The Asia Pacific Corrosion Resistant Resin Market is expected to witness market growth of 5.9% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 1,211.62 kilo tonnes, showcasing a growth of 24.1% (2020-2023).
Polyester resins are widely utilized in the corrosion-resistant resin market due to their exceptional mechanical properties and cost-effectiveness. These resins are particularly favored in the production of fiberglass composites, where their durability and resistance to chemical degradation are crucial. Industries such as marine, automotive, and construction rely on polyester resins for applications requiring lightweight yet strong materials that can withstand harsh environments. The flexibility of polyester formulations allows for customization based on specific end-user requirements, which enhances their marketability. Hence, by the year 2031, 100.30 kilo tonnes of are expected to be utilized in Japan.
The China market dominated the Asia Pacific Corrosion Resistant Resin Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.55 billion by 2031. The Japan market is registering a CAGR of 5.2% during 2024-2031. Additionally, the India market would witness a CAGR of 6.6% during 2024-2031.
In aerospace applications, where lightweight and high-performance materials are crucial, corrosion-resistant resins are extensively used in composites and coatings for aircraft components. These resins help protect metal surfaces and reduce maintenance costs by preventing rust and corrosion. They are particularly important in regions with high humidity or salty air, where the risk of corrosion is higher. The aerospace sector’s continuous drive for fuel efficiency, performance, and safety has pushed for innovative use of corrosion-resistant resins in various aircraft and spacecraft components.
The chemical processing industry involves a wide range of aggressive and corrosive substances, which can damage unprotected equipment. Corrosion-resistant resins are utilized in lining tanks, pipes, and reactors that come in contact with acids, alkalis, and other corrosive agents. These resins are chosen to withstand harsh chemical environments, prevent damage, and safely handle potentially hazardous materials. As the chemical industry grows, particularly in emerging markets, the demand for corrosion-resistant materials is anticipated to rise.
India’s automotive sector, valued at over $222 billion and contributing 35% to the nation’s Manufacturing GDP, is another driving force for the growth of the corrosion resistant resin market. In 2022, India’s automotive industry produced nearly 23 million vehicles, including passenger cars, commercial vehicles, and two-wheelers. This extensive production and the increasing adoption of electric vehicles (EVs) have spurred the need for lightweight, durable, and corrosion-resistant materials. Corrosion-resistant resins are used in automotive applications to protect components such as bumpers, engine parts, and fuel tanks, ensuring they remain functional and aesthetically appealing even in extreme weather conditions. The demand for corrosion-resistant resins in the automotive sector is anticipated to increase as India's automotive industry grows, with the production of both conventional and electric vehicles increasing. This will benefit the market as a whole. Thus, the growth of the chemical industry in China and the automotive sector in India are driving the increasing demand for corrosion-resistant resins.
Polyester resins are widely utilized in the corrosion-resistant resin market due to their exceptional mechanical properties and cost-effectiveness. These resins are particularly favored in the production of fiberglass composites, where their durability and resistance to chemical degradation are crucial. Industries such as marine, automotive, and construction rely on polyester resins for applications requiring lightweight yet strong materials that can withstand harsh environments. The flexibility of polyester formulations allows for customization based on specific end-user requirements, which enhances their marketability. Hence, by the year 2031, 100.30 kilo tonnes of are expected to be utilized in Japan.
The China market dominated the Asia Pacific Corrosion Resistant Resin Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.55 billion by 2031. The Japan market is registering a CAGR of 5.2% during 2024-2031. Additionally, the India market would witness a CAGR of 6.6% during 2024-2031.
In aerospace applications, where lightweight and high-performance materials are crucial, corrosion-resistant resins are extensively used in composites and coatings for aircraft components. These resins help protect metal surfaces and reduce maintenance costs by preventing rust and corrosion. They are particularly important in regions with high humidity or salty air, where the risk of corrosion is higher. The aerospace sector’s continuous drive for fuel efficiency, performance, and safety has pushed for innovative use of corrosion-resistant resins in various aircraft and spacecraft components.
The chemical processing industry involves a wide range of aggressive and corrosive substances, which can damage unprotected equipment. Corrosion-resistant resins are utilized in lining tanks, pipes, and reactors that come in contact with acids, alkalis, and other corrosive agents. These resins are chosen to withstand harsh chemical environments, prevent damage, and safely handle potentially hazardous materials. As the chemical industry grows, particularly in emerging markets, the demand for corrosion-resistant materials is anticipated to rise.
India’s automotive sector, valued at over $222 billion and contributing 35% to the nation’s Manufacturing GDP, is another driving force for the growth of the corrosion resistant resin market. In 2022, India’s automotive industry produced nearly 23 million vehicles, including passenger cars, commercial vehicles, and two-wheelers. This extensive production and the increasing adoption of electric vehicles (EVs) have spurred the need for lightweight, durable, and corrosion-resistant materials. Corrosion-resistant resins are used in automotive applications to protect components such as bumpers, engine parts, and fuel tanks, ensuring they remain functional and aesthetically appealing even in extreme weather conditions. The demand for corrosion-resistant resins in the automotive sector is anticipated to increase as India's automotive industry grows, with the production of both conventional and electric vehicles increasing. This will benefit the market as a whole. Thus, the growth of the chemical industry in China and the automotive sector in India are driving the increasing demand for corrosion-resistant resins.
List of Key Companies Profiled
- 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.
Market Report Segmentation
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Coating
- Composites & Other Applications
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Epoxy
- Polyurethanes
- Polyester
- Vinyl Ester
- Other Types
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Epoxy
- Polyurethanes
- Polyester
- Vinyl Ester
- Other Types
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Asia Pacific Corrosion Resistant Resin Market by Application
Chapter 5. Asia Pacific Corrosion Resistant Resin Market by Type
Chapter 6. Asia Pacific Corrosion Resistant Resin Market by End Use
Chapter 7. Asia Pacific Corrosion Resistant Resin Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- 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.
Methodology
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