The CUI and SOI coatings market is estimated to generate USD 1,965.4 million in 2023, which is expected to increase to USD 2,731.8 million by, with a 5.0% CAGR, by 2030.
The progression in this industry is primarily because of the extensive industrialization, advancement in technologies, and strong economic development in both developing and developed nations.
As various sectors evolve or expand, the requirement for CUI and SOI coatings to defend old or new pieces of infrastructure will surge. Industrial development led to more funding for corrosion safety solutions, therefore, boosting the acceptance of these coatings.
Additionally, as industrialization increases, the effort to avoid damage from corrosion that occurs beneath the layer of insulation will rise. Various sectors now consider it essential to adopt active corrosion prevention approaches, to defend themselves against downtime, safety risks, and maintenance, all of which can be expensive.
Furthermore, strict rules as well as guidelines are being implemented to tackle corrosion-under-insulation, resulting in the necessary utilization of CUI and SOI coatings.
In addition, with constant R&D, companies have developed coatings with improved application effectiveness. Coatings that can be easily sprayed on equipment provide quicker action, suitability for complex systems & shapes, and reduced labor expenses.
The epoxy category, based on type, is the largest contributor to the CUI and SOI coatings market in 2023, with a 40% share, and it is further expected to remain the largest throughout this decade.
This is because epoxy-based coatings play a key role in defending industrial infrastructure and equipment from corrosion as well as insulating them against temperature changes. Moreover, this type of coating has arisen as a preferred substitute because of its high-quality advantages as well as overall high performance in extreme settings.
The oil & gas and petrochemical category, based on end user, is leading the industry in 2023. This can be because of the usage of oil & gas derivatives in large volumes in different sectors, including energy & power and marine.
Furthermore, because of the rough environmental conditions that oil & gas equipment and pipelines are exposed to, coating materials are employed to avoid metallic structure degradation.
