“Global Corrosion Resistant Resin Market to reach a market value of 12.5 Billion by 2031 growing at a CAGR of 5.5%”
The Global Corrosion Resistant Resin Market size is expected to reach $12.5 billion by 2031, rising at a market growth of 5.5% CAGR during the forecast period. In the year 2023, the market attained a volume of 2,875.60 kilo tonnes, experiencing a growth of 23.5% (2020-2023).
The chemical industry requires robust materials that can withstand exposure to aggressive chemicals, acids, and alkalis. Corrosion-resistant resins are essential in constructing chemical storage tanks, reactors, and pipelines, where failure due to corrosion can lead to operational inefficiencies and environmental hazards. Therefore, the chemical segment procured nearly 1/4th revenue share in the market in 2023. In terms of volume, 942.73 kilo tonnes of Corrosion Resistant Resin is expected to be utilized in chemical industry by the year 2031. As the chemical industry expands, particularly in emerging markets, the demand for corrosion-resistant resins for protective coatings and composite materials in chemical processing, handling, and storage systems remains strong.
The shift toward automation and advanced manufacturing techniques also amplifies the need for corrosion-resistant materials. Robotics, industrial machinery, and high-tech equipment often operate in environments where corrosion threatens functionality. As industries adopt more automated and high-performance systems, the need for resins that ensure durability and reduce the risk of corrosion will continue to increase. Additionally, the rise of “green building” initiatives, emphasizing energy-efficient and long-lasting materials, supports the growing demand for corrosion-resistant resins. As more sustainable building practices are incorporated into construction standards, resins that offer environmental benefits and contribute to the overall durability of structures will see increased adoption. These trends make corrosion-resistant resins a key component in the construction and infrastructure sectors, driving continued market growth. Therefore, the rising demand for corrosion-resistant materials in industrial applications and growth in infrastructure and construction projects worldwide propels the market’s growth.
However, Manufacturers invest in research and development to mitigate these challenges and create more cost-effective formulations. However, this process is time-consuming and requires substantial investment. Until breakthroughs in production technology are achieved, the high cost of corrosion-resistant resins remains a key restraint to the market’s full potential. Thus, the high production costs of corrosion-resistant resins are hindering the market’s growth.
Based on type, the market is divided into epoxy, polyurethanes, polyester, vinyl ester, and others. The vinyl ester segment procured 26% revenue share in the market in 2023. In terms of volume, 1,172.51 kilo tonnes of vinyl ester resin would be utilized by the year 2031. Vinyl ester resins are highly valued for their exceptional corrosion resistance, especially in harsh chemical environments, making them ideal for chemical processing, water treatment, and marine applications. Their superior mechanical properties and excellent resistance to water and chemicals contribute to their growing demand, allowing vinyl ester resins to maintain a significant presence in the market.
On the basis of application, the market is segmented into coating and composites. The coating segment recorded 61% revenue share in the market in 2023. In terms of volume, 2,558.74 kilo tonnes of corrosion resistant resin are expected to be utilized in coating by the year 2031. The widespread use of corrosion-resistant coatings across various industries like construction, automotive, marine, and industrial manufacturing significantly contributed to this dominance. Coatings are primarily employed to protect surfaces from corrosion caused by exposure to chemicals, moisture, and environmental elements.
By end use, the market is divided into chemical, marine, oil & gas, automobiles, and others. In 2023, the oil & gas segment registered 29% revenue share in the market. In terms of volume, 1,173.62 kilo tonnes of Corrosion resistant resins are expected to be utilized in oil & gas by the year 2031. This dominance can be attributed to the critical need for corrosion resistance in the oil and gas industry, where equipment and infrastructure are exposed to harsh and corrosive environments. Corrosion-resistant resins are widely used in coatings, linings, and composite materials for pipelines, storage tanks, drilling equipment, and offshore platforms, constantly exposed to aggressive chemicals, moisture, and saltwater.
Free Valuable Insights: Global Corrosion Resistant Resin Market size to reach USD 12.5 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated 44% revenue share in the market in 2023. The region’s rapid industrialization, coupled with the expansion of key sectors such as manufacturing, automotive, oil & gas, and chemicals, has driven significant demand for corrosion-resistant materials. Countries like China, India, Japan, and South Korea are major contributors to the market, with their thriving manufacturing industries requiring corrosion-resistant solutions for machinery, infrastructure, and transportation.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 8.2 Billion |
| Market size forecast in 2031 | USD 12.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.5% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 361 |
| Tables | 750 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, End Use, Region |
| Country scope |
|
| Companies Included | BASF SE, Huntsman Corporation, The Dow Chemical Company, Solvay SA, Hexion Inc. (Hexion Intermediate Holding 2, Inc.), Sino Polymer Co., Ltd., Swancor Holding Co., Ltd., Arkema S.A., Olin Corporation, Ashland Inc. |
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 