According to a market research report, the “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“, 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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- 270 Market data Tables
- 50 Figures
- 207 Pages and in-depth TOC on “Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market – Global Forecast to 2027″
This report also provides a comprehensive analysis of the companies listed below:
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).
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market.
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Akzo Nobel accounted for the major share in the global CUI & SOI coatings market. The company operates in different segments such as decorative paints, performance coatings, and specialty chemicals. The company has its presence in many countries in Europe, North America, APAC, South America, and the Middle East. The company carries out its business activities in 80+ countries across the globe. It has a strong product portfolio. Also, there are 548 offices and manufacturing sites across the world. The company focuses on various organic and inorganic strategies to increase its global presence. It has leveraged its strong financial background and distribution network to expand its business across Europe and various countries across the globe. This will drive the growth of the company and also its CUI & SOI coatings business, globally.
- In June 2021, The company announced the acquisition of Colombia-based paints and coatings company Grupo Orbis.
- In November 2019, AkzoNobel opened a research and innovation hub at its site in Felling, Gateshead, UK, with an investment for product testing in simulations of the world’s most extreme environments.
PPG Industries has the second-largest share in the CUI & SOI coatings market. The company is a manufacturer and distributor of industrial and automotive coatings to various manufacturing companies. The company also manufacturers adhesives & sealants for the automotive industry, metal pretreatments & related chemicals for industrial applications, and packaging coatings for aerosol, food, and beverage container manufacturers. The company’s latest coating systems have proven protection from corrosion under insulation, high temperatures, and fire; PPG Industries has business operations in more than 70 countries across the globe. The company is focusing on organic and inorganic growth strategies, which will enable it to increase its global presence and revenue.
- In February 2020, PPG collaborated with Dow on Sustainable Future Program to reduce carbon impacts. The partnership focuses on advances in anti-corrosion coating products for steel designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure.
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