The Latin America, Middle East and Africa Corrosion Resistant Resin Market would witness market growth of 7.2% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 225.02 kilo tonnes, showcasing a growth of 6.2% (2024-2031).
Vinyl ester resins are recognized for their superior corrosion resistance and mechanical strength, making them essential in environments exposed to harsh chemicals and moisture. Often employed in the construction of tanks, pipes, and vessels, vinyl esters provide effective protection against corrosive substances, ensuring structural integrity and safety. Their enhanced performance over traditional polyester resins positions vinyl esters as a preferred choice in industries such as oil and gas, chemical processing, and marine applications. Consequently, by the year 2031, 23.65 kilo tonnes of are expected to be utilized in Brazil.
The Brazil market dominated the LAMEA Corrosion Resistant Resin Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $238.7 million by 2031. The Argentina market is expected to witness a CAGR of 8% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 6.3% during (2024 - 2031).
The adoption of corrosion-resistant resins has been propelled by the need for cost-effective, high-performance materials in industries that face significant wear and tear due to exposure to environmental factors. With the growing emphasis on sustainability and eco-friendly practices, there is a noticeable shift towards materials that offer longer service lives and require fewer replacements. Corrosion-resistant resins align well with this trend, as they can significantly reduce the need for maintenance and replacement, thus reducing the environmental footprint of industrial operations.
Advancements in resin technology have played a pivotal role in increasing the adoption of corrosion-resistant resins. Developing new, more durable resin formulations that offer enhanced performance under extreme conditions has encouraged industries to incorporate these materials into their operations. The innovation of lighter, more durable resins that are less harmful to the environment has broadened the scope of their use in various applications.
Nigeria’s construction industry has been on an upward trajectory, experiencing a growth rate of 5.7% in 2022. The sector is projected to expand at an average rate of 3.2% annually from 2022 to 2026. As construction projects increase in scope and complexity, the demand for durable materials, including corrosion-resistant resins, grows. These resins are essential for protecting structures from environmental factors like moisture, chemicals, and weathering, all prevalent in construction sites. With the rising urbanization, infrastructure development, and industrial projects in Nigeria, the need for resins that offer long-lasting protection is rising, contributing to the market's growth.
Similarly, the oil and gas sector in the UAE, one of the top oil producers globally, has also created a significant demand for corrosion-resistant materials. Abu Dhabi, home to most of the UAE’s oil reserves, produces approximately 3.2 million barrels of petroleum and liquids daily. Advanced materials that can endure the severe oil and gas environment conditions are needed for this significant production activity and the related infrastructure, such as pipelines, storage facilities, and offshore platforms. Furthermore, as the oil and gas sector grows, the UAE's 2020 finding of more than 80 trillion cubic feet of gas resources at Jebel Ali highlights the necessity of these specialist materials to protect infrastructure. In conclusion, the growing construction industry in Nigeria and the rising oil and gas sector in the UAE both drive the demand for corrosion-resistant resins.
Free Valuable Insights: The Worldwide Corrosion Resistant Resin Market is Projected to reach USD 12.5 Billion by 2031, at a CAGR of 5.5%
Based on Application, the market is segmented into Coating and Composites & Other Applications. Based on Type, the market is segmented into Epoxy, Polyurethanes, Polyester, Vinyl Ester, and Other Types. Based on End Use, the market is segmented into Oil & Gas, Chemical, Marine, Automobiles, and Other End Uses. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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