According to the new market research report "Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market by Type (Epoxy, Acrylic, Silicone, and Others), End-Use Industry Oil & Gas, and Petrochemical, Marine, Energy & Power) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global CUI & SOI coatings market size is projected to grow from USD 1.9 billion in 2022 to USD 2.3 billion by 2027, at a CAGR of 4.7%. Worldwide, corrosion under insulation (CUI) causes huge economic losses in many industries. It also gradually weakens structures posing a threat to property and life. CUI & SOI coating is one of the most effective and economical solutions for tackling corrosion. They obstruct the surface and the corrosion agent and extend the life of the structure as well as enhance efficiency.

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The epoxy-based CUI & SOI coatings to lead the market, by type, during the forecast period.

Epoxy-based CUI coatings have been estimated to lead the market during the forecast period. It is widely used in CUI & SOI coating because of its excellent grip, and chemical resistant properties. The properties of epoxy-based coatings can be improved by the suitable addition of additives and modifiers to meet the required specifications. They are hard and resist humidity, abrasion, acid, water, alkali, and seawater. They hold low volatility and are water cleanable. These features make them ideal for use on metal surfaces such as cast iron and aluminum.

Shipbuilding and maintenance & repair in the maritime sector are key applications of epoxy CUI & SOI coating. Infrastructure, oil & gas, and petrochemical are the other significant end-use industries of epoxy-based CUI & SOI coatings.

The oil & gas, and petrochemical segment are estimated to be the largest end-use industry in the CUI & SOI coatings market during the forecast period.

Intense and hazardous operations are conducted in the oil & gas industry. CUI & SOI coatings are used for oil & gas pipelines (new & repair), which include onshore & offshore operations. This industry is growing rapidly, as many refineries globally are converting into integrated plants. This resulted in the development of infrastructure, which has enabled the growth of the CUI & SOI coatings market.

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The CUI & SOI coatings market in the Asia Pacific is expected to register the highest CAGR during the forecast period.

The market for CUI & SOI coatings in APAC is projected to register significant growth, and this trend is projected to continue during the forecast period. Asia Pacific is the fastest-growing CUI & SOI coatings market globally. This is attributed to economic growth, followed by large investments in various industries such as petrochemical, oil & gas, marine, energy & power, and others. APAC is the most lucrative market and should be the same in the near future.

APAC is the center of foreign investments and booming manufacturing sectors due to the low-cost labor and inexpensive availability of land. The rise in demand for CUI & SOI coatings can be ascribed to the growing marine, oil & gas, and petrochemical industries. These factors are contributing to the rising demand for CUI & SOI coatings in the Asia Pacific.

Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market Key Players

Major players operating in the CUI & SOI coatings market include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Kansai Paint Co., Ltd (Japan), Nippon Paint Co., Ltd. (Japan), and RPM International Inc (US).

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 23)
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
FIGURE 1 CORROSION UNDER INSULATION (CUI), AND SPRAY-ON INSULATION (SOI) COATINGS MARKET SEGMENTATION
1.3.1 YEARS CONSIDERED FOR THE STUDY
1.4 CURRENCY
1.5 UNIT CONSIDERED
1.6 LIMITATION
1.7 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 26)
2.1 RESEARCH DATA
FIGURE 2 CORROSION UNDER INSULATION (CUI) AND SPRAY-ON INSULATION (SOI) COATINGS MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Critical secondary inputs
2.1.1.2 Key data from secondary sources
FIGURE 3 KEY DATA FROM SECONDARY SOURCES
2.1.2 PRIMARY DATA
2.1.2.1 Critical primary inputs
2.1.2.2 Key data from primary sources
FIGURE 4 KEY DATA FROM PRIMARY SOURCES
2.1.2.3 Key industry insights
2.1.2.4 Breakdown of primary interviews
2.1.2.5 List of participant industry experts
2.2 MARKET SIZE ESTIMATION
2.2.1 ESTIMATING CUI & SOI COATINGS MARKET SIZE FROM KEY PLAYERS’ MARKET SHARE
FIGURE 5 MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS
2.2.2 TOP-DOWN MARKET SIZE ESTIMATION: FROM CORROSION PROTECTION COATING MARKET
FIGURE 6 MARKET SIZE ESTIMATION: TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
FIGURE 7 CORROSION UNDER INSULATION AND SPRAY-ON INSULATION COATINGS MARKET: DATA TRIANGULATION
2.4 ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 35)
FIGURE 8 THE CUI COATINGS SEGMENT TO DOMINATE THE MARKET BETWEEN 2022 AND 2027
FIGURE 9 THE EPOXY SEGMENT TO DOMINATE THE CUI & SOI COATINGS MARKET BETWEEN 2022 AND 2027
FIGURE 10 OIL & GAS AND PETROCHEMICAL IS EXPECTED TO BE THE LARGEST SEGMENT DURING THE FORECAST PERIOD
FIGURE 11 ASIA PACIFIC WAS THE LARGEST MARKET FOR CUI & SOI COATINGS MARKET IN 2021

4 PREMIUM INSIGHTS (Page No. - 39)
4.1 ATTRACTIVE OPPORTUNITIES IN THE CORROSION UNDER INSULATION (CUI) & SPRAY-ON INSULATION (SOI) COATINGS MARKET
FIGURE 12 GROWING DEMAND FROM THE OIL & GAS, AND PETROCHEMICAL INDUSTRY TO DRIVE THE MARKET IN ASIA PACIFIC
4.2 APAC CUI & SOI COATINGS, BY TYPE AND COUNTRY, 2021
FIGURE 13 THE EPOXY SEGMENT AND CHINA ACCOUNTED FOR THE LARGEST SHARES OF THE ASIA PACIFIC CUI & SOI COATINGS MARKET
4.3 CUI & SOI MARKET, BY KEY COUNTRIES,2021
FIGURE 14 INDIA TO BE THE FASTEST-GROWING MARKET FOR COI & SOI COATINGS

5 MARKET OVERVIEW (Page No. - 41)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 15 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE CUI & SOI MARKET
5.2.1 DRIVERS
5.2.1.1 Rise in damages and losses due to corrosion
5.2.1.2 Increased need for efficient processes and longer life of equipment
5.2.1.3 Growth in end-user industries, especially in emerging countries
5.2.2 RESTRAINTS
5.2.2.1 Stringent environmental regulations
5.2.2.2 High Prices of Raw Material
FIGURE 16 CRUDE OIL PRICES (USD/BARREL), JANUARY 021 TO FEBRUARY 2022
TABLE 1 PRICE COMPARISON OF OTHER RAW MATERIALS
5.2.3 OPPORTUNITIES
5.2.3.1 Increased demand for high-efficiency and high-performance CUI & SOI coatings
5.2.3.2 Strong opportunities for growth in emerging regions
5.2.4 CHALLENGES
5.2.4.1 Rise in the use of substitutes in the market
5.3 PORTER’S FIVE FORCES ANALYSIS
FIGURE 17 CUI & SOI MARKET: PORTER’S FIVE FORCES ANALYSIS
5.3.1 BARGAINING POWER OF SUPPLIERS
5.3.2 BARGAINING POWER OF BUYERS
5.3.3 INTENSITY OF COMPETITIVE RIVALRY
5.3.4 THREAT OF NEW ENTRANTS
5.3.5 THREAT OF SUBSTITUTES
TABLE 2 CUI & SOI MARKET: PORTER’S FIVE FORCES ANALYSIS
5.4 SUPPLY CHAIN ANALYSIS

Continued...