Market Research Corrosion Resistant Resin Market | Page 2

Increasing demand for composite materials is one of the major factors boosting growth of
corrosion resistant resin market. Moreover, conventionally used metals such as carbon steel and
aluminum are being replaced by composites due advantages such as cost effectiveness and low
maintenance. Corrosion resistance materials have high demand from chemical industry, where
losses due to corrosion leads to significant revenue losses. Increasing adoption of corrosion
resistant resins in equipment, structures and machineries are expected to drive growth of the
market over the forecast period.
Corrosion Resistant Resin Market Outlook - Increasing Focus on Cutting Losses due to
Corrosion Expected to Propel Market Growth
Asia Pacific is expected to be the most potential market for growth of corrosion resistant resin
manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over
the forecast period. Rapidly increasing industrialization, GDP growth, and demand for
improved and modern infrastructure in the region is expected to fuel the demand for corrosion
resistant resins in the region, which in turn is propelling growth of the corrosion resistant resin
market. According to India Brand Equity Foundation (IBEF)—a trust by the Department of
Commerce, Ministry of Commerce and Industry, Government of India—Indian construction
Industry is projected to be valued at US$ 5 billion, creating a highly conducive environment for
growth of the market. Moreover, increasing investments in industries such as infrastructure and
transportation in emerging economies such as India is expected to boost growth of corrosion
resistant resin market. China is leading the market, owing to deep-rooted industrial base. Middle
East and Africa are emerging markets for the corrosion resistant resins due to increasing
application in oil & gas industry. Europe and North America are expected to exhibit relatively
slower growth in market over the forecast period.
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However, fluctuating prices of raw material is restraining growth of corrosion resistant resin
market over the forecast period. This is mainly due raw materials used for manufacturing
corrosion resistant resins comprise majority of petroleum products, which are expensive. Some
of the companies operating in the global corrosion resistant resin industry include Reichhold
Inc., Huntsman Corporation, Olin Corporation, Scott Bader Company Limited, Ashland Inc.,
Aditya Birla Chemicals, and Polynt Composites Inc.