Demand for corrosion under insulation (CUI) and spray-on insulation (SOI) coating market is expected to be valued at US$ 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 US$ 3.6 billion by 2034.
| Attributes | Key Insights |
|---|---|
| Estimated Market Size in 2024 | US$ 2.1 billion |
| Projected Market Value in 2034 | US$ 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 | US$ 2.1 billion |
| Projected Market Valuation in 2034 | US$ 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 US$ billion |
| Key Regions Covered |
|
| Key Market Segments Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
As of 2024, the market for corrosion under insulation (CUI) and spray-on insulation (SOI) coating is expected to be valued at US$ 2.1 billion.
By 2034, the market value of the corrosion under insulation (CUI) and spray-on insulation (SOI) coating is expected to reach US$ 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
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Type, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Type, 2024 to 2034
5.3.1. Epoxy
5.3.2. Acrylic
5.3.3. Silicone
5.3.4. Others
5.4. Y-o-Y Growth Trend Analysis By Type, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Type, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use Industries
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By End-Use Industries, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By End-Use Industries, 2024 to 2034
6.3.1. Marine
6.3.2. Oil & gas, and petrochemical
6.3.3. Energy & Power
6.3.4. Others
6.4. Y-o-Y Growth Trend Analysis By End-Use Industries, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By End-Use Industries, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2019 to 2023
7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2024 to 2034
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. East Asia
7.3.5. South Asia
7.3.6. Oceania
7.3.7. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023
8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Type
8.2.3. By End-Use Industries
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Type
8.3.3. By End-Use Industries
8.4. Key Takeaways
9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Argentina
9.2.1.4. Rest of Latin America
9.2.2. By Type
9.2.3. By End-Use Industries
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Type
9.3.3. By End-Use Industries
9.4. Key Takeaways
10. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. Italy
10.2.1.3. France
10.2.1.4. UK
10.2.1.5. Spain
10.2.1.6. Russia
10.2.1.7. BENELUX
10.2.1.8. Rest of Europe
10.2.2. By Type
10.2.3. By End-Use Industries
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Type
10.3.3. By End-Use Industries
10.4. Key Takeaways
11. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.2. By Type
11.2.3. By End-Use Industries
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Type
11.3.3. By End-Use Industries
11.4. Key Takeaways
12. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Thailand
12.2.1.3. Malaysia
12.2.1.4. Indonesia
12.2.1.5. Rest of South Asia
12.2.2. By Type
12.2.3. By End-Use Industries
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Type
12.3.3. By End-Use Industries
12.4. Key Takeaways
13. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By Type
13.2.3. By End-Use Industries
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Type
13.3.3. By End-Use Industries
13.4. Key Takeaways
14. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. GCC
14.2.1.2. Rest of MEA
14.2.2. By Type
14.2.3. By End-Use Industries
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Type
14.3.3. By End-Use Industries
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2023
15.1.2.1. By Type
15.1.2.2. By End-Use Industries
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2023
15.2.2.1. By Type
15.2.2.2. By End-Use Industries
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2023
15.3.2.1. By Type
15.3.2.2. By End-Use Industries
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2023
15.4.2.1. By Type
15.4.2.2. By End-Use Industries
15.5. Argentina
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2023
15.5.2.1. By Type
15.5.2.2. By End-Use Industries
15.6. Germany
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2023
15.6.2.1. By Type
15.6.2.2. By End-Use Industries
15.7. Italy
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2023
15.7.2.1. By Type
15.7.2.2. By End-Use Industries
15.8. France
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2023
15.8.2.1. By Type
15.8.2.2. By End-Use Industries
15.9. UK
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2023
15.9.2.1. By Type
15.9.2.2. By End-Use Industries
15.10. Spain
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2023
15.10.2.1. By Type
15.10.2.2. By End-Use Industries
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2023
15.11.2.1. By Type
15.11.2.2. By End-Use Industries
15.12. BENELUX
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2023
15.12.2.1. By Type
15.12.2.2. By End-Use Industries
15.13. China
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2023
15.13.2.1. By Type
15.13.2.2. By End-Use Industries
15.14. Japan
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2023
15.14.2.1. By Type
15.14.2.2. By End-Use Industries
15.15. South Korea
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2023
15.15.2.1. By Type
15.15.2.2. By End-Use Industries
15.16. India
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2023
15.16.2.1. By Type
15.16.2.2. By End-Use Industries
15.17. Thailand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2023
15.17.2.1. By Type
15.17.2.2. By End-Use Industries
15.18. Malaysia
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2023
15.18.2.1. By Type
15.18.2.2. By End-Use Industries
15.19. Indonesia
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2023
15.19.2.1. By Type
15.19.2.2. By End-Use Industries
15.20. Australia
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2023
15.20.2.1. By Type
15.20.2.2. By End-Use Industries
15.21. New Zealand
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2023
15.21.2.1. By Type
15.21.2.2. By End-Use Industries
15.22. GCC Countries
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2023
15.22.2.1. By Type
15.22.2.2. By End-Use Industries
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Type
16.3.3. By End-Use Industries
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Akzo Nobel N.V.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.1.5.2. Product Strategy
17.1.1.5.3. Channel Strategy
17.1.2. PPG Industries, Inc
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.2.5.2. Product Strategy
17.1.2.5.3. Channel Strategy
17.1.3. Jotun A/S
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.3.5.2. Product Strategy
17.1.3.5.3. Channel Strategy
17.1.4. The Sherwin-Williams Company
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.4.5.2. Product Strategy
17.1.4.5.3. Channel Strategy
17.1.5. Hempel A/S
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.5.5.2. Product Strategy
17.1.5.5.3. Channel Strategy
17.1.6. Kansai Paint Co., Ltd
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.6.5.2. Product Strategy
17.1.6.5.3. Channel Strategy
17.1.7. Nippon Paint Co., Ltd.
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.7.5.2. Product Strategy
17.1.7.5.3. Channel Strategy
17.1.8. RPM International Inc
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.8.5.2. Product Strategy
17.1.8.5.3. Channel Strategy
17.1.9. Tnemec Company Inc
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.9.5.2. Product Strategy
17.1.9.5.3. Channel Strategy
17.1.10. SPI Performance Coatings
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.10.5.2. Product Strategy
17.1.10.5.3. Channel Strategy
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
