Demand for corrosion under insulation (CUI) and spray-on insulation (SOI) coating market is expected to be valued at USD 2.1 billion in 2024. The corrosion under insulation (CUI) and spray-on insulation (SOI) coating is predicted to rise at a moderate CAGR of 5.3% from 2024 to 2034. The global market is anticipated to reach USD 3.6 billion by 2034.
| Attributes | Key Insights |
|---|---|
| Estimated Market Size in 2024 | USD 2.1 billion |
| Projected Market Value in 2034 | USD 3.6 billion |
| Value-based CAGR from 2024 to 2034 | 5.3% |
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The corrosion under insulation (CUI) and spray-on insulation (SOI) coating market forecast experienced growth with a CAGR of 6.9% from 2019 to 2023. This growth was primarily driven by increasing industry awareness regarding the importance of corrosion protection and insulation for infrastructure longevity and safety.
Stringent regulatory requirements and a focus on preventive maintenance strategies propelled the demand for high-performance coatings during this period. Technological advancements in coating formulations and application techniques contributed to market expansion, allowing better protection against corrosion and insulation properties.
Looking ahead to the forecasted period from 2024 to 2034, the market is expected to grow at a slightly lower CAGR of 5.3%. This moderated growth rate can be attributed to market maturity, saturation in some regions, and potential economic fluctuations.
Despite the slight decrease in growth rate, the market is anticipated to benefit from ongoing industrialization efforts, infrastructure development projects, and increasing investments in sectors such as energy and construction.
| Historical CAGR from 2019 to 2023 | 6.9% |
|---|---|
| Forecast CAGR from 2024 to 2034 | 5.3% |
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The provided table illustrates the top five countries in terms of revenue, with South Korea leading the list. South Korea's robust manufacturing infrastructure and skilled workforce enable efficient production and application of these coatings, meeting the growing demand from various industries such as oil and gas, chemical processing, and power generation.
This combination of innovation, infrastructure, and expertise has positioned South Korea as a CUI and SOI coating market leader, driving its top ranking in the industry.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 5.5% |
| South Korea | 7% |
| Japan | 6.7% |
| China | 5.9% |
| The United Kingdom | 6.5% |
The CUI and SOI coating market in the United States finds significant applications across various industries such as oil and gas, petrochemicals, power generation, and marine.
With extensive infrastructure in these sectors, a substantial need for corrosion protection and insulation to ensure operational efficiency, safety, and regulatory compliance. The vast industrial base, ongoing infrastructure maintenance, and upgrade investments drive the market.
The dominance in the CUI and SOI coating market can be attributed to its strong presence in heavy industries such as shipbuilding, automotive manufacturing, and electronics. These industries rely heavily on corrosion-resistant coatings to protect critical assets from harsh environments and ensure product quality and safety.
The companies are renowned for their technological innovation and high-quality coating solutions, contributing to their leading position in the market.
The CUI and SOI coating markets in Japan are utilized across diverse sectors, including automotive, construction, infrastructure, and electronics. The advanced manufacturing capabilities and strict quality standards drive the demand for high-performance coatings to protect assets from corrosion and provide thermal insulation.
With a focus on sustainability and environmental protection, a growing demand for eco-friendly coating solutions in the Japanese market.
The booming industrial sector, including oil and gas, chemical processing, and construction, fuels the demand for CUI and SOI coatings.
As the country continues to invest in infrastructure development and modernization, there's a rising need for corrosion protection and insulation solutions to ensure the longevity and reliability of critical assets.
Expanding manufacturing capabilities and emphasis on quality and safety standards further drive market growth.
The CUI and SOI coating market in the United Kingdom is crucial in the oil and gas, aerospace, renewable energy, and transportation sectors. With aging infrastructure and stringent regulations, there's a heightened focus on asset maintenance and protection against corrosion-related risks.
The market is driven by ongoing investments in infrastructure upgrades, offshore wind projects, and aerospace advancements, driving the demand for advanced coating solutions.
The below section shows the leading segment. The epoxy type registers at 5.1% CAGR by 2034. Based on end-use industries, the marine segment is anticipated to expand at 4.8% CAGR by 2034.
The ability of epoxy coatings to adhere firmly to surfaces and form a protective barrier against corrosion contributes significantly to their popularity and widespread use in the market.
With increasing maritime activities such as international trade, offshore exploration, and renewable energy projects, there's a heightened need to protect vessels, offshore structures, and marine equipment from the corrosive effects of saltwater and harsh marine environments.
| Category | CAGR from 2024 to 2034 |
|---|---|
| Epoxy | 5.1% |
| Marine | 4.8% |
The epoxy type segment is poised to lead the Corrosion under Insulation (CUI) and Spray-on Insulation (SOI) Coating Market with a forecasted CAGR of 5.1% by 2034.
Epoxy coatings are favored for their excellent adhesion, chemical resistance, and durability, making them suitable for various applications across industries such as oil and gas, marine, automotive, and infrastructure.
The increasing adoption of epoxy coatings can be attributed to their superior performance in providing corrosion protection and insulation, particularly in harsh environments and demanding operational conditions.
Ongoing advancements in epoxy formulations, including developing low-VOC and environmentally-friendly options, are expected to further drive market growth in this segment.
The marine segment is anticipated to significantly expand within the end-use industries, with a forecasted CAGR of 4.8% by 2034.
The marine industry relies heavily on corrosion protection coatings to safeguard vessels, offshore structures, and marine equipment from the corrosive effects of saltwater exposure and harsh marine environments.
As maritime activities continue to grow globally, driven by increasing international trade, offshore exploration, and offshore wind energy projects, there is a heightened demand for high-performance coatings in the marine sector.
The anticipated expansion of the marine segment underscores the critical role of corrosion under insulation (CUI) and spray-on insulation (SOI) coatings in ensuring marine assets longevity, safety, and operational efficiency.
The competitive landscape of the corrosion under insulation (CUI) and spray-on insulation (SOI) coating industry is characterized by a mix of global and regional players. These companies compete based on product innovation, technological advancements, product quality, and pricing strategies.
Strategic collaborations, mergers and acquisitions, and geographical expansions are common strategies market players employ to strengthen their market presence and gain a competitive edge in the rapidly evolving CUI and SOI coating market.
Key Market Developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 2.1 billion |
| Projected Market Valuation in 2034 | USD 3.6 billion |
| Value-based CAGR 2024 to 2034 | 5.3% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Market Segments Covered | Type, End-use Industries, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, BENELUX, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC countries |
| Key Companies Profiled | Akzo Nobel N.V.; PPG Industries Inc.; Jotun A/S; The Sherwin-Williams Company; Hempel A/S; Kansai Paint Co., Ltd; Nippon Paint Co., Ltd.; RPM International Inc.; Tnemec Company Inc.; SPI Performance Coatings |
As of 2024, the market for corrosion under insulation (CUI) and spray-on insulation (SOI) coating is expected to be valued at USD 2.1 billion.
By 2034, the market value of the corrosion under insulation (CUI) and spray-on insulation (SOI) coating is expected to reach USD 3.6 billion.
From 2024 to 2034, the CUI and SOI coating market is expected to flourish at a CAGR of 5.3%
The epoxy segment is expected to expand at 5.1% CAGR by 2034.
South Korea is likely the top-performing market, with a CAGR of 7%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 5.1. Epoxy 5.2. Acrylic 5.3. Silicone 5.4. Others 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use Industries 6.1. Marine 6.2. Oil & Gas, and Petrochemical 6.3. Energy & Power 6.4. Others 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East & Africa (MEA) 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Akzo Nobel N.V. 17.2. PPG Industries, Inc. 17.3. Jotun A/S 17.4. The Sherwin-Williams Company 17.5. Hempel A/S 17.6. Kansai Paint Co., Ltd. 17.7. Nippon Paint Co., Ltd. 17.8. RPM International Inc. 17.9. Tnemec Company Inc. 17.10. SPI Performance Coatings 18. Assumptions & Acronyms Used 19. Research Methodology
Chemicals & Materials
October 2023
REP-GB-161
315 pages
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Corrosion under Insulation (CUI) and Spray-on Insulation (SOI) Coating Market
