of polyester resins. The acquisition was aimed at reinforcing Ashland’s position in the composites market and expanding its range of products.
  4. Hexion Inc. (2020): In 2020, Hexion Inc. announced a strategic partnership with Shchekinoazot, a chemical company based in Russia. The objective of this partnership was to amplify Hexion’s presence in the Russian market and augment its production capacity.

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Key Questions Answered in This report on the Corrosion Resistant Resin Market

The report provides detailed information about the Corrosion Resistant Resin market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Corrosion Resistant Resin market, so as to help them formulate successful strategies and take target-driven decisions.

  • How are key market players successfully earning revenue from the advantages of the product?
  • What will be the Y-o-Y growth of the Corrosion Resistant Resin market between 2024 and 2032?
  • What are the winning imperatives of market frontrunners in the Corrosion Resistant Resin market?
  • Which end-user is expected to undertake maximum adoption of the product during the forecast period?

Research Methodology: Corrosion Resistant Resin Market

The research methodology adopted by analysts to compile the Corrosion Resistant Resin market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Corrosion Resistant Resin market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Corrosion Resistant Resin market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Corrosion Resistant Resin market.

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