According to the latest SNS Insider report, the Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market was valued at USD 2.01 billion in 2023 and is projected to reach USD 2.80 billion by 2031, exhibiting a steady CAGR of 4.5% during the forecast period of 2024-2031. This substantial growth trajectory reflects the escalating adoption of these coatings as industries prioritize asset integrity and operational resilience.
Growing Demand Across Industries
CUI & SOI coatings are finding increasing applications in diverse industries, with a notable surge in demand from the oil & gas sector. Pipelines, equipment, reactors, and storage tanks used in this sector are constantly exposed to corrosive chemicals, high temperatures, and varying climatic conditions. CUI & SOI coatings provide a robust barrier against these threats, extending equipment lifespan and reducing maintenance costs.
The evolving operational conditions in end-use industries have spurred the development of CUI & SOI coatings with enhanced properties.
For instance, the rising adoption of Enhanced Oil Recovery (EOR) methods in the oil & gas industry necessitates coatings that can withstand extreme temperatures and pressures, ensuring long-term asset protection. This demand for high-performance coatings has fueled research and development activities, leading to the creation of innovative solutions tailored for harsh environments.
Get a Report Sample of Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market @ https://www.snsinsider.com/sample-request/1695
Some of the Key Players Included are:
- Hempel A/S
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- PPG Industries Inc
- Nippon Paint Co. Ltd.
- Kansai Paint Co. Ltd
- RPM International Inc and Jotun A/S
- other players
Additionally, the focus on sustainability and environmental regulations has driven the development of low VOC (Volatile Organic Compound) CUI & SOI coatings. These eco-friendly alternatives offer equivalent protection while minimizing environmental impact, further propelling market growth.
Regulatory Landscape
While regulatory standards aimed at reducing VOC emissions have initially posed challenges for manufacturers, they have also catalyzed innovation. The need to comply with stringent regulations while maintaining product performance has led to the development of advanced coating formulations. This, in turn, has opened up new avenues for market expansion.
The Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market has witnessed significant strategic moves by key players.
- In June 2021, AkzoNobel,a global leader in paints and coatings, acquired Grupo Orbis, a prominent Colombian player. This acquisition strengthened AkzoNobel’s presence in the Latin American market and expanded its portfolio of CUI & SOI coatings.
- In February 2020, PPG Industries and Dowcollaborated on a Sustainable Future Program aimed at reducing the carbon footprint of anti-corrosion coatings.
Segment Analysis
By Type, Epoxy-based CUI & SOI coatings held the largest market share in 2023 due to their exceptional corrosion resistance, water repellency, and versatility in various applications.
By Type
- Epoxy
- Acrylic
- Silicone
- Others
By End-Use Industry, the oil & gas and petrochemical industry leads the market in terms of consumption, driven by the extensive use of CUI & SOI coatings in pipelines, refineries, and petrochemical plants.
By End-Use Industries
- Marine
- Oil & gas and petrochemical
- Energy & Power
- Others
Make Enquiry About Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Report@ https://www.snsinsider.com/enquiry/1695
Impact of Geopolitical Events and Economic Slowdown
The Russia-Ukraine war has caused disruptions in the supply chain of raw materials, affecting the production of CUI & SOI coatings. This has led to increased costs and delays in project execution. However, the long-term outlook remains positive, as industries recognize the critical role of these coatings in mitigating corrosion-related risks.
The global economic slowdown has also impacted the market, with some projects being postponed or canceled due to budget constraints. However, the demand for CUI & SOI coatings in essential industries like oil & gas and power generation has remained relatively stable, ensuring continued market growth.
The Asia-Pacific region is expected to be the fastest-growing market for CUI & SOI coatings
This is due to rapid industrialization, infrastructure development, and expanding oil & gas activities. China, India, and Southeast Asian countries are investing heavily in energy and infrastructure projects, driving the demand for corrosion protection solutions. The presence of major manufacturing hubs in the region further fuels market growth.
Key Takeaways for the Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Study
- The market is driven by the escalating demand for asset preservation and operational efficiency across industries.
- Evolving operational conditions and environmental regulations are fueling innovation in coating formulations.
- Epoxy-based coatings dominate the market, while the oil & gas industry is the leading consumer.
- The Asia-Pacific region is the fastest-growing market, driven by rapid industrialization and infrastructure development.
Buy the Latest Version of Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Report 2024-2031 @ https://www.snsinsider.com/checkout/1695
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Contact Us:
Akash Anand – Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
